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Rating Action:

Moody's places the Class C CMBS Notes issued by Talisman-3 Finance p.l.c. on review for possible downgrade

03 Feb 2010

EUR 27.5 million of EMEA CMBS affected

Johannesburg, February 03, 2010 -- Moody's Investors Service has placed on review for possible downgrade the Class C Notes issued by Talisman-3 Finance p.l.c. (amounts reflect initial outstandings):

EUR27.5M Class C Commercial Mortgage Backed FRN due 2015, Aaa Placed Under Review for Possible Downgrade; previously on Dec 12, 2007 Upgraded to Aaa

The ratings of the Class A, B and X Notes are not affected by today's rating action. Moody's does not rate the Class D, Class E and Class F Notes issued by Talisman-3 Finance p.l.c.

1) Transaction Overview and Performance History

Talisman-3 Finance p.l.c, represents the securitisation of initially 13 commercial mortgage loans originated by ABN AMRO BANK N.V., London Branch that were secured by mainly first ranking mortgages on 88 commercial and multi-family properties located across Germany and France. The Berlin Loan and the Dresden Loan are cross defaulted but not cross-collateralised. The properties were predominantly office (57.4%) with the remaining collateral pool consisting of retail (28.8%), multi-family (3.7%), mixed-use (4.7%) and other (5.4%). 69% of the properties were located in Germany and 31% in France.

Since the closing date in June 2006, eight of the initial thirteen loans have pre-paid, representing 80.4% of the original pool balance. Until the principal amount outstanding under the Notes reduced to a threshold of 50% of the principal amount outstanding at the closing date, prepayments were allocated to the Notes on a 50% sequential and 50% pro rata basis. Subsequent to the 50% threshold being reached, the transaction switched to 100% sequential payment allocation.

Following the prepayments, the five remaining loans are currently secured by 26 properties all located in Germany which are office use (36.2%), retail use (35.6%) and multi-family (28.2%). The five loans are not equally contributing to the portfolio: the cross defaulted Berlin and Dresden Loans represent 51.7% of the current portfolio balance, while the smallest loan (the Trier Loan) represents 7.1%. The current loan Herfindahl index is 2.8. The Berlin and Dresden Loans are secured by two office properties (in Berlin and Dresden) with a government-linked insurance/compensation provider as the main tenant (92% of the rental income). The WA remaining lease term for the two properties is over 12 years. Moody's exit LTV assumption for the two Loans combined was 119% when it reviewed the transaction in September 2009.

2) Rating Rationale

In September 2009 Moody's affirmed the rating of the Class A, Class X, Class B and Class C Notes following a detailed re-assessment of the loan and property portfolio's credit risk. Moody's main focus was on property value declines, term default risk, refinancing risk and the anticipated work-out timing for potentially defaulting loans. At that point, Moody's highlighted the increased rating sensitivity, in particular for the Class C Notes, in light of the upcoming maturity date and the high refinancing risk for the Berlin and Dresden Loans in January 2010.

Today's review action has been prompted by:

- the payment default on the Berlin and Dresden Loans on their maturity date and their subsequent transfer into special servicing; and

- a new valuation for the properties securing these two loans, based on which the current U/W LTV is 143%.

Moody's anticipated the default of the Berlin and Dresden Loans at their maturity date however, the updated value for the two properties securing the Loans is below Moody's value assumption from the September 2009 transaction review.

The magnitude of losses allocated to noteholders could depend heavily on the work-out strategy implemented by the special servicer. However, as this is still under review, currently there is very limited visibility on it. Moody's is also aware of market information which suggests that the special servicer agreed on a standstill agreement until 19 March 2010 and that the borrower has submitted a proposal to restructure the loan.

Based on some preliminary scenario analysis undertaken by Moody's with respect to the work-out of the Loans, we deem the potential rating volatility to be in the two to three notch range. During its review, Moody's will analyse the details of the new valuation as well as the actions taken by the special servicer in relation to the Berlin and Dresden Loans. In addition, Moody's will re-assess the performance of the remaining loans against its expectations as of September 2009.

3) Rating Methodology

The principal methodologies used in rating and monitoring the transaction were "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 can be found at 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 25 January 2010.

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
Daniel Kolter
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannesburg
Viola Karoly
Analyst
Structured Finance Group
Moody's Investors Service South Africa (Pty) Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places the Class C CMBS Notes issued by Talisman-3 Finance p.l.c. on review for possible downgrade
No Related Data.
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