Moody's Eyes Katrina-Linked CMBS

The ratings of 20 classes from five commercial mortgage-backed transactions have been placed on review for possible downgrade by Moody's Investors Service due to concerns related to Hurricane Katrina.The affected classes are as follows: Asset Securitization Corp., series 1996-MD VI, class A-6; Bear Stearns Commercial Mortgage Securities Trust, series 2002-TOP6, classes E through H and J through M; Entertainment Properties Trust, series 2003-EPR, classes D through F; GE Commercial Mortgage Corp., series 2004-C3, classes SHP-1 through SHP-4; and Wachovia Bank Commercial Mortgage Trust, series 2004-WHALE 4, classes H, J, K, and RC. The classes are all rake classes (those supported entirely by a single asset) or pooled classes in which a significant portion of the supporting collateral is located in affected areas, the rating agency said. Moody's said its review will focus on the extent of property damage, the adequacy of insurance, the potential effect of sale or refinancing issues on loans maturing soon, and the mitigation of potential losses by cross-collateralization with loans outside the affected areas. Moody's can be found online at http://www.moodys.com.