DBRS Assigns Provisional Ratings to DBUBS 2011-LC2

DBRS has today assigned provisional ratings to the following classes Commercial Mortgage Pass-Through Certificates, Series 2001-LC2 to be issued by DBUBS 2011-LC2 Mortgage Trust. The trends are Stable.

– Class A-1 at AAA (sf)
– Class A-2 at AAA (sf)
– Class A-3FL at AAA (sf)
– Class A-3FX at AAA (sf)
– Class A-4 at AAA (sf)
– Class X-A at AAA (sf)
– Class X-B at AAA (sf)
– Class B at AA (sf)
– Class C at A (sf)
– Class D at BBB (low) (sf)
– Class E at BB (low) (sf)
– Class F at B (low) (sf)
– Class FX at B (low) (sf)

The collateral consists of 67 fixed-rate loans secured by 132 commercial, mobile home parks and multifamily properties. The portfolio has a balance of $2,143,917,866. The pool consists of relatively low-leverage financing, with a DBRS weighted-average term DSCR and debt yield of 1.42 times (x) and 9.6%, respectively, based on the trust amount. Debt yields per rating category for the transaction are relatively low compared with other fixed-rate conduit transactions issued in 2010 and 2011, but they are still much higher than transactions in 2006 and 2007.

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

All classes are privately placed pursuant to Rule 144a.

The applicable methodology is CMBS Rating Methodology, which can be found on our website under Methodologies.