Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
13 Nov 2007
Moody's Upgrades Four Classes of Morgan Stanley Capital I Inc., 2003-IQ4
Approximately $597.0 Million of Structured Securities Affected
New York, November 13, 2007 -- Moody's Investors Service upgraded the ratings of four classes and
affirmed the ratings of 14 classes of Morgan Stanley Capital I Inc.,
Commercial Pass-Through Certificates, Series 2003-IQ4
-Class A-1, $55,390,352,
affirmed at Aaa
-Class A-2, $449,730,000,
affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $18,194,000, affirmed
-Class C, $23,652,000, upgraded
to A1 from A2
-Class D, $4,549,000, upgraded at
A2 from A3
-Class E, $7,278,000, affirmed at
-Class F, $7,277,000, affirmed at
-Class G, $8,188,000, affirmed at
-Class H, $8,187,000, affirmed at
-Class J, $3,639,000, affirmed at
-Class K, $1,819,000, affirmed at
-Class L, $5,459,000, affirmed at
-Class M, $1,819,000, affirmed at
-Class N, $1,819,000, affirmed at
-Class MM-A, $10,000,000,
upgraded to Baa3 from Ba1
-Class MM-B, $5,000,000,
upgraded to Ba1 from Ba2
As of the October 15, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 17.0%
to $604.3 million from $727.8 million at securitization.
The Certificates are collateralized by 108 loans, ranging in size
from less than 1.0% to 11.6% of the pool,
with the top 10 loans representing 51.9% of the pool.
The pool includes three shadow rated investment grade loans, representing
26.6% of the pool. Five loans, representing
9.0% of the pool, have defeased and are collateralized
with U.S. Government securities.
The pool has not experienced any losses to date and currently there are
no loans in special servicing. Thirteen loans, representing
10.7% of the pool, are on the master servicer's
Moody's was provided with year-end 2006 operating results for 93.0%
of the pool. Moody's weighted average loan to value ratio
("LTV") for the conduit component is 78.0%,
compared to 80.4% at Moody's last full review in May
2006 and compared to 81.3% at securitization. Moody's
is upgrading Classes C and D due to stable overall pool performance and
increased credit support.
The largest shadow rated loan is the Mall at Millenia Loan ($70.0
million -- 11.6%), which represents a participation
interest in the senior component of a $195.0 million mortgage
loan. The loan is secured by the borrower's interest in a
1.1 million square foot regional mall located in Orlando,
Florida. The mall is anchored by Bloomingdale's, Macy's
and Neiman Marcus. The in-line space was 99.0%
occupied as of July 2007, compared to 97.2% at last
review. Moody's current shadow rating is Baa1, compared
to Baa2 at last review. The property is also encumbered by a $15.0
million non-pooled junior loan that serves as the security for
non-pooled Classes MM-A and MM-B. Moody's
current ratings for these classes are Baa3 and Ba1, respectively,
compared to Ba1 and Ba2 at last review.
The second largest shadow rated loan is the Federal Center Loan ($67.5
million -- 11.2%), which represents a participation
interest in a $135.0 million mortgage loan. The loan
is secured by two adjacent Class B office buildings located in Washington
D.C. The buildings total 722,000 square feet and were
99.0% leased as of February 2007, essentially the
same as at last review. The General Services Agency is the largest
tenant, occupying approximately 620,500 square feet under
two leases expiring in August 2009 (269,000 square feet) and January
2013 (351,500 square feet). Moody's current shadow
rating is Baa3, the same as at last review.
The third largest shadow rated loan is the Oakbrook Center Loan ($23.0
million -- 3.8%), which represents a participation
interest in a $221.1 million mortgage loan. The loan
is secured by a mixed-use property located in Oak Brook (Chicago),
Illinois that consists of an open-air regional mall, three
office buildings and a ground lease to a hotel and a theater. Oakbrook
Center totals approximately 2.4 million square feet, of which
1.6 million square feet serves as collateral for the loan.
The mall is anchored by Lord & Taylor, Marshall Field's,
Neiman Marcus, Bloomingdale's Home, Nordstrom and Sears.
Occupancy of the in-line and office space as of March 2007 was
97.6% and 74.9%, respectively,
compared to 93.4% and 76.6% at last review.
Moody's current shadow rating is A1, the same as at last review.
The top three conduit loans represent 14.7% of the pool.
The largest conduit loan is the Katy Mills Loan ($55.0 million
-- 9.1%), which represents a participation interest
in a $148.0 million mortgage loan. The loan is secured
by the borrower's interest in a 1.2 million square foot regional
mall located in Katy (Houston), Texas. The mall is anchored
by Bass Pro Shops, Burlington Coat Factory, AMC Theaters,
Bed, Bath & Beyond, and Marshalls. The property
was 95.0% occupied as of December 2006, compared to
89.7% at last review. The property's performance
has been impacted by increased operating expenses. Moody's
LTV is 92.8%, compared to 91.1% at last
The second largest conduit loan is the Encino Place Loan ($18.4
million -- 3.0%), which is secured by an 84,000
square foot mixed use retail and office property located in Encino,
California. The property was 94.0% leased as of December
2006, compared to 91.0% at last review. Property
performance has been impacted by decreased revenues and increased expenses.
Moody's LTV is in excess of 100.0%, the same
as at last review.
The third largest conduit loan is the Laurels Apartments Loan ($15.6
million -- 2.6%), which is secured by a 254-unit
multifamily property located in Gainesville, Florida. The
property was 98.0% occupied as of December 2006, the
same as at last review. Moody's LTV is 79.6%,
compared to 83.0% at last review.
Senior Vice President
Structured Finance Group
Moody's Investors Service
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing its Publications.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.
Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.