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Rating Action:

Moody's downgrades the Class A1 Notes issued by Windermere IX CMBS (Multifamily) S.A.

Global Credit Research - 08 Apr 2011

Class X Notes not affected

Frankfurt am Main, April 08, 2011 -- Moody's Investors Service has today downgraded the Class A1 Notes issued by Windermere IX CMBS (Multifamily) S.A. (amount reflects initial outstandings):

EUR845M Class A1 Commercial Mortgage-Backed Notes due 2016 Certificate, Downgraded to Aa1 (sf); previously on Oct 26, 2009 Confirmed at Aaa (sf)

Moody's does not rate the Class A2 Notes, the Class B Notes and the Class C Notes. The Class X rating is unaffected by today's rating action.

RATINGS RATIONALE

The key parameters in Moody's analysis are the default probability of the securitised loans (both during the term and at maturity) as well as Moody's value assessment for the properties securing these loans. Moody's derives from those parameters a loss expectation for the securitised pool.

Today's rating action is triggered by the claim that was filed by the City of Dresden against some Gagfah subsidiaries related to the WOBA Dresden portfolio. The legal dispute risk is hardly quantifiable and creates uncertainty around the financial situation of the borrowers under the sole remaining loan in this transaction. This type of risk is not deemed commensurate with the Aaa(sf) rating on the Class A 1 Notes, despite a moderate leverage of the loan and subordination available to the Notes.

Primary sources of assumption uncertainty are the current stressed macro-economic environment and continued weakness in the occupational and lending markets. Moody's anticipates (i) delayed recovery in the lending market persisting through 2012, while remaining subject to strict underwriting criteria and heavily dependent on the underlying property quality, (ii) values will overall stabilise but with a strong differentiation between prime and secondary properties, and (iii) occupational markets will remain under pressure in the short term and will only slowly recover in the medium term in line with the anticipated economic recovery. Overall, Moody's central global scenario remains 'hooked-shaped' for 2011; we expect sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

MOODY'S PORTFOLIO ANALYSIS

According to Moody's understanding, the city of Dresden has taken legal action against certain subsidiaries of Gagfah S.A. ("Gagfah"). The accusations center around the sale of the city's former housing association WOBA Dresden to Gagfah in 2006. According to both public press releases as well as press releases from Gagfah, the city accuses the Gagfah entities to be in breach of certain aspects of the sale and purchase agreement that WOBA entities entered into at the time of the privatisation. The sale of the WOBA entities included a number of obligations leaned towards a social charta that aimed to protect the tenants and the housing association as such. Gagfah has announced in a statement that in its view it is in full compliance with all key terms of the social charta.

The WOBA loan is the sole remaining loan in the transaction after the GSW loan repaid on the January 2011 IPD. The WOBA loan has been granted to -- inter alia -- WOBA Dresden GmbH and some of its subsidiaries, which Moody's expects to be involved in this claim. The loan is syndicated and 50% of the loan is securitised in Windermere IX CMBS (Multifamily) S.A.

Moody's has no details on the claim. Press articles citing district court speakers quantify the amount of the claim to more than EUR 1 billion. Furthermore, Moody's does not have information about the validity of the claim that has been filed. Even though Moody's does not yet have information about the entities that are being indicted, it is likely that the WOBA group as a whole will be under distress in case of a successful claim by the city of Dresden. Moody's currently assumes that the security position of the WOBA loan securing the bonds is still valid. Hence the rating action was not triggered by changes impacting Moody's recovery assumptions under the loan.

However Moody's believes that the claim exposes noteholders to two types of risks: Firstly, the claim itself exposes even very senior noteholders to a cliff risk. In an extreme scenario, it could lead to a significant payment claim that cannot be met by the borrowers under the WOBA loan. In this extreme scenario, Moody's would expect the borrowers under the WOBA loan to default. Secondly, Moody's expects that the claim could take months or even years to resolve unless the parties to the claim agree on a settlement. The WOBA loan matures in May 2013. The uncertainty created by the unsolved claim makes the refinancing of the WOBA loan challenging. Overall, the risk associated with the legal dispute is not commensurate with a Aaa (sf) rating on the Class A Notes.

The sponsor's actions during the process of either court action or out of court settlement might indicate the level of support to be expected at the maturity date of the loan in May 2013. Moody's will closely monitor the situation around the legal dispute.

RATING METHODOLOGY

The principal methodologies used in this rating were "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA" published in June 2005.

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

Moody's prior review is summarised in a Press Release dated 07 February 2011. 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.

For updated monitoring information, please contact monitor.cmbs@moodys.com. To obtain a copy of Moody's New Issuer 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).

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The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings and public information.

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Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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Frankfurt am Main
Oliver Schmitt
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 downgrades the Class A1 Notes issued by Windermere IX CMBS (Multifamily) S.A.
No Related Data.
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