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Rating Action:

Moody's Upgrades Four CMBS Classes and Affirms Seven CMBS Class of BALL 2007-BMB1

27 Jun 2013

Approximately $301.5 million of Structured Securities Affected

New York, June 27, 2013 -- Moody's Investors Service (Moody's) upgraded the ratings of four classes and affirmed seven class of Banc of America Large Loan, Inc. Commercial Mortgage Pass-Through Certificates, Series 2007-BMB1.

Cl. B, Affirmed Aaa (sf); previously on May 30, 2013 Upgraded to Aaa (sf)

Cl. C, Upgraded to Aaa (sf); previously on May 30, 2013 Upgraded to Aa2 (sf) and Placed Under Review for Possible Upgrade

Cl. D, Upgraded to Aa1 (sf); previously on May 30, 2013 Upgraded to Aa3 (sf) and Placed Under Review for Possible Upgrade

Cl. E, Upgraded to Aa2 (sf); previously on May 30, 2013 Upgraded to A1 (sf) and Placed Under Review for Possible Upgrade

Cl. F, Upgraded to A1 (sf); previously on May 30, 2013 Upgraded to A3 (sf) and Placed Under Review for Possible Upgrade

Cl. G, Affirmed Baa1 (sf); previously on May 30, 2013 Upgraded to Baa1 (sf)

Cl. H, Affirmed Ba1 (sf); previously on May 30, 2013 Upgraded to Ba1 (sf)

Cl. J, Affirmed Ba3 (sf); previously on May 30, 2013 Upgraded to Ba3 (sf)

Cl. K, Affirmed B2 (sf); previously on May 30, 2013 Upgraded to B2 (sf)

Cl. L, Affirmed Caa3 (sf); previously on May 30, 2013 Upgraded to Caa3 (sf)

Cl. X, Affirmed Ba3 (sf); previously on May 30, 2013 Affirmed Ba3 (sf)

RATINGS RATIONALE

The upgrades are due to increased credit support resulting from the payoff of one loan which decreased the pool balance by 25% since last review. The affirmations of the P&I classes are due to key parameters, including Moody's loan to value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable ranges. Based on our current base expected loss, the credit enhancement levels for the affirmed classes are sufficient to maintain their current ratings. The rating of the IO Class, Class X, is consistent with the expected credit performance of its referenced classes and thus is affirmed. On May 30, 2013, Moody's put Classes C through F Under Review for Possible Upgrade due to the expected pay off of the Blackstone Hotel Portfolio. This concludes Moody's review.

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 growth in the current macroeconomic environment given the weak pace of recovery in the commercial real estate property markets. Commercial real estate property values are continuing to move in a modestly positive direction along with a rise in investment activity and stabilization in core property type performance. Limited new construction and moderate job growth have aided this improvement. However, a consistent upward trend will not be evident until the volume of investment activity steadily increases for a significant period, non-performing properties are cleared from the pipeline, and fears of a Euro area recession are abated.

Moody's central global macroeconomic outlook indicates the global economy has lost momentum over the past quarter as it tries to recover. US GDP growth for 2013 is likely to remain close to 2%, however US sequestration cuts that came into effect in March may create a drag on the positive growth in the US private sector. While the broad economic impact in unclear, the direct effect is likely to shave 0.4% off US GDP growth in 2013. Continuing from the previous quarter, Moody's believes that the three most immediate risks are: i) the risk of an even deeper than currently expected recession in the euro area, accompanied by deeper credit contraction, potentially triggered by a further intensification of the sovereign debt crisis; ii) slower-than-expected recovery in major emerging markets following the recent slowdown; and iii) an escalation of geopolitical tensions, resulting in adverse economic developments.

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 incorporated the use of the excel-based Large Loan Model v 8.5. 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 a review utilizing MOST® (Moody's Surveillance Trends) Reports and Remittance Statements. On a periodic basis, Moody's also performs a full transaction review that involves a rating committee and a press release. Moody's prior transaction review is summarized in a presale report dated May 30, 2013. 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 June 17, 2013 distribution date, the transaction's certificate balance decreased by approximately 83% to $301.5 million from $1.73 billion at securitization. The Certificates are collateralized by one floating-rate loan.

The pool has experienced $10.9 million in losses due to the liquidation of the Readers Digest loan in February 2012. There are no interest shortfalls nor are any loans in special servicing.

The remaining loan is the Stamford Office Portfolio loan ($301.5 million; 75% of the pooled balance) which is secured by seven office properties totaling 1.7 million square feet located in Stamford, Connecticut. As of February 2013, the properties were 86% leased with average in-place net rents of $40.23 per square foot. According to CBRE Econometric Advisors, asking rents for Stamford Class A properties are $37.48 per square foot with a vacancy rate of 17.8%. The loan was modified in 2010 and has an extended maturity date of August 2013 with a one-year extension remaining. The collateral is encumbered with additional debt in the form of a $98.5 million subordinate mortgage and $400 million of mezzanine debt. Moody's current pooled LTV is 91% and stressed DSCR is 1.07X. Moody's current credit assessment is B2, the same as last review.

REGULATORY DISCLOSURES

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.

In conducting surveillance of this credit, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on this transaction on a periodic basis, at least annually.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Annelise Osborne
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 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 Four CMBS Classes and Affirms Seven CMBS Class of BALL 2007-BMB1
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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