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Rating Action:

Moody's Upgrades Five, Affirms 22, and Downgrades Four CMBS Classes of LBFRC 2007-LLF C5

01 Dec 2011

Approximately $1.71 Billion of Structured Securities Affected

New York, December 01, 2011 -- Moody's Investors Service (Moody's) upgraded the ratings of five, affirmed the ratings for 22, and downgraded the ratings of four classes of Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5. Moody's rating action is as follows:

Cl. A-1 Certificate, Affirmed at Aaa (sf); previously on March 9, 2011 Confirmed at Aaa (sf)

Cl. X-2 Certificate, Affirmed at Aaa (sf); previously on March 9, 2011 Confirmed at Aaa (sf)

Cl. A-2 Certificate, Upgraded to A1 (sf); previously on December 17, 2010 Downgraded to A3 (sf)

Cl. A-3 Certificate, Upgraded to Baa1 (sf); previously on December 17, 2010 Downgraded to Baa3 (sf)

Cl. B Certificate, Upgraded to Baa2 (sf); previously on December 17, 2010 Downgraded to Ba1 (sf)

Cl. C Certificate, Affirmed at Ba2 (sf); previously on December 17, 2010 Downgraded to Ba2 (sf)

Cl. D Certificate, Affirmed at B1 (sf); previously on December 17, 2010 Downgraded to B1 (sf)

Cl. E Certificate, Affirmed at B2 (sf); previously on December 17, 2010 Downgraded to B2 (sf)

Cl. F Certificate, Affirmed at B3 (sf); previously on December 17, 2010 Downgraded to B3 (sf)

Cl. G Certificate, Affirmed at Caa1 (sf); previously on December 17, 2010 Downgraded to Caa1 (sf)

Cl. H Certificate, Affirmed at Caa3 (sf); previously on December 17, 2010 Downgraded to Caa3 (sf)

Cl. J Certificate, Affirmed at Ca (sf); previously on December 17, 2010 Downgraded to Ca (sf)

Cl. CQR-1 Certificate, Affirmed at B1 (sf); previously on December 17, 2010 Downgraded to B1 (sf)

Cl. CQR-2 Certificate, Affirmed at B2 (sf); previously on December 17, 2010 Downgraded to B2 (sf)

Cl. HAR-1 Certificate, Affirmed at Caa1 (sf); previously on December 17, 2010 Downgraded to Caa1 (sf)

Cl. HAR-2 Certificate, Affirmed at Caa2 (sf); previously on December 17, 2010 Downgraded to Caa2 (sf)

Cl. HSS Certificate, Upgraded to Ba2 (sf); previously on December 17, 2010 Downgraded to B1 (sf)

Cl. INO Certificate, Downgraded to B3 (sf); previously on December 17, 2010 Downgraded to Ba3 (sf)

Cl. JHC Certificate, Upgraded to Ba2 (sf); previously on December 17, 2010 Downgraded to B1 (sf)

Cl. OCS Certificate, Downgraded to Caa3 (sf); previously on December 17, 2010 Downgraded to Caa1 (sf)

Cl. ONA Certificate, Downgraded to Caa3 (sf); previously on December 17, 2010 Downgraded to Caa1 (sf)

Cl. OWS-1 Certificate, Affirmed at B1 (sf); previously on December 17, 2010 Downgraded to B1 (sf)

Cl. OWS-2 Certificate, Affirmed at B3 (sf); previously on December 17, 2010 Downgraded to B3 (sf)

Cl. PHO Certificate, Affirmed at Caa1 (sf); previously on December 17, 2010 Downgraded to Caa1 (sf)

Cl. SBG Certificate, Downgraded to B2 (sf); previously on December 17, 2010 Downgraded to Ba3 (sf)

Cl. SFO-1 Certificate, Affirmed at Baa1 (sf); previously on December 17, 2010 Downgraded to Baa1 (sf)

Cl. SFO-2 Certificate, Affirmed at Baa2 (sf); previously on December 17, 2010 Downgraded to Baa2 (sf)

Cl. SFO-3 Certificate, Affirmed at Baa3 (sf); previously on December 17, 2010 Downgraded to Baa3 (sf)

