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Rating Action:

Moody's takes rating actions on nine Lehman Brothers small business loan ABS

13 Mar 2011

Approximately $1.4 billion of asset-backed securities affected.

New York, March 13, 2011 -- Moody's Investors Service has downgraded 42 tranches issued in five securitizations of small business loans and one tranche in one net interest margin securities transaction. Additionally, we confirmed seven tranches issued in two securitizations of small business loans and three tranches in three net interest margin securities transactions. The deals are serviced by Aurora Bank FSB, formerly known as Lehman Brothers Bank, FSB. The small business loans are secured primarily by commercial real estate.

RATING RATIONALE

The downgrades are due to a significant rise in 60 days or more delinquencies, including amounts in foreclosure and REO, from a range of 10%-13% of the current pool balance in February 2009 to 20%-25% as of the February 2011 distribution date. In contrast, the 2005-1 deal experienced an increase in 60 days or more delinquencies from 4% to 8% of the current pool balance and has incurred cumulative net losses of approximately 1% of the original pool balance as of the February 2011 distribution date.

The methodology used in these rating actions included projections of the expected losses and analysis of the available credit enhancement. Because typical small business securitizations have either a long-dated or no hard charge-off policy, they may build up significant delinquency pipelines. In projecting expected losses, Moody's used representative delinquency roll rates and an assumed loss severity of 60%. The projected lifetime net losses are 4.50%, 19.00%, 23.50%, 20.75%, 23.25%, and 22.50% of the original pool balance for the 2005-1, 2006-2, 2006-3, 2007-1, 2007-2, and 2007-3 deals, respectively. The Aaa volatility proxies are 30%, 46%, 48%, 48%, 48%, and 46% for the 2005-1, 2006-2, 2006-3, 2007-1, 2007-2, and 2007-3 deals, respectively. Determining factors for the Aaa volatility proxies were the credit quality of the collateral pool, the historical variability in losses experienced by the issuer, the servicer quality as well as the industrial, geographical and obligor concentrations.

The methodology used for the net interest margin securities included evaluating the likelihood of paying interest and principal from excess cash and prepayment fees from the respective underlying small business loan transaction. The potential cash inflow was considered in relation to accumulated interest shortfalls and reserve account deficits.

Primary sources of assumption uncertainty are the general economic environment, commercial property values, and the ability of small businesses to recover from the recession. If the expected losses used in determining the ratings were increased by 10%, the initial model-indicated ratings for the Class A tranches would be downgraded.

Other methodologies and factors that may have been considered in the process of rating these transactions can also be found on Moody's website. Further information on Moody's analysis of this transaction is available on www.moodys.com.

The complete rating actions are as follows:

Issuer: Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series 2005-1

Cl. A, Confirmed at Aa1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-IO, Confirmed at Aa1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Confirmed at Baa2 (sf); previously on Feb 4, 2011 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Confirmed at B1 (sf); previously on Feb 4, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Confirmed at B3 (sf); previously on Feb 4, 2011 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series 2006-2

Cl. 1A, Downgraded to Aa3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A2, Downgraded to Aa3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A3, Downgraded to Aa3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to Ba1 (sf); previously on Feb 4, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Ba3 (sf); previously on Feb 4, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to B1 (sf); previously on Feb 4, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B, Confirmed at B2 (sf); previously on Feb 4, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certficates, Series 2006-3

Cl. 1A, Downgraded to A3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A2, Downgraded to A3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A3, Downgraded to A3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to Ba3 (sf); previously on Feb 4, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to B2 (sf); previously on Feb 4, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to Caa1 (sf); previously on Feb 4, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Caa3 (sf); previously on Feb 4, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series 2007-1

Cl. 1A, Downgraded to A2 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A1, Downgraded to A2 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A2, Downgraded to A2 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A3, Downgraded to A2 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to Ba3 (sf); previously on Feb 4, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to B1 (sf); previously on Feb 4, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to B2 (sf); previously on Feb 4, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to B3 (sf); previously on Feb 4, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Caa1 (sf); previously on Feb 4, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series 2007-2

Cl. 2A1, Downgraded to A1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A2, Downgraded to A1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A3, Downgraded to A1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A2, Downgraded to A1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A3, Downgraded to A1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A4, Downgraded to A1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to Baa3 (sf); previously on Feb 4, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Ba3 (sf); previously on Feb 4, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to B1 (sf); previously on Feb 4, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to B2 (sf); previously on Feb 4, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M5, Downgraded to B3 (sf); previously on Feb 4, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Caa1 (sf); previously on Feb 4, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series 2007-3

Cl. AM, Downgraded to Aa3 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. AJ, Downgraded to Baa1 (sf); previously on Feb 4, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to Baa3 (sf); previously on Feb 4, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Ba1 (sf); previously on Feb 4, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to Ba3 (sf); previously on Feb 4, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to B1 (sf); previously on Feb 4, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M5, Downgraded to B2 (sf); previously on Feb 4, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to B3 (sf); previously on Feb 4, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: LBSBC Net Interest Margin Securities, Series 2005-2

Cl. N2, Confirmed at Caa3 (sf); previously on Feb 4, 2011 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: LBSBC Net Interest Margin Notes, Series 2006-1

Cl. N1, Downgraded to Caa3 (sf); previously on Feb 4, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. N2, Confirmed at Ca (sf); previously on Feb 4, 2011 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: LBSBC Net Interest Margin Securities, Series 2006-2

Cl. N1, Confirmed at Ca (sf); previously on Feb 4, 2011 Ca (sf) Placed Under Review for Possible Downgrade

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets in this transaction and the due diligence reports had a neutral impact on the rating.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

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

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Irina Faynzilberg
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Katherine Lew
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes rating actions on nine Lehman Brothers small business loan ABS
No Related Data.
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