Approximately $546.9 Million of Structured Securities Affected
New York, November 09, 2011 -- Moody's Investors Service (Moody's) placed ten pooled classes of Banc
of America Large Loan, Inc. Commercial Mortgage Pass-Through
Certificates, Series 2007-BMB1 on review for possible downgrade.
Moody's rating action is as follows:
Cl. A-2, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Mar 9, 2011 Confirmed at Aaa (sf)
Cl. B, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 4, 2009 Downgraded to Aa3 (sf)
Cl. C, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 4, 2009 Downgraded to A2 (sf)
Cl. D, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 4, 2009 Downgraded to A3 (sf)
Cl. E, Baa1 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 4, 2009 Downgraded to Baa1 (sf)
Cl. F, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 4, 2009 Downgraded to Baa2 (sf)
Cl. G, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 4, 2009 Downgraded to Baa3 (sf)
Cl. H, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 2, 2010 Downgraded to Ba2 (sf)
Cl. J, B2 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 2, 2010 Downgraded to B2 (sf)
Cl. K, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 2, 2010 Downgraded to Caa2 (sf)
RATINGS RATIONALE
The classes have been placed under review for possible downgrade due to
the deterioration of credit quality, pending maturities, and
anticipated losses to the trust.
As of the October 17, 2011 distribution date, the transaction's
certificate balance decreased by approximately 23% to $1.33
billion from $1.73 billion at securitization due to the
payoff of four loans and principal pay downs associated with five loans.
The Certificates are collateralized by ten floating-rate loans
ranging in size from 1% to 24% of the pooled trust mortgage
balance. The largest three loans account for 64% of the
pooled balance.
The pool has not experienced any losses to date. There are currently
two loans in special servicing (24.9% of pooled balance)
which are the Farallon MHC Portfolio loan (23.7%) and the
Reader's Digest loan (1.2%).
The rating action is a result of Moody's on-going surveillance
of commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of quantitative
tools -- MOST® (Moody's Surveillance Trends) and CMM
(Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior review is summarized
in a press release dated December 2, 2011.
The principal methodology used in this rating was "Moody's Approach to
Rating CMBS Large Loan/Single Borrower Transactions" published in July
2000. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
Moody's review will focus on the potential losses from specially serviced
loans and the performance of the overall pool.
REGULATORY DISCLOSURES
The Global Scale Credit Ratings on this press release that are issued
by one of Moody's affiliates outside the EU are considered EU Qualified
by Extension and therefore available for regulatory use in the EU.
Further information on the EU endorsement status and on the Moody's
office that has issued a particular Credit Rating is available on www.moodys.com.
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides relevant regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
Moody's considers the quality of information available on the rated
entity, obligation or credit satisfactory for the purposes of issuing
a rating.
Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from sources Moody's
considers to be reliable including, when appropriate, independent
third-party sources. However, Moody's is not
an auditor and cannot in every instance independently verify or validate
information received in the rating process.
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history. The date on
which some ratings were first released goes back to a time before Moody's
ratings were fully digitized and accurate data may not be available.
Consequently, Moody's provides a date that it believes is
the most reliable and accurate based on the information that is available
to it. Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has
issued the rating.
Annelise Osborne
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Michael M. Gerdes
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Places Ten CMBS Classes of BALL 2007-BMB1 Under Review for Possible Downgrade