DBRS Upgrades Three Classes of Mansfield Trust, Series 2001-1

DBRS has today upgraded the ratings of three classes of Mansfield Trust Commercial Mortgage Pass-Through Certificates, Series 2001-1 as follows:

-- Class D upgraded to AAA from A (high)
-- Class E upgraded to AA from BBB (high)
-- Class F upgraded to BBB from BB

In addition, DBRS has confirmed Classes A-2, B, C and X at AAA. All trends are Stable.

The upgrades reflect the improved credit enhancement levels within the transaction due to loan pay down upon maturity. Since our last review of this transaction, 38 loans have matured and paid out in full and on time.

There are 26 loans remaining in the pool, with a total balance of $49,539,413. Five loans (14.88% of the pool) have been fully defeased. The weighted averaged debt service coverage ratio (DSCR) remains high at 1.44 times (x) and the weighted average loan-to-value (LTV) has improved to 46.08%, based on current outstanding loan balances and original appraised values.

The transaction continues to benefit from seasoned and low levered loans. The median collateral reduction for the remaining loans in the pool is 30% and the median loan per unit for the remaining loans in the pool is $28 psf. Additionally, there are no delinquent loans and no loans are on the servicer watch list.

Excluding the seven defeased loans, the remaining 19 loans maintain a level of diversity, with no loan representing more than 10.14% of the transaction. Additionally, the remaining pool consists of 53% industrial properties, 17% office properties, and 15% anchored retail properties.

The maturity profile of the remaining loans is good, with the median debt yield in excess of 20%. As such, DBRS does not anticipate many loans will need extensions.

Note:
All figures are in Canadian 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 CMBS rating.