Press Release

DBRS Finalizes Ratings for DBUBS 2011-LC2

CMBS
June 28, 2011

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

– Class A-1 at AAA (sf)
– Class A-1FL at AAA (sf)
– Class A-1C at AAA (sf)
– Class A-2 at AAA (sf)
– Class A-3FL at AAA (sf)
– Class A-3C 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 multifamily, mobile home parks and commercial properties. The portfolio has a balance of $2,143,913,255. 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.

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-1AAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-1CAAA (sf)StbNew Rating
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-1FLAAA (sf)StbNew Rating
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-2AAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-3CAAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-3FLAAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class A-4AAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class X-AAAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class X-BAAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class BAA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class CA (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class DBBB (low) (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class EBB (low) (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class FB (low) (sf)StbProvis.-Final
    US
    28-Jun-11Commercial Mortgage Pass-Through Certificates, Series 2011-LC2, Class FXB (low) (sf)StbProvis.-Final
    US
    More
    Less
DBUBS 2011-LC2 Mortgage Trust
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:New Rating
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:New Rating
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:AA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:A (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:BB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:B (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jun 28, 2011
  • Rating Action:Provis.-Final
  • Ratings:B (low) (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 Finalizes Ratings for DBUBS 2011-LC2

Jun 28, 2011

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