Cl. SFO-4 Certificate, Affirmed at Ba1 (sf); previously on December 17, 2010 Downgraded to Ba1 (sf)

Cl. SFO-5 Certificate, Affirmed at Ba2 (sf); previously on December 17, 2010 Downgraded to Ba2 (sf)

Cl. UCP Certificate, Affirmed at Ba3 (sf); previously on March 19, 2009 Downgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrades of the senior classes are due to loan payoffs. A total of six loans paid off since last review. The affirmations are due to key parameters, including Moody's loan to value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR) remaining within acceptable ranges. The downgrade of certain rakes, or non-pooled classes, are due to decline in performance of certain assets and the uncertainty related to upcoming maturity in 2012.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the extent of the slowdown in growth in the current macroeconomic environment and the commercial real estate property markets. While commercial real estate property markets are gaining momentum, a consistent upward trend will not be evident until the volume of transactions increases, distressed properties are cleared from the pipeline and job creation rebounds. The hotel and multifamily sectors are in recovery and improvements in the office sector continue, with fundamentals in Gateway cities outperforming their suburban counterparts. However, office demand is closely tied to employment, where fundamentals remain weak, so significant improvement may be delayed. Performance in the retail sector has been mixed with on-going rent deflation and leasing challenges. Across all property sectors, the availability of debt capital continues to improve with monetary policy expected to remain supportive and interest rate hikes postponed. Moody's central global macroeconomic scenario reflects an overall downward revision of forecasts since last quarter , amidst ongoing fiscal consolidation efforts, household and banking sector deleveraging, persistently high unemployment levels, and weak housing markets that will continue to constrain growth.

The principal methodology used in this rating was "Moody's Approach to Rating CMBS Large Loan/Single Borrower Transactions" published on July 2000. Moody's noted that on November 22, 2011, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating methodology for Interest-Only Securities. If the revised methodology is implemented as proposed the rating on Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Class X-2 may be negatively affected. Please refer to Moody's request for Comment, titled "Proposal Changing the Global Rating Methodology for Structured Finance Interest-Only Securities," for further details regarding the implications of the proposed methodology change on Moody's rating. Please see the Credit Policy page on www.moodys.com for a copy of this methodology and the Request for Comment.

Moody's review incorporated the use of the excel-based Large Loan Model v 8.2. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type, and sponsorship. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

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 full review is summarized in a press release dated December 17, 2010. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

DEAL PERFORMANCE

As of the November 15, 2011 distribution date, the transaction's aggregate certificate balance has decreased to $1.73 billion from $2.09 billion at last review. The Certificates are collateralized by 26 floating rate whole loans and senior interests in whole loans. The loans range in size from 1% to 17% of the pooled balance, with the top three loans representing 37% of the pooled balance. Due to the high number of loans and high diversity, Trust Herfindahl Index is 13.5, exceptionally high for a floating rate large loan pool. Almost all of the loans have additional debt in the form of a non-pooled or rake bond within the trust, B note or mezzanine debt outside of the trust. The majority of the loans mature in 2012, and high leverage continues to be a concern for refinancing.

Cumulated bond loss totals $46 and interest shortfalls total $116,565 as of the current distribution date. The interest shortfalls affect pooled Class J, as well as rake classes INO, NOP-1, NOP-2, NOP-3, and VIS. In addition, interest advances total $186,541.

Moody's weighted average pooled LTV ratio is 85% compared to 89% at last review, and Moody's weighted average pooled stressed DSCR is 1.19X slightly higher than at last review (1.17X).

The largest loan in the pool is secured by fee and leasehold interests in Calwest Industrial Portfolio Loan ($275 million, or 14% of the pooled balance). There is additional debt in the form of pari passu and mezzanine debt outside the trust. The pro rata portion that is included in the trust as well as the referenced mezzanine debt accounts for 25% of the total outstanding debt. The 95 property portfolio (23.3 million square feet) is located across six states and 12 MSAs. The sponsor is Walton Street Capital, LLC. As of July 2011 rent roll, the portfolio was 86% leased. In 2010, total Net Cash Flow (NCF) for the portfolio was $96.3 million. During the trailing twelve month period ending June 2011, the overall portfolio's NCF was $95.4 million. The loan's final maturity date including extensions is June 8, 2012. Moody's weighted average LTV for the pooled portion is 107%. Moody's current credit estimate for the pooled portion is Caa3, compared to Caa1 at last review.

