16 Ratings Lowered On Five U.S. CMBS Transactions Due To Interest Shortfalls; One Additional Rating Withdrawn Oct 11

Standard & Poors, October 2011

Abstract
OVERVIEW We lowered our ratings on 16 classes from five U.S. CMBS transactions due to current and potential interest shortfalls. We lowered our ratings on nine of these classes to 'D (sf)' because we expect the accumulated interest shortfalls to remain outstanding for the foreseeable future. At the same time, we withdrew our rating on one additional class, which paid off in full. NEW YORK (Standard & Poor's) Oct. 4, 2011--Standard & Poor's Ratings Services today lowered its ratings on 16 classes of commercial mortgage pass-through certificates from five U.S. commercial mortgage-backed securities (CMBS) transactions due to interest shortfalls. At the same time, we withdrew our rating on one additional class, which paid off in full (see list). The downgrades...

Companies mentioned in this report are:
- COMM 2007-C9
- Morgan Stanley Capital I Inc.
- Merrill Lynch Mortgage Trust 2004-BPC1
- Morgan Stanley Capital I Trust 2006-IQ12
- Morgan Stanley Capital I Trust 2007-HQ12

Action: Downgraded

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- COMM 2007-C9
- Morgan Stanley Capital I Inc.
- Merrill Lynch Mortgage Trust 2004-BPC1
- Morgan Stanley Capital I Trust 2006-IQ12
- Morgan Stanley Capital I Trust 2007-HQ12

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