Magazine article Mortgage Banking

Moody's Downgrades Six Classes of LB-UBS

Magazine article Mortgage Banking

Moody's Downgrades Six Classes of LB-UBS

Article excerpt

NEW YORK-BASED MOODY'S INVESTORS Service affirmed the ratings of 11 classes and downgraded the ratings of six classes of LB-UBS Commercial Mortgage Trust 2000-C5, commercial mortgage passthrough certificates, series 2000-C5.

The ratings actions are as follows: class A-1, $301,838,557, fixed, affirmed at Aaa; class A-2, $440,000,000, fixed, affirmed at Aaa; class X, notional, affirmed at Aaa; class S, notional, affirmed at Aaa; class B, $44,873,000, fixed, affirmed at Aa2; class C, $44,873,000, fixed, affirmed at A2; class D, $14,958,000, fixed, affirmed at A3; class E, $7,479,000, fixed, affirmed Baa1; class F, $12,464,000, fixed, affirmed at Baa2; class G, $9,972,000, fixed, affirmed at Baa3; class H, $19,944,000, fixed, affirmed at Ba1; class J, $9,972,000, fixed, downgraded to Ba3 from Ba2; class K, $4,985,000, fixed, downgraded to B1 from Ba3; class L, $7,479,000, fixed, downgraded to B3 from B1; class M, $4,986,000, fixed, downgraded to Caa1 from B2; class N, $4,986,000, fixed, downgraded to Caa2 from B3; and class P, $2,493,000, fixed, downgraded to Caa3 from Caa2.

As of the March 17, 2004, distribution date, the transaction's aggregate balance has decreased by approximately 5.1 percent to $946.2 million from $997.2 million at closing. The certificates are collateralized by 109 mortgage loans secured by commercial and multifamily properties. The pool includes five shadow-rated, investment-grade loans, representing 25. …

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