Press Release

DBRS Updates CMBS Interest in Arrears Designations

CMBS
June 01, 2011

DBRS has today designated 34 classes across eight transactions as having Interest in Arrears as follows:

-Bear Stearns Commercial Mortgage Securities Trust 2004-PWR5, Class P
-Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, Class K
-Bear Stearns Commercial Mortgage Securities Trust -PWR18, Class L
-Bear Stearns Commercial Mortgage Securities Trust -PWR18, Class M
-J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class G
-ML-CFC Commercial Mortgage Trust, Series 2006-1, Class H
-ML-CFC Commercial Mortgage Trust, Series 2006-1, Class J
-ML-CFC Commercial Mortgage Trust, Series 2006-1, Class K
-ML-CFC Commercial Mortgage Trust, Series 2006-1, Class L
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class K
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class L
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class M
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class N
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class O
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class P
-Morgan Stanley Capital I Trust, Series 2005-HQ6, Class Q
-Morgan Stanley Capital I Trust, Series 2007-IQ16, Class L
-Morgan Stanley Capital I Trust, Series 2007-IQ16, Class M
-Morgan Stanley Capital I Trust, Series 2007-IQ16, Class N
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class G
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class H
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class J
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class K
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class L
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class M
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class N
-Morgan Stanley Capital I Trust, Series 2007-Top 25, Class O
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class H
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class J
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class K
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class L
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class M
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class N
-Morgan Stanley Capital I Trust, Series 2007-Top 27, Class O

DBRS has also removed the Interest in Arrears designation and confirmed the ratings on nine classes across three transactions as follows:

-COMM 2004-LNB3, Class C
-COMM 2004-LNB3, Class D
-COMM 2004-LNB3, Class E
-COMM 2004-LNB3, Class F
-COMM 2004-LNB3, Class G
-COMM 2004-LNB3, Class H
-COMM 2004-LNB2, Class H
-COMM 2004-LNB2, Class J
-GE Commercial Mortgage Corporation, Series 2005-C1, Class H

When interest shortfalls are a question of timing in the shorter term and not of ultimate payment, DBRS notes this with the Interest in Arrears rating action for the class affected.

DBRS continues to review its entire CMBS portfolio on a monthly basis. DBRS monitors each CMBS transaction on an individual basis for changes at the bond level and the collateral level. The results of DBRS’s monthly review are published in the Monthly CMBS Surveillance Report, which can be found at www.dbrs.com under Monthly Reports.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are CMBS Rating and CMBS North American Surveillance which can be found on our website under Methodologies.

Ratings

Bear Stearns Commercial Mortgage Securities Trust 2004-PWR5
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:B (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
COMM 2004-LNB2
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:B (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:CCC (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
COMM 2004-LNB3
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:AA (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
GE Commercial Mortgage Corporation, Series 2005-C1
  • Date Issued:Jun 1, 2011
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:CCC (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
ML-CFC Commercial Mortgage Trust, Series 2006-1
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Morgan Stanley Capital I Trust 2005-HQ6
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:B (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:CCC (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:CCC (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:CCC (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:CCC (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
Morgan Stanley Capital I Trust, Series 2007-IQ16
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
Morgan Stanley Capital I Trust, Series 2007-TOP25
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
Morgan Stanley Capital I Trust, Series 2007-TOP27
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 1, 2011
  • Rating Action:Int. in Arrears
  • Ratings:C (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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DBRS Updates CMBS Interest in Arrears Designations

Jun 01, 2011

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