TEXT-Fitch raises 5 Classes of Morgan Stanley 2003-TOP9

Fri Feb 15, 2013 5:34pm EST

Feb 15 - Fitch Ratings upgrades five and affirms six classes of Morgan
Stanley Dean Witter Capital I Trust (MSDWC) commercial mortgage pass-through
certificates, series 2003-TOP9. A detailed list of rating actions follows at the
end of this release.

SENSITIVITY/RATING DRIVERS

The upgrades reflect a significant increase in credit enhancement as a result of
paydowns and stable performance of the underlying collateral. Fitch has
designated seven of the 18 loans remaining as a Fitch Loan of Concern. The
pool's aggregate principal balance has been paid down by 91.3% to $93.7 million
from $1 billion at issuance with only 0.3% in realized losses. Interest
shortfalls of $424,693 are affecting the non-rated class. In addition, two loans
(1.5%) are defeased.

The largest loan of the pool is secured by a 258,685sf office building located
in Washington D.C. (41.5% of the pool). The General Services Administration
(GSA) is the sole tenant of the property. However, in third quarter-2012, they
downsized their space and now occupy 84% of the property. The lease was extended
for two years to August 2014. The loan matures December 2014.

The largest contributor to Fitch modeled losses is a 121,618 sf neighborhood
shopping center located in North Highlands, CA. The center is anchored by
Raley's grocery store (50% of GLA). The property suffered from a decline in
occupancy and a decrease in rental rates in 2012. The rental rate decrease was
due to a large rent reduction for Raley's, which was agreed upon when the loan
was in special servicing in 2011. The loan has been modified with an extended
maturity to November 2016.

Fitch upgrades the following classes and assigns the Rating Outlook as
indicated:

--$16.2 million class C to 'AAAsf' from 'AAsf'; Outlook Stable;
--$12.1 million class D to 'AAsf' from 'A+sf'; Outlook Stable;
--$14.8 million class E to 'Asf' from 'A-sf'; Outlook Stable;
--$5.4 million class L to 'Bsf' from 'CCCsf'; assigned Outlook Stable;
--$2.7 million class M to 'CCCsf' from 'CCsf'; RE 100%;

In addition, Fitch affirms the following classes and revises Outlooks as
indicated:
--$6.7 million class F at 'BBB+sf'; Outlook Stable;
--$5.4 million class G at 'BBBsf'; Outlook Stable;
--$10.8 million class H at 'BBsf'; Outlook Stable;
--$4 million class J at 'BBsf'; Outlook Stable.
--$5.4 million class K at 'Bsf'; Outlook to Stable from Negative;
--$2.7 million class N at 'CCsf'; RE 100%.

Fitch does not rate the $7.4 million class O.

Fitch previously withdrew the rating on the interest-only class X-1. In
addition, class A-1, A-2, B, and X-2 have been paid in full.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.