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Rating Action:

Moody's downgrades and affirms CMBS Notes issued by TITAN EUROPE 2006-1 p.l.c.

19 Mar 2014

EUR 184 million of CMBS affected

London, 19 March 2014 -- Moody's Investors Service (Moody's) has today taken rating action on the following classes of Notes issued by TITAN EUROPE 2006-1 p.l.c .

Moody's rating action is as follows:

Issuer: TITAN Europe 2006-1 p.l.c.

....EUR112.05M (current outstanding balance of EUR81M) B Notes, Downgraded to Ca (sf); previously on Aug 7, 2012 Downgraded to Caa2 (sf)

....EUR39.76M (current outstanding balance of EUR30M) C Notes, Affirmed C (sf); previously on Aug 7, 2012 Downgraded to C (sf)

....EUR46.99M (current outstanding balance of EUR35M) D Notes, Affirmed C (sf); previously on Jul 5, 2011 Downgraded to C (sf)

....EUR50.61M (current outstanding balance of EUR38M) E Notes, Affirmed C (sf); previously on Jul 1, 2010 Downgraded to C (sf)

....X Notes, Downgraded to C (sf); previously on Aug 22, 2012 Downgraded to Caa2 (sf)

Moody's does not rate the Class F, G, H and V notes.

RATINGS RATIONALE

Today's downgrade action reflects Moody's increased loss expectation on the Tiden loan coupled with the fact that the underlying secondary office portfolio needs to be sold within a remaining short tail period. With less than two years to legal final maturity and ongoing insolvency proceedings, Moody's expects the recoveries on the Tiden loan to be significantly below the June 2012 valuation. Increased and continuing liquidity drawing will increase the principal losses to the class B note holders, this has been factored into our ratings. The rating action for the Class X notes is driven by the increased expected loss of the loan pool. The Class X Notes reference the underlying loan pool. As such, the key rating parameters that influence the expected loss on the referenced loan pool also influences the ratings on the Class X Notes. The rating of the Class X was based on the methodology described in Moody's Approach to Rating Structured Finance Interest-Only Securities published in February 2012.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's Approach to Rating EMEA CMBS Transactions published in December 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other factors used in this rating are described in European CMBS: 2014-16 Central Scenarios published in March 2014.

Factors that would lead to an upgrade or downgrade of the rating:

The main factor that could lead to a downgrade of the rating is a further decline in the property values backing the underlying loans that is worse than Moody's expectation, thereby leading to lower recoveries on the loans.

The main factor that could lead to an upgrade of the rating is an increase in the property values backing the underlying loans leading to loan recoveries higher than Moody's expectation.

MOODY'S PORTFOLIO ANALYSIS

• TITAN EUROPE 2006-1 p.l.c. closed in March 2006 and represents the securitisation of initially ten commercial mortgage loans originated by Credit Suisse International.

• As of the January 2014 interest payment date, the transaction's total pool balance was EUR 212.7 million down from EUR 723.7 million at closing due to repayments, prepayments and allocation of workout proceeds. Only 4 of the original 10 loans remain in the pool.

• All the loans are in default and in special servicing. Based on Moody's revised assessment of underlying property values, the loss expectation for the remaining pool is very large (>40%).

• The Tiden loan defaulted at maturity on 18 Jan 2013, following which the Special Servicer had granted standstill period to the Borrower and began the discussion of potential joint work-out options. After negotiations failed, the insolvency proceedings commenced in April 2013. In December 2013 an insolvency administrator was appointed and subsequently an asset manager for the portfolio was appointed with a view to commence asset sales in the near future. Moody's expects sales proceeds to be significantly below the June 2012 portfolio revaluation resulting in high loan level losses.

• Most of the assets of the KQ Warehouse loan and the Mangusta loan have been sold and principal recoveries have been allocated to the Notes. Moody's does not expect any significant recoveries on the KQ Warehouse loan. On the Mangusta loan, closing of the sale on the 7 remaining assets is incomplete owing to ongoing legal proceedings, Moody's expects significant losses on this loan.

• On the Nuremberg retail loan, the Special Servicer and the Sponsor agreed to a discounted purchase offer of EUR 14.65 million compared to an outstanding loan balance of EUR 16.3 million. It was originally estimated that the DPO would close prior to the October IPD 2013 however, the sponsor exercised certain extension rights and the DPO is expected to complete by the April 2014 interest payment date.

Portfolio Loss Exposure: Moody's expects a large amount of losses on the remaining securitised portfolio as a whole and expects that losses will eventually reach the Class B Notes. Given anticipated work-out strategy for the loans, Moody's expects that the majority of the losses will be allocated towards the end of the transaction term.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

The analysis relies on a Monte Carlo simulation that generates a large number of collateral loss or cash flow scenarios, which on average meet key metrics Moody's determines based on its assessment of the collateral characteristics. Moody's then evaluates each simulated scenario using model that replicates the relevant structural features and payment allocation rules of the transaction, to derive losses or payments for each rated instrument. The average loss a rated instrument incurs in all of the simulated collateral loss or cash flow scenarios, which Moody's weights based on its assumptions about the likelihood of events in such scenarios actually occurring, results in the expected loss of the rated instrument.

As the section on loss and cash flow analysis describes, Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Anuj Radia
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Oliver Schmitt
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades and affirms CMBS Notes issued by TITAN EUROPE 2006-1 p.l.c.
No Related Data.
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