TEXT-S&P on 1166 Avenue of the Americas II 2005-C6

OVERVIEW
-- We affirmed our ratings on nine classes from 1166 Avenue of the
Americas Commercial Mortgage Trust II's series 2005-C6, a U.S. CMBS
transaction, and removed six of them from CreditWatch with positive
implications, where we placed them on Sept. 5, 2012.
-- Concurrently, we raised our rating on class H and removed it from
CreditWatch with negative implications from the same transaction due to a
revision on the issuer credit rating on Marsh & McLennan Cos. At the same
time, we revised our outlook on class H to stable.
-- The collateral in this stand-alone transaction consists of a $359.0
million fixed-rate fully amortizing mortgage loan.
-- The affirmations reflect our analysis of the transaction, which
included our revaluation of the collateral and follows our analysis of the
transaction using our recently updated criteria for rating U.S. and Canadian
CMBS transactions.

NEW YORK (Standard & Poor's) Nov. 20, 2012--Standard & Poor's Ratings Services
today affirmed its ratings on nine classes of commercial mortgage pass-through
certificates from 1166 Avenue of the Americas Commercial Mortgage Trust II's
series 2005-C6, a U.S. commercial mortgage-backed securities (CMBS)
transaction and removed six of them from CreditWatch with positive
implications, where we placed them on Sept. 5, 2012. Concurrently, we raised
our rating on class H and revised our outlook on class H to stable and removed
it from CreditWatch with negative implications from the same transaction (see
list).

We raised our rating on class H and revised our outlook to stable following a
revision on the issuer credit rating on Marsh & McLennan Cos. (BBB/Stable/A-2)
on Oct. 12, 2012, (see "Marsh & McLennan Cos. Ratings Raised To 'BBB' From
'BBB-' On Improved Business And Financial Profiles; Outlook Stable," published
Oct. 12, 2012). Marsh & McLennan Cos. and four of its operating subsidiaries
leased 100% of the collateral office condominium unit. As a result, our
ratings on the transaction are partially dependent on our credit rating on
Marsh & McLennan Cos.

The affirmations follow our analysis of the transaction, using our recently
updated criteria for rating U.S. and Canadian CMBS transactions, which was the
primary driver of the rating actions. The analysis of stand-alone transactions
is predominantly a recovery-based approach that assumes a loan default.
Reflecting this approach, our property-level analysis included a revaluation
of the commercial office condominium unit, which consists of floors 22-44
(excluding floor 33) of a 44-story, class A office building in midtown
Manhattan, securing the mortgage loan in the trust. Based on our analysis, we
derived our sustainable in place net cash flow, which was then divided by a
capitalization rate of 6.25% to determine our expected-case value. This
yielded a loan-to-value (LTV) ratio of 81.1% on the whole-loan balance. We
also assessed the property as if it was 100% vacant and derived a stabilized
(dark) value using market rent and vacancy, yielding a LTV ratio of 87.0% on
the whole-loan balance. A full discussion of the methodologies employed in the
property-level analysis can be found in
""here
=7491472&rev_id=5&sid=1030356&sind=A&"," published Sept. 5, 2012. Given that
Marsh & McLennan Cos.'s lease term is until Oct. 2035, we placed more emphasis
on the expected-case value.

We based our analysis, in part, on a review of the master servicer's reported
net operating income for the six months ended June 30, 2012 and year-end 2011.
The collateral is currently 100% leased to Marsh & McLennan Cos. and four of
its operating subsidiaries. The master servicer, Wells Fargo Bank N.A.,
reported a debt service coverage (DSC) of 1.15x on the whole-loan balance for
the six months ended June 30, 2012.

As of the Nov. 15, 2012, trustee remittance report, the mortgage loan in the
trust has a balance of $359.0 million and is one of two mortgage loans
(whole-loan balance of $423.5 million) securing the office condominium unit.
The other mortgage loan totaling $64.5 million is in the LB-UBS Commercial
Mortgage Trust 2005-C7 (LB-UBS 2005-C7) transaction. The LB-UBS 2005-C7
mortgage loan is pari passu with a $241.6 million portion of the mortgage loan
in the trust. The remaining $117.4 million of the mortgage loan in the trust
is subordinate to the pari passu components. According to the transaction's
documents, absent a payment application trigger event, principal payments are
applied first to fully amortize the LB-UBS 2005-C7 mortgage loan. The mortgage
loans amortize fully, pay interest on 5.701% per year, and mature on Oct. 11,
2035.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating
relating to an asset-backed security as defined in the Rule, to include a
description of the representations, warranties and enforcement mechanisms
available to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially rated (including
preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this
credit rating report are available at
"RELATED CRITERIA

-- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept.
5, 2012
-- CMBS Global Property Evaluation Methodology, Sept. 5, 2012

RELATED RESEARCH
-- Industry Economic and Ratings Outlook: U.S. Commercial Real Estate
Trends Are Improving And CMBS Performance Is Stabilizing, Nov. 5, 2012
-- Marsh & McLennan Cos. Ratings Raised To 'BBB' From 'BBB-' On Improved
Business And Financial Profiles; Outlook Stable, Oct. 12, 2012
-- Application of CMBS Global Property Evaluation Methodology In U.S. And
Canadian Transactions, Sept. 5, 2012
-- The Application Of Standard & Poor's Revised U.S. And Canadian CMBS
Criteria For The Sept. 5, 2012, CreditWatch Actions, Sept. 5, 2012

RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH POSITIVE

1166 Avenue of the Americas Commercial Mortgage Trust II
Commercial mortgage pass-through certificates series 2005-C6
Rating
Class To From
B AA+ (sf) AA+ (sf)/Watch Pos
C AA- (sf) AA- (sf)/Watch Pos
D A (sf) A (sf)/Watch Pos
E A- (sf) A- (sf)/Watch Pos
F BBB+ (sf) BBB+ (sf)/Watch Pos
G BBB (sf) BBB (sf)/Watch Pos

RATING RAISED AND REMOVED FROM CREDITWATCH NEGATIVE

1166 Avenue of the Americas Commercial Mortgage Trust II
Commercial mortgage pass-through certificates series 2005-C6
Rating
Class To From
H BBB (sf)/Stable BBB- (sf)/Watch Neg

RATINGS AFFIRMED

1166 Avenue of the Americas Commercial Mortgage Trust II
Commercial mortgage pass-through certificates series 2005-C6
Class Rating
A-1 AAA (sf)
A-2 AAA (sf)
A-3 AAA (sf)