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Rating Action:

Moody's Upgrades One, Downgrades Two and Affirms Five CMBS Classes of BACM 2000-1

21 Oct 2010

Approximately $69.7 Million of Structured Securities Affected

New York, October 21, 2010 -- Moody's Investors Service (Moody's) upgraded the rating of one class, downgraded two classes and affirmed five classes of Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series 2000-1 as follows:

Cl. X, Affirmed at Aaa (sf); previously on Dec 21, 1999 Assigned Aaa (sf)

Cl. H, Downgraded to Ca (sf); previously on Jan 28, 2010 Downgraded to Caa2 (sf)

Cl. K, Downgraded to C (sf); previously on Jan 28, 2010 Downgraded to Ca (sf)

Cl. F, Upgraded to Aa1 (sf); previously on Jan 28, 2010 Upgraded to Aa2 (sf)

Cl. E, Affirmed at Aaa (sf); previously on Jan 28, 2010 Upgraded to Aaa (sf)

Cl. G, Affirmed at Baa2 (sf); previously on Jan 28, 2010 Downgraded to Baa2 (sf)

Cl. L, Affirmed at C (sf); previously on Jan 28, 2010 Downgraded to C (sf)

Cl. M, Affirmed at C (sf); previously on Jan 28, 2010 Downgraded to C (sf)

RATINGS RATIONALE

The upgrade is due to a significant increase in subordination due to loan payoffs and amortization. The pool balance has amortized by 31% since Moody's last review. The affirmations 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 downgrades are due to higher expected losses for the pool resulting from realized and anticipated losses from specially serviced and troubled loans.

Moody's rating action reflects a cumulative base expected loss of 29.2% of the current balance. At last review, Moody's cumulative base expected loss was 39.2%. Moody's stressed scenario loss is 29.6% of the current balance. Moody's provides a current list of base and stress scenario losses for conduit and fusion CMBS transactions on moodys.com at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for investment grade classes could decline below the current levels. If future performance materially declines, the expected level of credit enhancement and the priority in the cash flow waterfall may be insufficient for the current ratings of these classes.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed macroeconomic environment and continuing weakness in the commercial real estate and lending markets. Moody's currently views the commercial real estate market as stressed with further performance declines expected in the industrial, office, and retail sectors. Hotel performance has begun to rebound, albeit off a very weak base. Multifamily has also begun to rebound reflecting an improved supply / demand relationship. The availability of debt capital is improving with terms returning towards market norms. Job growth and housing price stability will be necessary precursors to commercial real estate recovery. Overall, Moody's central global scenario remains "hook-shaped" for 2010 and 2011; we expect overall a sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodologies used in rating BACM 2000-1 were CMBS: Moody's Approach to Conduit Transactions" published in September 2000 and "Moody's Approach to Rating Large Loan/Single Borrower Transactions" published in July 2000. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

In addition to methodologies and research, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.50 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 level are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate used by Moody's to estimate Moody's value). Conduit model results at the B2 level are driven by a paydown analysis based on the individual loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a measure of loan level diversity, is a primary determinant of pool level diversity and has a greater impact on senior certificates. Other concentrations and correlations may be considered in our analysis. Based on the model pooled credit enhancement levels at Aa2 and B2, the remaining conduit classes are either interpolated between these two data points or determined based on a multiple or ratio of either of these two data points. For fusion deals, the credit enhancement for loans with investment-grade credit estimates is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the credit estimate of the loan which corresponds to a range of credit enhancement levels. Actual fusion credit enhancement levels are selected based on loan level diversity, pool leverage and other concentrations and correlations within the pool. Negative pooling, or adding credit enhancement at the credit estimate level, is incorporated for loans with similar credit estimates in the same transaction.

In cases where the Herf falls below 20, Moody's also employs the large loan/single borrower methodology. This methodology uses the excel-based Large Loan Model v 8.0 and then reconciles and weights the results from the two models in formulating a rating recommendation. 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 January 28, 2010. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

DEAL PERFORMANCE

As of the October 15, 2010 distribution date, the transaction's aggregate certificate balance has decreased by 91% to $69.6 million from $771.9 million at securitization. The Certificates are collateralized by 17 mortgage loans ranging in size from less than 1% to 16% of the pool, with the top ten loans representing 84% of the pool. Four loans, representing 14% of the pool, have defeased and are collateralized with U.S. Government securities.

