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Rating Action:

Moody's downgrade four Classes of CMBS Notes issued by Cornerstone Titan 2007-1 p.l.c.

08 Oct 2009

Approximately EUR 549 million of CMBS affected

London, 08 October 2009 -- Moody's Investors Service has today downgraded the following class of Notes issued by Cornerstone Titan 2007-1 p.l.c. (amounts reflect initial outstandings):

EUR333M Class A2 Commercial Mortgage Backed Floating Rate Notes due 2017, Downgraded to Aa3; previously on Apr 8, 2009 Aaa Placed Under Review for Possible Downgrade

EUR75.1M Class B Commercial Mortgage Backed Floating Rate Notes due 2017, Downgraded to Baa3; previously on Apr 8, 2009 Aaa Placed Under Review for Possible Downgrade

EUR44.175M Class C Commercial Mortgage Backed Floating Rate Notes due 2017, Downgraded to Ba3; previously on Apr 8, 2009 Aa1 Placed Under Review for Possible Downgrade

EUR97.185M Class D Commercial Mortgage Backed Floating Rate Notes due 2017, Downgraded to B3; previously on Apr 8, 2009 A1 Placed Under Review for Possible Downgrade

At the same time Moody's has affirmed the Aaa rating of the Class A1 and Class X Notes. Moody's did not assign ratings to the Class E, F, G, VA and VB Notes of the Issuer.

Today's rating action concludes the review for possible downgrade that was initiated for Class A2, B, C and D Notes on 8 April 2009 and takes Moody's updated central scenarios into account, as described in Moody's Special Report "Moody's Updates on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Cornerstone Titan 2007-1 p.l.c. closed in March 2007 and represents the securitisation of initially 18 mortgage loans originated by Credit Suisse and 14 loans originated by Capmark. The loans were initially secured by first-ranking legal mortgages over 167 properties located across Germany (79%), France (15%), Poland (4%), Switzerland (2%) and the Netherlands (1%). By annualised base rent, the portfolio comprised 42% mixed-use properties (mainly office, retail and warehouse), 21% office properties, 20% retail properties, 9% multifamily, 1% hotel properties and 8% other properties. At the time of closing, this was the first true sale conduit transaction including Polish loans.

Since closing of the transaction, four loans (7.4% of the initial pool balance), prepaid in full. The prepayment proceeds were allocated 50% sequential and 50% pro-rata to the Notes. The remaining loans are not equally contributing to the portfolio: the largest loan (Xanadu Loan) represents 24.1% of the current portfolio balance, while the smallest loan (the Dusseldorf Loan) represents 0.4%. The current loan Herfindahl index is 9.0 compared to 10.6 at closing. Following the prepayments, the remaining 28 loans are secured by 147 properties with similar property type composition as per closing: mixed-use (47%), office (19%), retail (22%) and other property types including multifamily (9%). 79% of the properties are currently located in Germany, 17% in France, 2% in Switzerland, 1% in Poland and 1% in the Netherlands.

As of the last interest payment date ("IPD") in July 2009, all 28 reamining loans were current while one loan (the Loews Loan, 8.4% of the current portfolio) was in special servicing. The sequential payment trigger in the transaction has not been breached to date.

2) Rating Rationale

Today's rating actions follows a detailed re-assessment of the loan and property portfolio's credit risk. Hereby, Moody's main focus was on property value declines, term default risk, refinancing risk and the anticipated work-out timing for potentially defaulting loans. In its review, Moody's especially concentrated on the largest loans in the portfolio accounting for on aggregate 64.2% of the current portfolio, i.e. the Xanadu Loan, the Hugo Loan, the Loews Loan, the Wolfsburg Loan and the German Retail Portfolio III Loan.

As outlined in more detail below, today's rating action is mainly driven by:

(i) the refinancing profile of the transaction with approximately 27% of the loans maturing in 2010 and 2011;

(ii) the most recent performance of the European commercial property markets; and

(iii) Moody's opinion about future property market performance.

Driven by, in most cases, a higher default risk assessment at the loan maturity dates, Moody's now anticipates that a very large portion of the portfolio will default over the course of the transaction term. Coupled with the negative impact of reduced property values, Moody's expects a substantial amount of losses on the securitised portfolio.

The current subordination level for Moody's rated classes are 53.6%, 26.6%, 20.5%, 16.9%, 9.0% for the Class A1, the Class A2, the Class B, the Class C and the Class D notes respectively. While the subordination provides protection against losses for the more senior Notes, also the likelihood of higher than expected losses on the portfolio has increased substantially, which results in today's rating action.

Since closing, four loans amounting to 7.4% of the original portfolio balance prepaid in full. The prepayment proceeds of the loans were allocated to the notes on a 50% sequential and 50% pro-rata basis. At the same time, the loan portfolio provides for limited scheduled principal repayment over time. As a result, the Notes benefited only to a limited extent from an increase in subordination levels since closing.

The Class A2, Class B, Class C, Class D Notes are subordinated in the transaction's capital structure. Due to this additional leverage, the higher portfolio risk assessment has a relatively bigger impact on the expected loss of the more junior Notes than on the expected loss of the senior Notes.

The Class X Notes are entitled to receive the difference between (i) interest payable on the loans and (ii) interest payable on the Notes and certain costs. Servicer advances can be used to cover potential interest shortfalls on the Class X Notes. In relation to principal, the net proceeds from the issue of the Class X Notes have been retained by the Issuer in the Issuer Class X Account for the purpose of repaying the principal amount of the Class X Notes. Moody's believes that the Class X Notes have a different risk profile in comparison to the other classes in the transaction given their characteristics. The rating of the Class X Notes is therefore not directly affected by the credit risk of the loan portfolio.

