Summary Of U.S. Conduit/Fusion CMBS Rating Actions Following June 2009 Criteria Update Jun 10

Standard & Poors, June 2010

Abstract
On May 27, 2010, Standard & Poor's Ratings Services concluded its review of 217 U.S. conduit and fusion commercial mortgage-backed securities (CMBS) transactions with ratings on CreditWatch negative following the June 26, 2009, update of our criteria for these transaction types. The criteria changes represented a significant update to our methodologies and assumptions for determining credit enhancement levels and ratings for conduit and fusion CMBS. The core of our approach was establishing a credit enhancement level sufficient, in our view, to enable 'AAA' rated tranches to withstand market conditions commensurate with an extreme economic downturn without defaulting (for more information, see "U.S. CMBS Rating Methodology And Assumptions For Conduit/Fusion Pools," published June 26, 2009). At the time of the criteria...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- GMAC Commercial Mortgage Securities, Inc.
- Credit Suisse First Boston Mortgage Securities Corp.
- GS Mortgage Securities Corp. II
- Bear Stearns Commercial Mortgage Securities Inc.
- PNC Mortgage Acceptance Corp.
- Salomon Brothers Commercial Mortgage Trust 2000-C3
- LB-UBS Commercial Mortgage Trust 2000-C5
- Morgan Stanley Dean Witter Capital I Trust 2001-TOP1
- JPMorgan Chase Commercial Mortgage Securities Corp.
- Greenwich Capital Commercial Funding Corp.
- GE Capital Commercial Mortgage Corp.
- Banc of America Commercial Mortgage Inc.
- Wachovia Bank Commercial Mortgage Trust
- LB-UBS Commercial Mortgage Trust 2002-C2
- Merrill Lynch Mortgage Trust
- LB UBS Commercial Mortgage Trust 2003-C1
- GE Commercial Mortgage Corporation
- LB-UBS Commercial Mortgage Trust 2003-C7
- Merrill Lynch Mortgage Trust 2003-KEY1
- Morgan Stanley Capital I Trust 2003-IQ6
- LB-UBS Commercial Mortgage Trust 2004-C1
- LB-UBS Commercial Mortgage Trust 2004-C2
- Morgan Stanley Capital I Trust 2004-IQ7
- LB-UBS Commercial Mortgage Trust 2004-C4
- Morgan Stanley Capital I Trust 2004-TOP15
- LB-UBS Commercial Mortgage Trust 2004-C6
- Morgan Stanley Capital I Trust 2004-HQ4
- Bear Stearns Commercial Mortgage Securities Trust 2004-TOP 16
- Merrill Lynch Mortgage Trust 2004-BPC1
- COMM 2004-LNB4
- LB-UBS Commercial Mortgage Trust 2004-C8
- Morgan Stanley Capital I Trust 2005-TOP17
- LB-UBS Commercial Mortgage Trust 2005-C1
- Morgan Stanley Capital I Trust 2005-IQ9
- Morgan Stanley Capital I Trust 2005-HQ5
- COMM 2005-LP5
- Citigroup Commercial Mortgage Trust 2005-C3
- Merrill Lynch Mortgage Trust 2005-MCP1
- LB-UBS Commercial Mortgage Trust 2005-C3
- Morgan Stanley Capital I Trust 2005-TOP 19
- COMM 2005-C6
- LB-UBS Commercial Mortgage Trust 2005-C5
- Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9
- Morgan Stanley Capital I Trust 2005-IQ10
- LB-UBS Commercial Mortgage Trust 2005-C7
- CD 2005-CD1 Commercial Mortgage Trust
- Morgan Stanley Capital I Trust 2005-HQ7
- Merrill Lynch Mortgage Trust 2005-CKI1
- Bear Stearns Commercial Mortgage Securities Trust 2005-PWR10
- Morgan Stanley Capital I Trust 2006-TOP 21
- LB-UBS Commercial Mortgage Trust 2006-C1
- GMAC Commercial Mortgage Securities, Inc. Series 2006-C1 Trust
- CD 2006-CD2 Mortgage Trust
- JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC14
- Banc of America Commercial Mortgage Trust 2006-1
- Credit Suisse Commercial Mortgage Trust Series 2006-C1
- GS Mortgage Securities Trust 2006-GG6
- Bear Stearns Commercial Mortgage Securities Trust 2006-PWR11
- GE Commercial Mortgage Corporation, Series 2006-C1 Trust
- Morgan Stanley Capital I Trust 2006-HQ8
- LB-UBS Commercial Mortgage Trust 2006-C3
- Merrill Lynch Mortgage Trust 2006-C1
- Credit Suisse Commercial Mortgage Trust Series 2006-C2
- Morgan Stanley Capital I Trust 2006-IQ11
- COMM 2006-C7
- Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12
- ML-CFC Commercial Mortgage Trust 2006-2
- LB-UBS Commercial Mortgage Trust 2006-C4