Two loans, representing 2% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance.

Fifteen loans have been liquidated from the pool, resulting in an aggregate realized loss of $23.2 million (26% loss severity). Four loans, representing 52% of the pool, are currently in special servicing.

The largest specially serviced loan is the Radisson Suites - Secaucus, NJ Loan ($11.2 million -- 16.1% of the pool), which is secured by a 151 room full-service hotel located in Secaucus, New Jersey. The property has changed flags a number of times since securitization and is currently operating under a La Quinta flag. The loan was transferred to special servicing in May 2009 due to delinquency and is currently in the process of foreclosure. The loan has passed its anticipated maturity date of October 1, 2009.

The second largest specially serviced loan is the Farmstead Apartments Loan ($9.8 million -- 14.1% of the pool), which is secured by a 348 unit multifamily property located in Mesa, Arizona. The loan transferred into special servicing in June 2009 due to payment default and is currently in foreclosure. The loan has passed its anticipated maturity date of November 1, 2009.

The third largest specially serviced loan is the Lahser Medical Complex Buildings II, III & IV Loan ($9.4 million -- 13.5% of the pool), which is secured by three medical office buildings, comprising approximately 80,000 square feet. The properties are located in Southfield, Michigan. The property was 67% leased as of July 2010. The loan transferred into special servicing in September 2008 due to imminent maturity default and became real estate owned (REO) in August 2009.

The remaining specially serviced loan is secured by a 210 unit multifamily property located in Mesa, Arizona. The property is in the process of foreclosure. Moody's has estimated an aggregate $20.3 million loss (56% expected loss on average) for the specially serviced loans.

Moody's has assumed a high default probability for two poorly performing loans representing 1.8% of the pool and has estimated a $250,600 loss (20% expected loss based on a 50% probability default) from these troubled loans.

Moody's was provided with full year 2009 operating results for 88% of the pool. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 66% compared to 69% at Moody's prior review. Moody's net cash flow reflects a weighted average haircut of 17% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 10.3%.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.44X and 1.82X, respectively, compared to 1.18X and 1.80X at last review. Moody's actual DSCR is based on Moody's net cash flow (NCF) and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 6, the same at Moody's prior review.

The top three performing conduit loans represent 22% of the pool balance. The largest loan is the Wal-Mart Stores Portfolio 2 Loan ($9.1 million -- 13.1% of the pool), which is secured by five single-tenant retail properties located in Alabama, Georgia, Iowa, and Louisiana. The properties are all leased to Wal-Mart and have lease expirations between April 2011 and September 2011. At last review one of the properties was vacant, but they are now all 100% occupied. The loan matures in February 2012. The loan has amortized 12% since last review. Moody's LTV and stressed DSCR are 66% and 1.83 X, respectively, compared to 193% and 0.92X at last review.

The second largest loan is the Huntersville Square S/C Loan ($3.36 million -- 4.8% of the pool), which is secured by an 84,000 square foot retail center located approximately 12 miles north of Charlotte in Huntersville, North Carolina. The center is anchored by Food Lion and was 100% leased as of December 2009. The loan has amortized 24% since last review. Moody's LTV and stressed DSCR are 49% and 2.09X, respectively, compared to 42% and 1.86X at last review.

The third largest loan is the Bainbridge Market Place Loan ($2.9 million -- 4.2% of the pool), which is secured by a multifamily property located in Chesapeake, Virginia. The loan has amortized 13.4% since last review. Moody's LTV and stressed DSCR are 84% and 1.29X, respectively, compared to 89% and 1.21X at last review.

REGULATORY DISCLOSURES

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

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Lacey Morgan
Associate Analyst
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

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's Upgrades One, Downgrades Two and Affirms Five CMBS Classes of BACM 2000-1
No Related Data.
© 2018 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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