Press Release

DBRS Confirms Ratings in MACH ONE 2005-CDN1, ULC

CMBS
December 29, 2011

DBRS has today confirmed Class A through Class N of MACH ONE 2005-CDN1, ULC Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates (MACH ONE). Following the retirement of the Merrill Lynch Mortgage Loans Inc., Series 2000-Canada 3 and Merrill Lynch Financial Assets Inc., Series 2003-Canada 9, the Merrill Lynch Financial Assets Inc., Series 2001-Canada 6 securitization is now the only transaction currently experiencing principal repayment to the contributed classes. Of the original 732 loans in the underlying Canadian commercial mortgage-backed securities (CMBS) transactions, 412 remain in the pool as of the November 2011 remittance.

The transaction consists of seasoned Canadian CMBS collateral. Contributed classes consist of CMBS 2001 through 2005 vintages. The largest deal concentration is 16.6% of the pool (Merrill Lynch Financial Assets Inc., Series 2002-Canada 8) and the largest three deals comprise 44.2% of the pool. Only three loans are in special servicing, and at this time, DBRS does not anticipate the resolution of those loans to affect the rated classes of the MACH ONE transaction.

The positive credit migration within the underlying Canadian CMBS assets can be attributed to increased defeasance, amortization and increased credit enhancement as a result of principal repayments applied to the trust. Since issuance of the MACH ONE transaction, the transaction has experienced a collateral reduction of approximately 17%.

DBRS will continue to monitor the MACH ONE transaction and the underlying Canadian CMBS transactions monthly.

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

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class AAAA (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class BAA (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class CA (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class DA (low) (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class EBBB (high) (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class FBBB (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class GBBB (low) (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class HBB (high) (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class JBB (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class KBB (low) (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class LB (high) (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class MB (sf)StbConfirmed
    US
    29-Dec-11Canadian Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-CDN1, Class NB (low) (sf)StbConfirmed
    US
    More
    Less
MACH ONE 2005-CDN1, ULC
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:BB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:B (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:B (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Dec 29, 2011
  • Rating Action:Confirmed
  • Ratings:B (low) (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

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DBRS Confirms Ratings in MACH ONE 2005-CDN1, ULC

Dec 29, 2011

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