Rating on Credit Suisse First Boston Mortgage Securities Corp. Series 2003-C4 Class L Certificates Raised To 'AA+ (sf)'

  • We raised our rating on the class L certificates from Credit Suisse First Boston Mortgage Securities Corp.'s series 2003-C4, a U.S. CMBS transaction, to 'AA+ (sf)' from 'BB+ (sf)'.
  • The upgrade reflects our analysis of the transaction, which included a review of the credit characteristics and performance of the remaining loans in the pool, the transaction's structure, and the liquidity available to the trust.
 
NEW YORK (S&P Global Ratings) April 12, 2019--S&P Global Ratings today raised 
its rating to 'AA+ (sf)' from 'BB+ (sf)' on the class L commercial mortgage 
pass-through certificates from Credit Suisse First Boston Mortgage Securities 
Corp.'s series 2003-C4, a U.S. commercial mortgage-backed securities (CMBS) 
transaction. 
 
The upgrade reflects our expectation of credit enhancement, which is in line 
with the raised rating level, the reduced trust balance, and the class' 
interest shortfalls history. 

TRANSACTION SUMMARY 
 
As of the March 15, 2019, trustee remittance report, the collateral pool 
balance was $2.6 million, which is 0.2% of the pool balance at issuance. The 
pool currently includes two loans, down from 171 loans at issuance. One loan 
($52,599, 2.0%) is defeased, and none are with the special servicer or appear 
on the master servicer's watchlist. To date, the transaction has experienced 
$37.8 million in principal losses, or 2.8% of the original pool trust balance. 
    
 
We calculated a 1.81x S&P Global Ratings debt service coverage and 16.8% S&P 
Global Ratings loan-to-value ratio using an 8.00% S&P Global Ratings 
capitalization rate for the remaining performing Pemstar, Inc. Headquarters 
loan, which is fully amortizing. 
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