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16 Oct 2007
Moody's Upgrades Three Classes of First Union National Bank-Chase Manhattan Bank Commercial Mortgage Trust, Series 1999-C2
Approximately $864.7 Million of Structured Securities Affected
New York, October 16, 2007 -- Moody's Investors Service upgraded the ratings of three classes and affirmed
the ratings of 10 classes of First Union National Bank-Chase Manhattan
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 1999-C2 as follows:
-Class A-2, $581,177,162,
affirmed at Aaa
-Class IO, Notional, affirmed at Aaa
-Class B, $47,260,093, affirmed
-Class C, $62,028,874, affirmed
-Class D, $14,768,779, affirmed
-Class E, $41,352,582, affirmed
-Class F, $17,722,535, upgraded
to Aaa from Aa1
-Class G, $41,352,582, upgraded
to A3 from Baa2
-Class H, $11,815,024, upgraded
to Baa3 from Ba1
-Class J, $11,815,023, affirmed
-Class K, $11,815,024, affirmed
-Class L, $11,815,023, affirmed
-Class M, $11,815,024, affirmed
As of the September 17, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 26.3%
to $870.2 million from $1.2 billion at securitization.
The Certificates are collateralized by 180 mortgage loans ranging in size
from less than 1.0% of the pool to 4.8% of
the pool, with the top 10 loans representing 18.0%
of the pool. The pool includes a conduit component, representing
46.8% of the pool, and a credit tenant lease ("CTL")
component, representing 3.6% of the pool. Sixty-eight
loans, representing 49.6% of the pool, have
defeased and are secured by U.S. Government securities.
Thirty-seven loans have been liquidated from the pool, resulting
in aggregate realized losses of approximately $15.4 million.
One loan, representing 0.5% of the pool, is
in special servicing. Moody's estimates an approximate loss of
$1.2 million for the specially serviced loan. Thirty-four
loans, representing 11.3% of the pool, are on
the master servicer's watchlist.
Moody's was provided with full-year 2006 operating results for
90.0% of the performing conduit loans in the pool.
Moody's loan to value ratio ("LTV") for the conduit component is 79.0%,
compared to 81.6% at last review in October 2006 and compared
to 89.1% at securitization. Moody's is upgrading
Classes F, G and H due to a large percentage of defeased loans and
stable overall pool performance.
The top three loans represent 8.1% of the outstanding pool
balance. The largest loan is the Olen Portfolio Loan ($34.1
million - 3.9%), which is secured by five office/industrial
properties and one office building, located in Orange County,
California. The properties total 609,000 square feet.
Moody's LTV is 85.0%, compared to 86.2%
at last review and compared to 96.1% at securitization.
The second largest loan is the Westgate Village Loan ($19.5
million - 2.2%), which is secured by a 342,853
square foot retail center located in Amarillo, Texas. Moody's
LTV is 79.4%, compared to 80.8% at last
review and compared to 85.8% at securitization.
The third largest loan is the Vista Ridge Plaza I, II & Shops
Loan ($16.8 million -- 1.9%), which
is secured by a 290,227 square foot community shopping center located
in Lewisville, Texas. Moody's LTV is 63.9%,
compared to 65.1% at last review and compared to 83.9%
The CTL component includes 17 loans secured by properties under bondable
leases. The largest exposures include Rite Aid Corp. (28.8%
of the CTL component, Moody's senior unsecured rating Caa1/Caa2
-- stable outlook), CVS (26.8%; Moody's
senior unsecured rating Baa2 - stable outlook) and Walgreen Co.
(24.5%; Moody's long term issuer rating Aa3 --
on review for possible downgrade).
Senior Vice President
Structured Finance Group
Moody's Investors Service
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 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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