Press Release

DBRS Places 17 Classes of Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18 on UR Neg.

CMBS
July 31, 2009
  • Class A-J to Under Review Negative
  • Class AJ-A to Under Review Negative
  • Class B to Under Review Negative
  • Class C to Under Review Negative
  • Class D to Under Review Negative
  • Class E to Under Review Negative
  • Class F to Under Review Negative
  • Class G to Under Review Negative
  • Class H to Under Review Negative
  • Class J to Under Review Negative
  • Class K to Under Review Negative
  • Class L to Under Review Negative
  • Class M to Under Review Negative
  • Class N to Under Review Negative
  • Class O to Under Review Negative/Interest in Arrears
  • Class P to Under Review Negative/Interest in Arrears
  • Class Q to Under Review Negative/Interest in Arrears

DBRS has also changed the trend of Classes A-J, AJ-A, B, C, D, E, F, G, H, J, K, L, M, N, O, P and Q to Negative from Stable.

The changes are primarily due to the high percentage of delinquent loans and the cash flow decline and resulting negative performance of the overall pool. There are five delinquent loans, one of which is in foreclosure that combined represent 5.65% of the pool. Additionally there are two loans that are performing specially serviced loans representing 9.06% of the pool. Upon resolution of each of the specially serviced loans, DBRS is anticipating losses. DBRS will take action once a better understanding of expected losses is achieved and a surveillance report providing additional analytical detail will be provided at that time.

The interest shortfalls to the three-rated classes are as a result of the six loans that have had appraisal reductions, primarily Southlake Mall, 2.81% of the pool. Southlake Mall in addition to the GG Portfolio, 6.25% of the pool, was transferred to special servicing due to the bankruptcy filing of its parent company, General Growth Properties, Inc. (GGP). Both loans are considered Required Appraisal Loans and an Appraisal Reduction Amount equal to 25% of the Stated Principal balance was taken. Both loans are current and it is anticipated that the interest shortfall will be repaid next month. To the extent that the resolution of any of these specially serviced loans result in losses less than those anticipated by the appraisal reduction, the interest shortfalls may be recoverable.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are CMBS Rating Methodology and CMBS Surveillance, which can be found on our website under Methodologies.

This is a Structured Finance rating.

This rating is based on public information.

Ratings

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:AA (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:BBB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg.
  • Ratings:BB (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg., Int. in Arrears
  • Ratings:B (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg., Int. in Arrears
  • Ratings:B (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 31, 2009
  • Rating Action:UR-Neg., Int. in Arrears
  • Ratings:B (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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