Moody's Upgrades Five Classes and Downgrades One Class of Banc of America Commercial Mortgage Inc., Series 2001-1
Approximately $717.3 Million of Structured Securities Affected
New York, October 04, 2007 -- Moody's Investors Service upgraded the ratings of five classes,
downgraded the rating of one class and affirmed the ratings of 10 classes
of Banc of America Commercial Mortgage Inc., Commercial Mortgage
Pass-Through Certificates, Series 2001-1 as follows:
-Class A-2, $486,045,578,
affirmed at Aaa
-Class A-2F, $46,043,467,
affirmed at Aaa
-Class X, Notional, affirmed at Aaa
-Class B, $35,576,642, affirmed
at Aaa
-Class C, $21,345,985, upgraded
to Aaa from Aa1
-Class D, $18,974,209, upgraded
to Aa2 from A1
-Class E, $9,487,105, upgraded to
A1 from A3
-Class F, $9,487,105, upgraded to
A2 from Baa1
-Class G, $18,974,209 upgraded to Baa1
from Baa2
-Class H, $14,230,657, affirmed
at Baa3
-Class J, $13,281,946, affirmed
at Ba1
-Class K, $23,480,584, affirmed
at B1
-Class L, $2,134,598, affirmed at
B2
-Class M, $5,538,842, downgraded
to Caa1 from B3
-Class N, $6,788,329, affirmed at
Caa3
-Class O, $5,883,218, affirmed at
C
As of the September 17, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 23.9%
to $721.9 million from $948.1 million at securitization.
The Certificates are collateralized by 149 mortgage loans ranging from
less than 1.0% to 3.1% of the pool,
with the top 10 loans representing 32.6% of the pool.
Thirty-nine loans, representing 34.9% of the
pool, have defeased and are secured by U.S. Government
securities.
Eighteen loans have been liquidated from the pool resulting in aggregate
realized losses of approximately $19.5 million. Four
loans, representing 2.5% of the pool, are in
special servicing. Moody's has estimated aggregate losses
of approximately $5.7 million from the specially serviced
loans. Thirty-six loans, representing 22.7%
of the pool, are on the master servicer's watchlist.
Moody's was provided with year-end 2006 operating results
for 88.1% of the pool's performing loans. Moody's
loan to value ratio ("LTV") is 88.0%,
compared to 87.9% at Moody's last full review in October
2006 and compared to 87.4% at securitization. Moody's
is upgrading Classes C, D, E, F and G due to defeasance
and stable overall pool performance. Moody's is downgrading Class
M due to realized losses from the specially serviced loans and increased
LTV dispersion. Based on Moody's analysis, 31.0%
of the pool has a LTV greater than 100.0%, compared
to 28.8% at last review and compared to 4.1%
at securitization.
The top three non-defeased loans represent 7.6% of
the pool. The largest loan is the PCS Holding Corp. Office
Building Loan ($22.3 million - 3.1%),
which is secured by a 328,900 square foot office building and a
26,000 square foot free-standing conference center.
The property is located in Scottsdale, Arizona and is 100.0%
leased to PCS Health Systems through September 2021. Moody's
LTV is 71.8%, compared to 72.8% at last
review.
The second largest loan is the Talley Plaza Loan ($16.8
million - 2.3%), which is secured by a 223,400
square foot Class B office complex located in Phoenix, Arizona.
The complex 80.0% occupied as of December 2006, compared
to 68.7% at last review. The property's financial
performance has been impacted by weak office market conditions.
The loan is on the master servicer's watchlist due to a decline
in occupancy and low debt service coverage. Moody's LTV is
in excess of 100.0%, the same as at last review.
The third largest loan is the Historic Mission Inn Loan ($16.3
million - 2.2%), which is secured by a 235-guestroom
full service hotel located in Riverside, California. Occupancy
and RevPAR for calendar year 2006 were 67.3% and $109.60,
respectively, compared to 74.3% and $112.78
for 2005. Moody's LTV is 54.8%, compared
to 46.2% at last review.
New York
Pamela Dent
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Sandra Ruffin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653