DBRS Assigns Provisional Ratings to MSC 2011-C3

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.