DBRS Confirms the Ratings of All Classes of N-45° First CMBS Issuer Corporation, Series 2003-3

DBRS has today confirmed the ratings of N-45° First CMBS Issuer Corporation, Series 2003-3 as follows:

Class A-2 at AAA
Class B at AA
Class C at A
Class D at BBB (low)
Class E at BB (high)
Class IO at AAA

Since issuance in September 2003, the transaction has experienced a collateral reduction of approximately 41% and the weighted-average debt service coverage ratio, as of the September 2010 cut-off, was 2.04x.

The transaction continues to perform well with two loans remaining in the pool. The remaining two loans mature in August 2011 and December 2012 and have an average debt yield in excess of 21%, which DBRS considers to be strong.

While performance has remained strong, the transaction is concentrated with only two loans remaining in the pool; however, the refinance outlook for the remaining loans is favourable, given the healthy debt yields and historical performance.

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.