TEXT-S&P cuts 2 Morgan Stanley Cap I 2005-RR6 ratings to 'D (sf)'

Fri Dec 7, 2012 1:10pm EST

OVERVIEW 
     -- We lowered our ratings on two classes from Morgan Stanley Capital I 
Inc.'s series 2005-RR6, a U.S. CMBS re-REMIC transaction.
     -- We lowered our ratings on classes C and D to 'D (sf)' from 'CCC- (sf)' 
due to interest shortfalls that we expect will continue for the foreseeable 
future.
     -- The downgrades reflect interest shortfalls affecting the transaction 
according to the Nov. 26, 2012, trustee report.
    
     Dec 7 - Standard & Poor's Ratings Services today lowered its ratings on two
classes of commercial mortgage-backed securities (CMBS) pass-through
certificates from Morgan Stanley Capital I Inc.'s series 2005-RR6 (MSC
2005-RR6), a U.S. CMBS resecuritized real estate mortgage investment conduit
(re-REMIC) transaction.

The downgrades to classes C and D reflect our analysis following interest 
shortfalls to the transaction. We also considered the potential for additional 
classes to experience interest shortfalls in the future. 

According to the Nov. 26, 2012, trustee report, cumulative interest shortfalls 
to the transaction totaled $4.6 million affecting class C and the classes 
subordinate to it. The interest shortfalls were the result of interest 
shortfalls on 11 of the underlying CMBS transactions primarily due to the 
master servicer's recovery of prior advances, appraisal subordinate 
entitlement reductions (ASERs), servicers' nonrecoverability determinations 
for advances, and special servicing fees. We lowered our ratings on classes C 
and D to 'D (sf)' due to interest shortfalls that we expect will continue for 
the foreseeable future. If the interest shortfalls to MSC 2005-RR6 continue, 
we will evaluate the shortfalls and may take further rating actions as we 
determine appropriate.

According to the Nov. 26, 2012, trustee report, 47 CMBS classes ($195.2 
million, 100%) from 30 distinct transactions issued between 1997 and 2005 
collateralize MSC 2005-RR6. 
 
Standard & Poor's will continue to review whether, in its view, the ratings 
assigned to the notes remain consistent with the credit enhancement available 
to support them and take rating actions as it deems necessary.

Temporary telephone contact numbers: Ivy Roldan (917-576-6562); Samir Mistry 
(347-498-4781).

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 Report included in this 
credit rating report is available at 
"RELATED CRITERIA AND RESEARCH 
 
     -- Industry Economic and Ratings Outlook: U.S. Commercial Real Estate 
Trends Are Improving And CMBS Performance Is Stabilizing, Nov. 5, 2012
     -- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 
5, 2012
     -- CMBS Global Property Evaluation Methodology, Sept. 5, 2012
     -- Application Of CMBS Global Property Evaluation Methodology In U.S. And 
Canadian Transactions, Sept. 5, 2012
     -- Global CDOs Of Pooled Structured Finance Assets: Methodology And 
Assumptions, Feb. 21, 2012
     -- General Cash Flow Analytics For CDO Securitizations, Aug. 25, 2004
 
 
RATINGS LOWERED

Morgan Stanley Capital I Inc.
Commercial mortgage-backed securities pass-through certificates series 2005-RR6
                  Rating
Class     To                     From
C         D (sf)                 CCC- (sf)   
D         D (sf)                 CCC- (sf)
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