info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
DIVERSITY & INCLUSION
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ 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 inform​ation 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

 

1.            Unless 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.               

 

2.            You 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 Information.

 

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.​​​

I AGREE
Rating Action:

Moody's Upgrades Three Classes of LB-UBS Commercial Mortgage Trust 2004-C2

13 Mar 2007
Moody's Upgrades Three Classes of LB-UBS Commercial Mortgage Trust 2004-C2

Approximately $1.2 Billion of Structured Securities Affected

New York, March 13, 2007 -- Moody's Investors Service upgraded the ratings of three classes and affirmed the ratings of 18 classes of LB-UBS Commercial Mortgage Trust 2004-C2, Commercial Mortgage Pass-Through Certificates, Series 2004-C2 as follows:

-Class A-1, $76,808,166, Fixed, affirmed at Aaa

-Class A-2, $267,000,000, Fixed, affirmed at Aaa

-Class A-3, $144,000,000, Fixed, affirmed at Aaa

-Class A-4, $558,483,000, Fixed, affirmed at Aaa

-Class X-CL, Notional, affirmed at Aaa

-Class X-CP, Notional, affirmed at Aaa

-Class B, $15,433,000, Fixed, upgraded to Aaa from Aa1

-Class C, $13,889,000, Fixed, upgraded to Aa1 from Aa2

-Class D, $12,346,000, Fixed, upgraded to Aa2 from Aa3

-Class E, $16,976,000, Fixed, affirmed at A1

-Class F, $13,890,000, WAC, affirmed at A2

-Class G, $21,605,000, WAC, affirmed at A3

-Class H, $12,347,000, WAC, affirmed at Baa1

-Class J, $10,802,000, WAC, affirmed at Baa2

-Class K, $12,347,000, WAC, affirmed at Baa3

-Class L, $4,629,000, WAC, affirmed at Ba1

-Class M, $4,630,000, WAC, affirmed at Ba2

-Class N, $3,087,000, WAC, affirmed at Ba3

-Class P, $3,086,000, WAC, affirmed at B1

-Class Q, $3,087,000, WAC, affirmed at B2

-Class S, $3,086,000, WAC, affirmed at B3

As of the February 16, 2007 distribution date, the transaction's aggregate certificate balance has decreased by approximately 1.9% to $1.21 billion from $1.23 billion at securitization. The Certificates are collateralized by 84 mortgage loans. The loans range in size from less than 1.0% to 15.5% of the pool, with the top 10 loans representing 64.9% of the pool. The pool includes four investment grade shadow rated loan, representing 29.8% of the outstanding loan balance. Five loans, representing 18.5% of the pool, have defeased, including the top loan -- 666 Fifth Avenue ($187.5 million -- 15.5%). There have been no loans liquidated from the trust and therefore no realized losses. Currently there are no loans in special servicing. Fifteen loans, representing 10.8% 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 98.0% and 77.3%, respectively, of the performing loans. Moody's loan to value ratio ("LTV") for the conduit component is 92.6%, compared to 96.4% at securitization. Moody's is upgrading Classes B, C and D due to increased subordination levels and defeasance.

The largest shadow rated loan is the GIC Office Portfolio Loan ($150.0 million -- 12.4%), which is a pari passu interest in a $700.0 million first mortgage loan. The loan is secured by 12 office properties totaling 6.4 million square feet and located in seven states. The highest geographic concentrations are Chicago (56.0% of Moody's value), San Francisco (13.0%) and suburban Philadelphia (9.0%). The portfolio is 90.6% occupied, essentially the same as at securitization. The Chicago concentration is comprised of two buildings -- the AT&T Corporate Center (1.5 million square feet; 37.1%) and the USG Building (928,000 square feet; 18.9%). The performance of these properties has declined slightly since securitization. The loan sponsor is Prime Plus Investments, Inc., a private REIT wholly owned by the Government of Singapore Investment Corporation (Realty) Pte Ltd. The loan matures in January 2014 and is structured with an initial five-year interest only period. Moody's current shadow rating is A2, the same as at securitization.