- Credit Suisse Commercial Mortgage Trust Series 2006-C3
- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7
- Banc of America Commercial Mortgage Trust 2006-3
- Morgan Stanley Capital I Trust 2006-HQ9
- Merrill Lynch Mortgage Trust 2006-C2
- Banc of America Commercial Mortgage Trust 2006-4
- Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13
- JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16
- Credit Suisse Commercial Mortgage Trust Series 2006-C4
- LB-UBS Commercial Mortgage Trust 2006-C6
- Banc of America Commercial Mortgage Trust 2006-5
- CD 2006-CD3 Mortgage Trust
- Banc of America Commercial Mortgage Trust 2006-6
- LB-UBS Commercial Mortgage Trust 2006-C7
- ML-CFC Commercial Mortgage Trust 2006-4
- COBALT CMBS Commercial Mortgage Trust 2006-C1
- Credit Suisse Commercial Mortgage Trust Series 2006-C5
- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP9
- Morgan Stanley Capital I Trust 2006-IQ12
- LB-UBS Commercial Mortgage Trust 2007-C1
- Morgan Stanley Capital I Trust 2007-HQ11
- JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC18
- ML-CFC Commercial Mortgage Trust 2007-5
- Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15
- CD 2007-CD4
- Morgan Stanley Capital I Trust 2007-IQ13
- Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26
- GE Commercial Mortgage Corporation, Series 2007-C1 Trust
- Credit Suisse Commercial Mortgage Trust Series 2007-C2
- LB-UBS Commercial Mortgage Trust 2007-C2
- Wachovia Bank Commercial Mortgage Trust, Series 2007-C31
- Morgan Stanley Capital I Trust 2007-IQ14
- Banc of America Commercial Mortgage Trust 2007-2
- ML-CFC Commercial Mortgage Trust 2007-7
- Credit Suisse Commercial Mortgage Trust Series 2007-C3
- JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11
- GS Mortgage Securities Trust 2007-GG10
- Banc of America Commercial Mortgage Trust 2007-3
- Morgan Stanley Capital I Trust 2007-TOP27
- Citigroup Commercial Mortgage Trust 2007-C6
- LB Commercial Mortgage Trust 2007-C3
- Morgan Stanley Capital I Trust 2007-HQ12
- Merrill Lynch Mortgage Trust 2007-C1
- TIAA Seasoned Commercial Mortgage Trust 2007-C4
- Cobalt CMBS Commercial Mortgage Trust 2007-C3
- COMM 2007-C9
- Morgan Stanley Capital I Trust 2007-IQ15
- JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP12
- Credit Suisse Commercial Mortgage Trust Series 2007-C4
- LB-UBS Commercial Mortgage Trust 2007-C6
- Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17
- JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC20
- Bear Stearns Commercial Mortgage SecuritiesTrust 2007-TOP28
- Commercial Mortgage Trust 2007-GG11
- Credit Suisse Commercial Mortgage Trust, Series 2007-C5
- ML-CFC Commercial Mortgage Trust 2007-9
- Banc of America Commercial Mortgage Trust 2007-4
- Morgan Stanley Capital I Trust 2007-IQ16
- CD 2007-CD5 Mortgage Trust
- LB-UBS Commercial Mortgage Trust 2007-C7
- JPMorgan Chase Commercial Mortgage Securities Trust 2007-C1
- Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18
- Morgan Stanley Capital I Trust 2007-HQ13
- Banc of America Commercial Mortgage Trust 2007-5
- Morgan Stanley Capital I Trust 2008-TOP29
- Banc of America commercial Mortgage Loan Trust 2008-LS1
- Credit Suisse Commercial Mortgage Trust Series 2008-C1
- Citigroup Commercial Mortgage Trust 2008-C7
- Merrill Lynch Mortgage Trust 2008-C1
- Banc of America Commercial Mortgage Trust 2008-1
- LB-UBS Commercial Mortgage Trust 2008-C1
- Morgan Stanley Capital I Trust 2004-IQ8
- LB-UBS Commercial Mortgage Trust 2004-C7
- Morgan Stanley Capital I Trust 2005-HQ6
- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP6
- ML-CFC Commercial Mortgage Trust 2006-1
- Morgan Stanley Capital I Trust 2006-TOP23
- JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP8
- Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14
- JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC19
- ML-CFC Commercial Mortgage Trust 2007-8

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