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21 Dec 2006
Moody's Upgrades Three Classes of LB-UBS Commercial Mortgage Trust 2003-C8
Approximately $1.3 Billion of Structured Securities Affected
New York, December 21, 2006 -- Moody's Investors Service upgraded the ratings of three classes and affirmed
the ratings of 15 classes of LB-UBS Commercial Mortgage Trust 2003-C8,
Commercial Mortgage Pass-Through Certificates, Series 2003
-- C8 as follows:
-Class A-1, $150,070,441,
Fixed, affirmed at Aaa
-Class A-2, $280,000,000,
Fixed, affirmed at Aaa
-Class A-3, $160,000,000,
Fixed, affirmed at Aaa
-Class A-4, $546,259,000,
Fixed, affirmed at Aaa
-Class X-CL, Notional, affirmed at Aaa
-Class X-CP, Notional, affirmed at Aaa
-Class B, $14,872,000, Fixed,
upgraded to Aaa from Aa1
-Class C, $14,872,000, Fixed,
upgraded to Aaa from Aa2
-Class D, $17,496,000, Fixed,
upgraded to Aa2 from Aa3
-Class E, $22,745,000, Fixed,
affirmed at A1
-Class F, $13,998,000, Fixed,
affirmed at A2
-Class G, $20,995,000, Fixed,
affirmed at A3
-Class H, $17,497,000, Fixed,
affirmed at Baa1
-Class J, $13,997,000, Fixed,
affirmed at Baa2
-Class K, $20,996,000, Fixed,
affirmed at Baa3
-Class L, $6,998,000, Fixed,
affirmed at Ba1
-Class M, $6,999,000, Fixed,
affirmed at Ba2
-Class N, $5,249,000, Fixed,
affirmed at Ba3
As of the December 15, 2006 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 4.1%
to $1.34 billion from $1.40 billion at securitization.
The Certificates are collateralized by 97 mortgage loans ranging in size
from less than 1.0% to 12.6% of the pool with
the top 10 loans representing 53.9% of the pool.
The pool consists of six shadow rated loans, representing 36.5%
of the pool, a conduit component, representing 54.9%
of the pool, and U.S. Government securities representing
8.6% of the pool. Five loans, representing
8.6% of the pool, have defeased and are collateralized
by U.S. Government securities. There have been no
loans liquidated from the pool and there are no loans in special servicing.
Seventeen loans, representing 8.6% of the pool,
are on the master servicer's watchlist.
Moody's was provided with full-year 2005 and partial-year
2006 operating results for 96.0% and 78.8%,
respectively, of the performing loans. Moody's loan to value
ratio ("LTV") for the conduit component is 87.6%,
compared to 96.2% at securitization. Moody's
is upgrading Classes B, C, and D due to defeasance,
stable pool performance and increased credit support.
The largest shadow rated loan is The Grove Loan ($169.2
million - 12.6%). The loan is secured by the
borrower's interest in a 583,000 square foot open-air,
retail/entertainment center located approximately six miles east of downtown
Los Angeles, California. Built in 2002, the center
is anchored by Nordstrom (20.0% GLA; lease expiration
March 2022), and Pacific Theatres (12.3% GLA;
lease expiration December 2022). Each anchor owns its respective
improvements. Other major tenants include The Gap, Barnes
& Noble, Banana Republic, Anthropologie, Crate &
Barrel, Arden B and Coach. As of June 2006 the center was
100.0% occupied, compared to 94.1% at
securitization. Despite higher operating expenses, the property's
financial performance has improved since securitization due to increased
occupancy and loan amortization. The sponsor is Caruso Affiliated
Holdings. Moody's current shadow rating is Aa2, compared
to Aa3 at securitization.
The second largest shadow rated loan is the 114 West 47th Street Loan
($110.1 million - 8.2%), which
is secured by a 596,815 square foot, Class A office building
located in the Times Square/Theatre District submarket of New York City.
As of November 2006 the property was 94.4% leased,
compared to 96.3% at securitization. The anchor tenant
is US Trust (Moody's long term bank deposits rating A2 -- on
review for possible upgrade; 81.0% NRA; lease
expiration November 2014). The Sponsor is the Durst Organization.
Moody's current shadow rating is Aa2, compared to Aa3 at securitization.
The third largest shadow rated loan is The Westfield Shoppingtown South
County Loan ($81.9 million -- 6.1%).
The loan is secured by the borrower's 451,651 square foot interest
in a 1,020,388 square foot regional mall located approximately
10 miles south of downtown St. Louis, Missouri. Built
in 1963 and renovated in 2002, the center is anchored by Famous
Barr (not part of collateral), Sears (16.5% GLA;
lease expiration January, 2022), J.C. Penney
(14.4% GLA; lease expiration September 2011) and Dillard's
(14.0% GLA; lease expiration January 2028).
Other major tenants are The Gap/Gap Kids, Borders, The Finish
Line, New York & Company and Hollister & Co. As of
September 2006 the center was 95.7% occupied, compared
to 96.4% at securitization. Despite the decrease
in occupancy, the property's financial performance has improved
since securitization due to increased rents and loan amortization.
The sponsor is Westfield America Inc. Moody's current shadow rating
is Baa2, compared to Baa3 at securitization.
