DBRS Downgrades Five Classes of Morgan Stanley Capital I Trust, Series 2007-TOP25

DBRS has today downgraded the ratings of five classes of Morgan Stanley Capital I Trust, Series 2007-TOP25 as follows:

• Class K to CCC – Interest in Arrears from B (low)
• Class L to C – Interest in Arrears from CCC
• Class M to C – Interest in Arrears from CCC
• Class N to C – Interest in Arrears from CCC
• Class O to C – Interest in Arrears from CCC

Classes K, L, M, N and O will continue to carry Negative trends.

The changes primarily reflect the $26.3 million appraisal reduction taken on the fourth largest loan, Village Square (3.9% of the pool). This reduction is resulting in interest shortfalls for the five-rated classes being downgraded. To the extent that the resolution of this loan results in losses less than those anticipated by the appraisal reduction, the interest shortfalls may be recoverable.

DBRS last reviewed this transaction in March 2009 and a full performance update report providing additional analytical detail is available by clicking the link below or by contacting us at info@dbrs.com.

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.