DBRS Confirms the Ratings of All Classes of N-45° First CMBS Issuer Corporation, Series 2003-2

DBRS has today confirmed the ratings of N-45° First CMBS Issuer Corporation, Series 2003-2 as follows:

Class A-1 at AAA
Class A-2 at AAA
Class B at AA
Class C at A
Class D at BBB
Class IO at AAA

Since issuance in September 2003, the transaction has experienced a collateral reduction of approximately 10% and the weighted-average debt service coverage ratio, as of the September 2010 cut-off, was 1.90x.

The transaction continues to perform well. The two loans remain in the pool and have maturity dates in November 2013. The average debt yield of the two loans is in excess of 20%, 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 Surveillance, which can be found on our website under Methodologies.