DBRS Confirms Two Classes of Mansfield Trust, Series 2001-1

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

--Class F at BBB
--Class X at AAA

Both trends are Stable.

This transaction has three remaining loans as of the January 2011 remittance date, with a collateral reduction of 97.11% for the pool since issuance. Of the remaining loans, one matured on February 1, 2011. That loan represents 17.75% of the pool balance. DBRS expects this loan to repay in full by the February 2011 remittance date.

The other two loans mature in April 2011 and May 2011. The loan maturing in April 2011 represents 32.47% of the current pool balance and the loan maturing in May 2011 represents 49.78% of the current pool balance. Both loans exhibit strong credit metrics, with the DSCR above 1.35 times (x) at YE2009 for both loans and occupancy at 100% per the Q1 2010 rent rolls provided by the servicer. The outlook for a successful refinance is enhanced by the loan-to-value (LTV) average for the two loans of 49.0%, based on current outstanding loan balances and original appraised values.

Although the collateral reduction since issuance increases the concentration risk for the pool, DBRS determined that the individual strength of the remaining loans merited a confirmation of Class F at BBB and Class X at AAA with a Stable trend of the lowest rated class in the transaction, as assigned at the time of the last review of this transaction in February 2010. .

DBRS does not rate the Class G certificates.

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

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.