DBRS Confirms Class A-I of BCAT, Series 2007 CAD1

DBRS has today confirmed the Commercial Mortgage Pass-Through Certificates, Series 2007-CAD1, Class A-I (Class A-I) of Bayview Commercial Asset Trust, Series 2007-CAD1 at AAA (sf).

The transaction consists of 287 small-balance commercial mortgage loans. The average loan size is $332,747.10.

DBRS was able to confirm Class A-I because of the increased credit enhancement created by the overcollateralization, Class OC. Current credit enhancement to Class A-I is 70.2%. The transaction has a high number of delinquent loans (40 loans, 18.1% of the current pool balance). However, given the increased credit enhancement to Class A-I, each of the delinquent loans would have to experience a loss in excess of 100% to deplete the Class OC. In addition to the Class OC, there is $43.5 million in subordinate bonds to further enhance Class A-I.

Notes:
All figures are in Canadian dollars unless otherwise noted.

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