DBRS Upgrades the Ratings of Three Classes and Confirms One of N-45° First CMBS Issuer Corporation, Series 2001-1

DBRS has today upgraded the ratings of Class C, D and E of N-45 First CMBS Issuer Corporation, Series 2001-1. Class C has been upgraded from AA (high) to AAA, Class D has been upgraded from A (high) to AAA and Class E has been upgraded from BBB to AA.

Since issuance in March 2001, the transaction has experienced a collateral reduction of approximately 85% and the weighted-average debt service coverage ratio, as of the September 2010 cut-off, was 2.51x.

The transaction continues to perform well and the outlook for upcoming loan maturities is favourable. The largest loan in the pool, Queens Quay Terminal, will mature on March 1, 2011 and is a strong candidate for refinance given the YE2009 DSCR of 2.27x and the strong debt yield of approximately 24%.

The remaining loans in the pool mature in 2012 and have quite favourable credit metrics.

DBRS continues to monitor this transaction on a monthly basis, with ongoing updated information being available in the Global CMBS Monthly Surveillance Report.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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