Approximately $20.7 Million of Structured Securities Affected
New York, November 10, 2017 — Moody’s Investors Service, (“Moody’s”) has affirmed the rating on one class in Credit Suisse Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2006-C3:
Cl. A-J, Affirmed Caa3 (sf); previously on Dec 2, 2016 Downgraded to Caa3 (sf)
The rating of the Class A-J was affirmed because the rating is consistent with Moody’s expected loss plus realized losses.
Moody’s rating action reflects a base expected loss of 54.0% of the current pooled balance, compared to 51.5% at Moody’s last review. Moody’s base expected loss plus realized losses is now 14.9% of the original pooled balance, compared to 14.8% at the last review. Moody’s provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:
The performance expectations for a given variable indicate Moody’s forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral’s credit quality is stronger or weaker than Moody’s had previously expected.
Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool’s share of defeasance or an improvement in pool performance.
Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.
METHODOLOGY UNDERLYING THE RATING ACTION
The principal methodology used in this rating was “Moody’s Approach to Rating Large Loan and Single Asset/Single Borrower CMBS” published in July 2017. Please see the Rating Methodologies page on www.moodys.com for a copy