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22 Aug 2006
Moody's assigns definitive ratings to class A1 CMBS Notes and Commercial Paper Notes issued by German Residential Funding p.l.c.
EUR 1,700.0 million of CMBS Notes and approximately EUR 1,700.0 million of Commercial Paper Notes Rated
Frankfurt, August 22, 2006 -- Moody's Investors Service has assigned today the following definitive
-Aaa to EUR 1,700,000,000 Class A1 Commercial
Mortgage Backed Floating Rate Notes due August 2018 issued by German Residential
Funding p.l.c. ("Issuer"); and
- Prime-1 to EUR 1,700,000,000 Commercial
Paper Notes issued by the Issuer.
Moody's has not assigned ratings to the Class A2, X,
B, C, D and E Notes of the Issuer.
Moody's previuosly assigned a provisional rating of (P)Aaa to the Class
A1 CMBS Notes on 21 of July 2006.
This transaction represents the securitisation of one commercial mortgage
loan originated by Deutsche Bank AG, London Branch and Goldman Sachs
Credit Partners L.P. in conjunction with a portfolio acquisition
by Fortress Investment Group ("Sponsor"). The asset pool securing
the Notes is ultimately backed by 78,168 residential units,
587 commercial units 7 senior residential homes and 13,516 individual
parking units. The portfolio is diversified throughout Germany
with concentrations in Berlin, Hamburg and Cologne.
The rating of the Class A1 CMBS Notes is based, among others,
on (i) Moody's assessment of the real estate quality and characteristics
of the underlying property portfolio; (ii) the highly diversified
tenant base and the regional concentration of the property portfolio;
(iii) an assessment of the loan characteristics backing the Notes;
(iv) an assessment of the Sponsor's proposed business plan which
includes a buy-and-hold strategy over the life of the transaction;
(v) the availability of a committed liquidity facility provided by Lloyds
TSB Bank p.l.c. (Aaa, P-1); (vi)
Issuer level interest rate hedging provided by Deutsche Bank AG,
London Branch (Aa3, P-1) and Goldman Sachs Mitsui Marine
Derivative Products L.P. (Aaa); and (vii) the legal
and structural characteristics of the issue.
The key strengths of the transaction include (i) the cash flow diversity
derived from a broad tenant base spread across Germany and (ii) the Sponsor's
business plan including a buy-and-hold strategy of the collateral
portfolio which prevents the structure from disposal risk. The
main weaknesses of the transaction are (i) the high exit loan-to-value,
which is a result of the high initial loan-to-value and
the lack of scheduled amortisation over the loan term and (ii) certain
additional risks arising from the borrower group structure. Moody's
assigned an overall average property grade to the portfolio. Moody's
determined this grade applying its property scoring methodology for multifamily
houses in Germany. This approach combines the assessment of demographical
and economical factors within the region in which the property is located
with an assessment about the quality of the property.
The rating of the Class A1 CMBS Notes addresses the expected loss posed
to investors by the legal final maturity. In Moody's opinion,
the structure allows for timely payment of interest and ultimate payment
of principal at par on, or before, the final legal maturity
date. Moody's ratings address only the credit risks associated
with the transaction; other non-credit risks have not been
addressed but may have significant effect on yield to investors.
The rating of the Commercial Paper Notes (the proceeds of which will be
used by the Issuer to repurchase the Class A1 CMBS Notes) is based on
the liquidity support provided by Deutsche Bank AG pursuant to a committed
repo agreement and certain swap agreements which, together with
principal receipts on the Class A1 CMBS Notes, will be available
to make full and timely payment of all amounts owing to commercial paper
note holders, provided that there has been no payment default in
respect of the Class A1 CMBS Notes and the Issuer is not subject to insolvency
Moody's New Issue Report in respect of this transaction may be obtained
in due course by contacting Moody's client services desk in London at
+44(0) 20 7772 5454 or by way of Moody's public website, www.moodys.com
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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