DBRS Updates Interest in Arrears Designations for Thirteen CMBS Classes across Seven Transactions

DBRS has today designated five classes across three transactions as having Interest in Arrears as follows:

-Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, Class J
-COMM 2004-LNB2, Class H
-COMM 2004-LNB2, Class J
-GE Commercial Mortgage Corporation, Series 2005-C1, Class G
-GE Commercial Mortgage Corporation, Series 2005-C1, Class H

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

-COMM 2004-LNB3, Class J
-COMM 2004-LNB3, Class K
-Merrill Lynch Mortgage Trust 2005-CIP1, Class E
-Merrill Lynch Mortgage Trust 2005-CIP1, Class F
-Merrill Lynch Mortgage Trust 2005-CIP1, Class G
-Merrill Lynch Mortgage Trust 2005-CIP1, Class H
-Morgan Stanley Capital I Trust, Series 2007-IQ16, Class L
-Morgan Stanley Capital I Trust, Series 2007-TOP25, Class G

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.

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