DBRS Upgrades the Ratings of Two Classes and Confirms Five Others of N-45° First CMBS Issuer Corporation, Series 2002-1

DBRS has today upgraded the ratings of Classes D and E of N-45° First CMBS Issuer Corporation, Series 2002-1. Class D has been upgraded from A (low) to A, Class E has been upgraded from BBB (low) to BBB.

Since issuance in June 2002, the transaction has experienced a collateral reduction of approximately 58% and the weighted-average debt service coverage ratio, as of the September 2010 cut-off, was 1.73x.

The transaction continues to perform well and the outlook for upcoming loan maturities is favourable, with the average debt yield of the five loans maturing in 2011 being in excess of 25%, which DBRS considers to be strong.

There are no loans in special servicing, on the servicer’s watchlist or on the DBRS HotList.

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.