Press Release

DBRS Finalizes Ratings for MSC 2011-C3

CMBS
October 05, 2011

DBRS has today finalized the provisional ratings of the following classes of Commercial Mortgage Pass-Through Certificates, Series 2011-C3 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 X-A at AAA (sf)
– Class X-B at AAA (sf)
– Class A-J 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.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-1AAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-2AAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-3AAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-4AAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class A-JAAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class X-AAAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class X-BAAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class BAA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class CA (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class DBBB (high) (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class EBBB (low) (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class FBBB (low) (sf)StbProvis.-Final
    US
    05-Oct-11Commercial Mortgage Pass-Through Certificates, Series 2011-C3, Class GB (high) (sf)StbProvis.-Final
    US
    More
    Less
MSC 2011-C3 Mortgage Trust
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:AA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:A (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:BBB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 5, 2011
  • Rating Action:Provis.-Final
  • 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 Finalizes Ratings for MSC 2011-C3

Oct 05, 2011

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