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Announcement:

Moody's comments on prepayment of GSW loan in Windermere IX CMBS (Multifamily) S.A.

07 Feb 2011

Frankfurt am Main, February 07, 2011 -- Moody's Investors Service has received a special notice from the Servicer regarding the intention of the borrower under the GSW loan to repay the loan before the scheduled maturity date on 15 July 2011. The loan is secured in Windermere IX CMBS (Multifamily) S.A. (75% of total loan) and Fleet Street Finance Three p.l.c. (25%).

Considering the relevant wording in the transaction documents Moody's could not exclude that the prepayment proceeds will be allocated on a modified reverse sequential basis to the notes, but this should only have a limited impact on the ratings of Class A1.The transaction documentation includes a clause that prepayment proceeds under the GSW loan that are not principal payments funded by the disposal of properties securing the GSW loan will be allocated on a modified reverse sequential basis to the notes. Moody's believes that the prepayment proceeds are rather unlikely to be interpreted as being funded by disposals. However, there is an uncertainty on how "disposals" could be interpreted in the context of this clause. If this allocation rule is not applied, the prepayment proceeds will be allocated on a fully pro-rata basis to the notes.

Based on a preliminary analysis, the prepayment of the GSW loan only has a limited impact on the risk attached to the Class A1 Notes, which is the only class of notes that Moody's rates. The result of the analysis is not very sensitive to the allocation rule that transaction parties will apply to the prepayment proceeds. This is because the good performance of the remaining loan in the pool, the Woba Loan, and the good property quality securing this loan partially mitigate the effects of a potential reverse sequential allocation of any prepayment. In case of reverse sequential allocation, the note to value level would only increase from 49% currently, based on Moody's latest value, to 52%.

However, the rating of the Class A1 Notes will now be more sensitive to the performance of the remaining loan. The modified reverse sequential allocation of the prepayment proceeds would increase the sensitivity considering the lower credit enhancement level.

The principal methodologies used in rating and monitoring this transaction was "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA" June 2005 and "Moody's Updates on its Surveillance Approach for EMEA CMBS" March 2009.

Moody's prior review of the Windermere IX CMBS (Multifamily) S.A. transaction is summarised in a Press Release dated 26 October 2009. The last Performance Overview for this transaction was published on 14 January 2011. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Frankfurt am Main
Oliver Moldenhauer
Vice President - Senior Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Christophe de Noaillat
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's comments on prepayment of GSW loan in Windermere IX CMBS (Multifamily) S.A.
No Related Data.
© 2018 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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