The second largest loan, the John Hancock Chicago Loan ($175 million, or 9% of pooled balance plus a $7.5 million rake bond), is secured by fee interest in over 1 million square foot mixed-use building located in downtown Chicago, IL. The sponsor is Whitehall Street Global Real Estate LTD Partnership 2007 and Goulub & Company. As of June 2011 rent roll, the property was 68% leased, and the property's NCF for the trailing twelve month period ending June 2011 was $23.0 million. NCF for the calendar year 2010 was $22.0 million. The loan's final maturity date including extensions is February 9, 2012. There is additional debt in the form of mezzanine outside the trust. Moody's weighted average LTV for the pooled portion is 71%, and including the rake bonds is 75%. Moody's current credit estimate for the pooled portion is Ba1, compared to Ba3 at last review.

The third largest loan in the pool is secured by fee interests in San Francisco Office Portfolio Loan ($147 million, or 9% of the pooled balance plus $42 million of rake bonds). There is additional debt in the form of mezzanine debt outside the trust. The loan is secure by five class A office buildings located in the San Francisco CBD market. The sponsor is Morgan Stanley Real Estate Value Fund V US, L.P. As of June 2011 rent roll, the portfolio was 78% leased, and the portfolio's NCF for the first six months of this year was $10.9 million. NCF for the calendar year 2010 was $22.7 million. The loan's final maturity date including extensions is May 9, 2012. Moody's weighted average LTV for the pooled portion is 57% and including the rake bonds is 74%. Moody's current credit estimate for the pooled portion is A3, compared to A2 at last review.

There are currently six loans totaling approximately 25% of pooled balance in special servicing. The 10 Universal City Plaza Loan ($124 million, or 8% of pooled balance) was transferred to special servicer in October 2011 due to imminent default. As of June 2011 rent roll, the office building was 77% leased, and achieved Net Operating Income of $10.5 million during the first six months of 2011. During calendar year 2010, the property achieved NOI of $21.5 million. The special servicer is engaged in discussion with the borrower.

The Normandy Office Portfolio Loan ($97 million, or 5% of pooled balance plus $8.4 million rake bonds) transferred to special servicing in October 2011 due to imminent maturity default (pending maturity date in December 2011). The As of June 2011 rent roll, the portfolio was 75% leased, and achieved Net Cash Flow of $3.5 million during the first six months of 2011. During calendar year 2010, the property achieved NCF of $7.4 million. Moody's does not rate three rake bonds associated with this loan (NOP-1, NOP-2, NPO-3).

The PHOV Hotel Portfolio Loan (5% of pooled balance plus a $8.4 million rake bond) has been in special servicing since April 2011 due to imminent maturity default. The portfolio includes Marriott Burbank, CA, Marriott Pleasanton, CA, and Renaissance Denver, CO totaling 1,132 guestrooms. The loan matured on September 9, 2011 and remains in default. The assets are located in primary MSAs (Los Angeles, Denver and Pleasanton), and should benefit from general market recovery. For the year-to-date through October 2011 over the same period in 2010, Revenue per Available Room (RevPAR) for Denver MSA, Los Angeles MSA and San Francisco MSA were up 8.7%, 12.5% and 19.7%, respectively according to Smith Travel Research.

Other specially serviced loans include the Interstate Office Portfolio (3% of the pooled balance), the Liberty Square loan (2%), and the Crescent Hotel Portfolio -- Ventana Inn and Spa Loan (1%). The the Crescent Hotel Portfolio -- Ventana Inn and Spa Loan has been modified and pending return to master servicer. The final maturity date including extensions has been pushed out to December 2013.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 31 January 2012. ESMA may extend the use of credit ratings for regulatory purposes in the European Community for three additional months, until 30 April 2012, if ESMA decides that exceptional circumstances arise that may imply potential market disruption or financial instability. 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.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

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 the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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.

Eun Jee Park
VP - Senior Credit Officer
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 Upgrades Five, Affirms 22, and Downgrades Four CMBS Classes of LBFRC 2007-LLF C5
No Related Data.
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