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26 Mar 2008
Moody's Upgrades Three Classes of LB-UBS Commercial Mortgage Trust 2003-C8
Approximately $1.3 Billion of Structured Securities Affected
New York, March 26, 2008 -- 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, $104,175,432,
affirmed at Aaa
-Class A-2, $280,000,000,
affirmed at Aaa
-Class A-3, $160,000,000,
affirmed at Aaa
-Class A-4, $546,259,000,
affirmed at Aaa
-Class X-CL, Notional, affirmed at Aaa
-Class X-CP, Notional, affirmed at Aaa
-Class B, $14,872,000, affirmed
at Aaa
-Class C, $14,872,000, affirmed
at Aaa
-Class D, $17,496,000, upgraded
to Aa1 from Aa2
-Class E, $22,745,000, upgraded
to Aa3 from A1
-Class F, $13,998,000, upgraded
to A1 from A2
-Class G, $20,995,000, affirmed
at A3
-Class H, $17,497,000, affirmed
at Baa1
-Class J, $13,997,000, affirmed
at Baa2
-Class K, $20,996,000, affirmed
at Baa3
-Class L, $6,998,000, affirmed at
Ba1
-Class M, $6,999,000, affirmed at
Ba2
-Class N, $5,249,000, affirmed at
Ba3
As of the March 17, 2008 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 7.3%
to $1.30 billion from $1.40 billion at securitization.
The Certificates are collateralized by 97 mortgage loans ranging in size
from less than 1.0% to 12.8% of the pool with
the top 10 loans representing 50.7% of the pool.
The pool includes six shadow rated loans, comprising 36.5%
of the pool. Fifteen loans, representing 18.4%
of the pool, have defeased and are secured by U.S.
Government securities.
There have been no loans liquidated from the pool since securitization
and currently there are no loans in special servicing. Twenty-five
loans, representing 13.0% of the pool, are on
the master servicer's watchlist.
Moody's was provided with full-year 2006 and partial-year
2007 operating results for 99.1% and 82.2%
of the pool, respectively. Moody's loan to value ("LTV")
ratio for the conduit component is 89.5%, compared
to 87.6% at Moody's last full review in December 2006
and 96.2% at securitization. Moody's is upgrading
Classes D, E and F due to defeasance, overall stable pool
performance and increased credit support.
The largest shadow rated loan is The Grove Loan ($165.7
million - 12.8%), which is secured by the borrower's
interest in a 583,000 square foot open-air, retail/entertainment
center located in Los Angeles, California. The center is
anchored by Nordstrom (20.0% GLA; lease expiration
March 2022) and Pacific Theatres (12.3% GLA; lease
expiration December 2022). Other major tenants include The Gap,
Barnes & Noble, Banana Republic and Anthropologie. The
center was 100.0% leased as of December 2007, the
same as at last review. Moody's current shadow rating is Aa2,
the same as at last review.
The second shadow rated loan is the 114 West 47th Street Loan ($107.9
million - 8.3%), 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. The largest tenant is US Trust
Company, NA (81.0% NRA; lease expiration November
2014). The property was 98.4% leased as of January
2008, compared to 94.4% at last review. Moody's
current shadow rating is Aa2, the same as at last review.
The third shadow rated loan is The Westfield Shoppingtown South County
Loan ($80.1 million -- 6.2%), which
is secured by the borrower's interest in a 1.0 million square foot
regional mall located in St. Louis, Missouri. The
center is anchored by Famous Barr, Sears, J.C.
Penney and Dillard's. The in-line shops were 90.8%
leased as of October 2007 compared to 87.8% at last review.
Performance has improved due to increased rental revenues and amortization.
Moody's current shadow rating is Baa1 compared to Baa2 at last review.
The fourth shadow rated loan is The GGP JP Realty Portfolio ($76.3
million - 5.9%), which is secured by three
regional malls totaling 1.7 million square feet. The centers
are located in Oregon, Idaho and New Mexico. Each center
is anchored by at least three department stores. The portfolio
was 94.5% occupied as of September 2007 compared to 95.8%
at last review. The loan matures in July 2008. Moody's current
shadow rating is Aa3, the same as at last review.
The remaining two shadow rated loans comprise 3.8% of the
pool. The Liberty Tree Mall Loan ($35.0 million -
2.7%) is secured by the borrower's interest in a 857,000
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 last review. The Sangertown
Square Mall Loan ($14.1 million -- 1.1%)
is secured by a 879,000 square foot mall located in New Hartford,
New York, approximately five miles southwest of Utica. The
in-line shops were 74.0% occupied as of December
2007 compared to 83.3% at last review. The decline
in occupancy has impacted the property's financial performance.
This loan represents the subordinate portion of a senior/subordinate loan
structure with the senior note ($57.3 million) included
in LB-UBS 2000-C3. Moody's current shadow rating
is Ba1 compared to Baa3 at last review.
The top three non-defeased conduit loans represent 10.9%
of the pool. The largest conduit loan is the Dartmouth Mall Loan
($64.8 million -- 5.0%), which
is secured by a 671,980 square foot regional mall located in Dartmouth,
Massachusetts, approximately 35 miles east of Providence.
The in-line shops were 92.6% occupied as of December
2007 compared to 93.9% at last review. The mall is
anchored by Macy's, Sears and J.C. Penney.
The property has performed well since securitization and has benefited
from loan amortization. Moody's current LTV is 84.8%
compared to 91.9% at last review.
The second largest conduit loan is the Plaza at Delray Loan ($43.3
million - 3.3%), which is secured by a 331,000
square foot retail center located in Delray Beach (Palm Beach County),
Florida. The property was 94.8% occupied as of January
2008 compared to 96.0% at last review. 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). The loan matures in August
2008. The loan is on the servicer's watchlist for a deferred
maintenance issue at one of the stores. Moody's LTV is 101.9%,
the same as at last review.
The third largest conduit loan is the Oakwood Grand Venetian Loan ($33.5
million -- 2.6%), which is secured by a 514-unit
multifamily property located in Irving, Texas. The property
was 94.0% occupied as of September 2007 compared to 98.1%
at securitization. The loan matures in August 2008. Moody's
LTV is 113.9% compared to 123.4% at last review.
New York
Michael M. Gerdes
Senior Vice President
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
No Related Data.
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