Subject: CMBS Rating Upgrade (UPG)

HTML clipboard Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln Moody's New Rating Moody's Old Rating Reason for Rating Action Wachovia Bank Commercial Mortgage Trust, 2003-C5 1,000.0 1,200.0 D 31.5 Aa1 Aa2 Increased subordination; defeasance ...

Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln Fitch New Rating Fitch Old Rating Reason for Rating Action NationsLink Funding Corp., 1999-1 554.1 1200.0 G 9.2 AAA AA- Increased subordination; defeasance ($20.5 million, or 3.7 ...

HTML clipboard Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln Moody's New Rating Moody's Old Rating Reason for Rating Action Nomura Asset Securities Corp., 1998-D6 1,500.0 3,700.0 A-5 55.8 Aaa Aa3 Increased subordination; defeasance ($492 ...

Moody's Investors Service has downgraded three classes of BSDB, 2005-AFR1, due to a drop in net cash flow stemming from below-expected lease rates and higher property expenses.The transaction, which has a balance of $271.3 million, down from $304 million at ...

Standard & Poor's has downgraded the $3.6 million class MLA-1 of Citigroup Commercial Mortgage Trust, 2007-FL3, due to an unexpected increase in operating expenses at a 237-room boutique hotel in West Hollywood, Calif., whose loan is tied to the class.The ...

HTML clipboard Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln S&P New Rating S&P Old Rating Reason for Rating Action LB-UBS Commercial Mortgage Trust, 2003-C5 764.6 1,400.0 D 15.8 AAA AA+ Increased subordination; defeasance ($214.1 ...

Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln Fitch New Rating Fitch Old Rating Reason for Rating Action GS Mortgage Securities Corp. II, 2004-C1 542.7 892.3 E 12.3 AAA AA+ Increased subordination; defeasance ($191.6 million, ...

Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln Fitch New Rating Fitch Old Rating Reason for Rating Action GS Mortgage Securities Corp., 1998-C1 290.1 1,860.0 G 23.3 BBB BBB- Increased subordination;defeasance (18.1 percent of pool.) ...

HTML clipboard Deal Name Current Pool Bal. $mln Orig. Pool Bal $mln Class Size $mln Moody's New Rating Moody's Old Rating Reason for Rating Action Wachovia Bank Commercial Mortgage Trust, 2003-C7 935.5 1,000.0 D 25.3 Aa2 Aa3 Increased subordination; defeasance ...

Moody's Investors Service has downgraded four classes of Credit Suisse First Boston Mortgage Securities Corp., 2003-CPN1, due to realized and expected losses from loans in special servicing. Four loans so far have been liquidated, resulting in losses of $10.8 million. ...