Press Release

DBRS Assigns Provisional Ratings to MSC 2011-C3

CMBS
September 08, 2011

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Pass-Through Certificates, Series 2001-C3 to be issued by MSC 2011-C3 Mortgage Trust. The trends are Stable.

– Class A-1 at AAA (sf)
– Class A-2 at AAA (sf)
– Class A-3 at AAA (sf)
– Class A-4 at AAA (sf)
– Class A-J 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 (high) (sf)
– Class E at BBB (low) (sf)
– Class F at BBB (low) (sf)
– Class G at B (high) (sf)

The collateral consists of 63 fixed-rate loans secured by 76 multifamily, mobile home parks and commercial properties. The portfolio has a balance of $1,491,988,764. The pool consists of relatively low-leverage financing, with a DBRS weighted-average term debt service coverage ratio (DSCR) and debt yield of 1.51 times (x) and 9.9%, respectively, based on the trust amount.

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

All classes except A-1, A-2, A-3 and A-4 are privately placed pursuant to Rule 144a. The Class X-A and Class X-B balances are notional.

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

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-1AAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-2AAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-3AAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-4AAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-JAAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class X-AAAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class X-BAAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class BAA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class CA (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class DBBB (high) (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class EBBB (low) (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class FBBB (low) (sf)StbProvis.-New
    US
    08-Sep-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class GB (high) (sf)StbProvis.-New
    US
    More
    Less
MSC 2011-C3 Mortgage Trust
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:AA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:A (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:BBB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Sep 8, 2011
  • Rating Action:Provis.-New
  • Ratings:B (high) (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 Assigns Provisional Ratings to MSC 2011-C3

Sep 08, 2011

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