The second largest shadow rated loan is the Somerset Collection Loan ($125.5 million - 10.4%), which is a 50.0% pari passu interest in a $251.0 million first mortgage loan. The loan is secured by the borrower's interest in a 1.4 million square foot regional mall located in Troy, Michigan. The mall is the dominant mall in its trade area and is anchored by Macy's, Nordstrom, Saks Fifth Avenue and Neiman Marcus. The property is 97.7% occupied, essentially the same as at securitization. The property is also encumbered by a B Note which is held outside the trust. The loan is interest only for its entire 10-year term. Moody's current shadow rating is A2, the same as at securitization

The third largest loan is the Farmers Market Loan ($43.1 million - 3.6%), which is secured by a 228,339 square foot mixed use property (retail & office) built in 1940 and renovated in 2002. As of June 2006 occupancy was 98.4%, compared to 84.1% at securitization. The largest tenants are: The Ant Farm, LLC (13.0% NRA; lease expiration November 2014) and The Children's Place (9.0% NRA; lease expiration December 2017). Performance has been stable since securitization. Moody's current shadow rating is A2, the same as at securitization.

The fourth largest loan in the pool is the Ruppert Yorkville Towers Loan ($38.8 million - 3.2%), which is secured by the borrower's interest in a high-rise multifamily tower complex located on the Upper East Side submarket of Manhattan. The complex was completed in 1975 and converted to a condominium structure in 2003. Upon conversion to condominium ownership, 825 units were sold to insiders with the remaining 432 units held by the borrower. In addition, the complex has 53,810 square feet of commercial space and 557 parking spaces. The collateral for this loan includes the unsold residential units, unsold storage units, commercial and garage space. The unsold units are either vacant, occupied by market rate tenants or occupied by pre-conversion tenants at below market rental rates. The units occupied by pre-conversion tenants are governed by an agreement determining future rents. As these units are vacated, the rents are reset to market rates. In addition, as existing leases expire, rents on those units may also rise to full market for the existing tenants. The majority of existing tenants pay significantly below market rents. However, rents are expected in increase over time as tenants renew or as units are converted to market. As of September 2006 occupancy was 98.0%, compared to 97.5% at securitization. Net operating income has improved by approximately 30.0% since securitization. Moody's current shadow rating is Aaa, the same as at securitization.

The three largest conduit exposures represent 14.6% of the pool. The largest conduit exposure is the Maritime Plaza I and II Loans ($76.3 million -- 6.3%), which is secured by two office buildings with an aggregate of 345,736 square feet. Built in 2001 and renovated in 2003, the properties are situated at the intersection of M Street and 12th Street in Washington, DC. As of December 2006, occupancy was 89.0% compared to 85.1% at securitization. The largest tenant is Computer Sciences (senior unsecured A3, 36% of NRA, lease expires October 2008). Financial performance has been stable since securitization. Moody's LTV is 98.1% compared to 99.2% at securitization.

The second largest conduit loan is the Inland Center Loan ($54.0 million - 4.5%), which is secured by a 1,050,253 square foot regional mall (221,445 square feet is collateral) located in San Bernardino, California. The building was constructed in 1966 and renovated in 2001 and is anchored by Sears, Macy's (formerly Robinsons-May) and Harris-Gottschalks. As of September 2006 the property was 76.0% leased due to an anchor tenant, Macy's (18.0% GLA), vacating the property. The center was 93.5% occupied at securitization. The property's performance in calendar year 2006 dropped significantly compared to calendar year. However, performance remained in line with calendar year 2004. The loan is interest only for its entire term. Moody's LTV is 99.8%, the same as at securitization.

The third largest conduit loan is the 280 Metro Center Loan ($46.0 million -- 3.8%), which is secured by the borrower's interest in a 351,816 square foot (213,787 square feet of collateral) anchored retail center located in Colma, California, 10 miles south of San Francisco, California. The property was constructed in 1986. The property is 100.0% occupied, the same as at securitization. The property is anchored by Marshalls, Nordstrom Rack and Bed Bath & Beyond. Net cash flow has been stable since securitization. Moody's LTV is 94.8% compared to 98.6% at securitization.

The pool's collateral is a mix of retail (40.4%), office (24.9%), U.S. Government securities (18.5%), multifamily and manufactured housing (13.3%), industrial and self storage (1.6%) and lodging (1.3%). The collateral properties are located in 27 states and the District of Columbia. The highest state concentrations are California (28.2%), Michigan (13.3%), New York (9.8%), Texas (8.3%) and Illinois (7.9%). All of the loans are fixed rate.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Stewart Rubin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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 $5,000,000. 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 JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com