3) Moody's Portfolio Analysis

Property Values. Property values across the Continental European markets have declined, in some markets significantly, until mid-2009 and are expected to continue to decline at least until 2010-2011. Moody's estimates that compared to the underwriter's ("U/W") values at closing, the values of the properties securing this transaction have declined on average by approximately 16.5% until mid-2009 (ranging from a 34.0% decline for the Solstice Loan to no decline for the German Retail Portfolio I Loan). Looking ahead, Moody's anticipates further declines until 2010 and 2011, resulting in, on average, a 21.4% value decline from the closing U/W value to Moody's trough value (ranging from a 34.0% decline for the Solstice Loan to a 0% decline for the German Retail Portfolio I). In September 2009, the servicer has received an updated open market valuation of the Loews portfolio from DTZ of EUR104.3 million which represents a 25.7% decline from the value at closing on a like for like basis. This new valuation is at the same level as the Moody's mid-2009 value in for this property portfolio.

Based on this property value assessment, Moody's estimates that the transaction's mid-2009 weighted average ("WA") securitised loan-to-value ("LTV") ratio was 90.0% compared to the current U/W LTV of 76.9% (taking into account the updated value for the properties securing the Loews Loan). Due to the further envisaged declines, the WA LTV will increase in Moody's opinion to 96.4% in 2010 and will only gradually recover thereafter. Based on Moody's anticipated trough values, the LTVs for the securitised loans range between 117.9% (Solstice Loan) and 56.1% (Geneva Loan). As eight loans have additional debt in the form of B-loans (amounting to EUR 84.9 million on aggregate), based on estimated trough values, the overall whole loan leverage is on average 101.3%.

Moody's has taken the anticipated property value development, including a gradual recovery from 2011 onwards, into account when analysing the default risk at loan maturity and the loss given default for each securitised loan.

Refinancing Risk. Two loans accounting for 2.2% of the pool are due to refinance in 2010. 13 loans accounting for 24.6% of the pool are due to refinance in 2011. The remaining loans have maturity dates in 2013 except for the Loews loan with maturity in 2014. However, this loan is already in default. Moody's adjustment of the refinancing risk assessment is primarily due to the decline in property values and its expectations that commercial real estate lending will remain scarce over the next two to three years. As Moody's expects property values in the Continental European markets to only slowly recover from 2011 onwards, all loans will be still highly leveraged at their respective maturity dates. Consequently, in Moody's view, for all loans, the default risk at maturity has increased substantially compared to the closing analysis. As regards the Hugo Loan (15.7% of current portfolio balance), 44.8% of the rental income is generated by a tenant whose lease expires in July 2012. Given that the loan matures in January 2012, Moody's believes that its refinancing prospects are highly dependent on the decision of this tenant on the renewal of its lease. Moody's has taken this risk into account when analysing the default probability of the loan at maturity. However, future rating sensitivity in relation to the tenant's decision as regards a lease renewal cannot be ruled out.

Term Default Risk. The occupational markets in Continental Europe are currently characterised by falling rents, increasing vacancy rates and higher than average tenant default rates. In particular, loans secured by properties which will experience significant lease rollover over the next few years, could be, in Moody's view, especially exposed to weakening occupational markets. As a consequence, Moody's has incorporated into its analysis an allowance for deterioration in coverage ratios and weakening tenant qualities, in turn increasing the term default risk assumption for most of the loans.

Loan in Default and/or Special Servicing. The Loews Loan which accounts for 8.4% of the current portfolio is in default since September 2008 and has been transferred to special servicing. The default was triggered by the application for opening of insolvency proceedings in Germany of the Loews borrowers and their general partners. Already in August 2008, administration orders were issued in respect of other affiliated companies of the borrower group. Subsequent to the special servicing transfer event, no debt service was paid to the junior lender while the debt service on the securitised senior portion of the loan is still paid. According to the Special Servicer, a realisation agreement has since been executed which confirms that the parties do not intend to apply for a forced auction sale or a forced administration of the properties in court. Currently, a marketing agent has been appointed to commence the orderly sale process of the portfolio.

Overall Default Risk. Based on its revised term and maturity default risk assessment for the securitised loans, Moody's anticipates that a substantial portion of the portfolio will default over the course of the transaction term. The default risk of all loans is predominantly driven by refinancing risk. In Moody's view, excluding the already defaulted Loews Loan, the Hugo Loan has the highest default risk, while the Cayenne Loan (1% of the current portfolio balance) has the lowest risk of defaulting.

Concentration Risk. The portfolio securitised in this transaction exhibits an average concentration in terms of property types and property location.

Work-Out Strategy. In scenarios where a loan defaults, Moody's current expectation is that the servicer will most likely not pursue an immediate sale of the property in today's depressed market conditions. Therefore, Moody's has assumed that in most cases, upon default, a sale of the mortgaged properties and ultimate work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure. Taking into account the increased default risk of the loans, the most recent performance of the commercial property markets in Continental Europe, Moody's opinion about future property value performance and the most likely work-out strategies for defaulted loans, Moody's anticipates a substantial amount of losses on the securitised portfolio, which will, given the backloaded default risk profile and the anticipated work-out strategy for defaulted loans, crystallise only towards the mid to end of the transaction term.

4) Rating Methodology

The principal methodologies used in rating and monitoring the transaction are "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, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. The last Performance Overview for this transaction was published on 4 August 2009.

Further information on Moody's analysis of this transaction is available on www.moodys.com. 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.

For updated monitoring information, please contact monitor.cmbs@moodys.com. To obtain a copy of Moody's Pre-Sale Report on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454).

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

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

Moody's downgrade four Classes of CMBS Notes issued by Cornerstone Titan 2007-1 p.l.c.
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