The fourth largest shadow rated loan is The GGP JP Realty Portfolio ($79.3
million - 5.9%). The loan is secured by three
cross-collateralized and cross-defaulted regional malls
totaling 1,686,523 square feet. Salem Mall is located
in Salem, Oregon approximately 45 miles south of Portland.
The center was built in 1980 and renovated in 1995. Grand Teton
Mall is located in Idaho Falls, Idaho, near Grand Teton National
Park. The center was built between 1984 and 1994 and renovated
in 2003. Animas Valley Mall is situated in Farmington, New
Mexico, in the northwest portion of the state. The center
was built in 1982 and renovated in 2003. The malls are anchored
as follows: Salem Center (Macy's - 10.9%
GLA; J.C. Penney - 6.1%;
Mervyn's - 4.7%; Nordstrom - 4.3%),
Grand Teton Mall (Dillard's - 7.4% GLA;
Sears - 4.4%; J.C. Penney -
3.9%; Macy's - 3.6%) and
Animas Valley Mall (Dillard's - 4.3% GLA;
Sears - 3.9%; J.C. Penney -
3.0%). The weighted average occupancy is 95.8%,
compared to 95.5% at securitization. The loan matures
in July 2008 and amortizes on a 300-month schedule. The
Portfolio has been stable since securitization, however it has benefited
from loan amortization. The sponsor is General Growth Properties,
Inc. (Moody's senior unsecured shelf rating (P)Ba2;
stable outlook). Moody's current shadow rating is Aa3, compared
to A2 at securitization.
The remaining two shadow rated loans comprise 3.7% of the
pool. The Liberty Tree Mall Loan ($35.0 million -
2.6%) is secured by a 449,718 square foot retail center
located in Danvers, Massachusetts, approximately 16 miles
north of the Boston CBD. Moody's current shadow rating is
Aa1, the same as at securitization. The Sangertown Square
Mall Loan ($14.1 million -- 1.1%) is
secured by a 879,429 square foot mall located in New Hartford,
New York, approximately five miles southwest of Utica. This
loan represents the subordinate portion of a senior/subordinate loan structure
with the senior note ($58.3 million) included in LB-UBS
2000-C3. The subordinate portion will not receive payment
of principal until the senior portion is paid in full. The property
is performing below expectations due to a drop in occupancy to 83.3%
from 96.3% at securitization in the in-line shops.
Moody's current shadow rating is Baa3, compared to Baa2 at
The top three conduit loans represent 11.5% of the pool.
The largest conduit loan is the Dartmouth Mall Loan ($66.3
million - 4.9%), which is secured by a 670,980
square foot regional mall located in Dartmouth, Massachusetts,
approximately 35 miles east of Providence. The center was built
in 1971 and renovated in 2000. As of October 2006 the property
was 97.1% occupied, compared to 79.5%
at securitization. The mall is anchored by Filene's (20.9%
GLA; lease expiration November 2089), Sears (16.2%
GLA; lease expiration April 2016) and J.C. Penney (14.9%
GLA; lease expiration July 2009). Other major tenants include
The Gap, Old Navy, Finish Line and Hollister Co. The
property has performed well since securitization and has benefited from
loan amortization. The Sponsor is Pennsylvania Real Estate Investment
Trust (Moody's preferred stock rating B1; stable outlook).
Moody's current LTV is 91.9%, compared to 99.9%
The second largest conduit loan is the Oakwood Dulles Loan ($44.5
million - 3.3%), which is secured 13,
four-story, Class A garden-style apartment buildings
containing 411 units that were built in 2001. The property is located
in Herndon (Fairfax County), Virginia. As of December 2005
the property was 97.0% occupied, compared to 95.6%
at securitization. The loan matures in September 2008 and is interest
only during the first five years of the term converting to a 300-month
amortization schedule thereafter. The loan sponsors are Howard
Ruby and Edward Broida. Moody's LTV is 97.9%,
compared to in excess of 100.0 % at securitization.
The third largest conduit loan is the Plaza at Delray Loan ($43.3
million - 3.2%), which is secured by a 331,068
square foot retail center built in 1979 and renovated in 1998.
The property is located in Delray Beach (Palm Beach County), Florida.
As of September 2006, the property was 96.0% occupied,
compared to 97.8% at securitization. The center is
anchored by Publix (16.6% GLA; lease expiration August
2020), Linens-n-Things (9.8% GLA;
lease expiration January 2013), Marshalls (8.2% GLA;
lease expiration January 2015) and Staples (6.2% GLA;
lease expiration April 2013). Regal Cinema is also a major tenant
(16.6% GLA; lease expiration September 2015).
The loan matures in August 2008 and is interest only throughout the term.
The loan sponsor is Investcorp Properties Ltd. Moody's LTV is in
excess of 100.0%, the same as at securitization.
The pool's collateral is a mix of retail (54.0%),
office (18.0%), multifamily and manufactured housing
(13.4%), U.S. Government securities
(8.6%), lodging (3.8%) and industrial
and self storage (2.2%). The collateral properties
are located in 30 states. The top five state concentrations are
California (22.9%), New York (13.7%),
Massachusetts (8.3%), Texas (7.3%) and
Virginia (6.7%). All of the loans are fixed rate.
Structured Finance Group
Moody's Investors Service
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
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