DBRS Confirms 15 Classes of Merrill Lynch Financial Assets Inc., Series 2004-Canada 12

DBRS has today confirmed the ratings of 15 classes of Merrill Lynch Financial Assets Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-Canada 12 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class B at AAA (sf)
-- Class C to AA (high) (sf)
-- Class D1 to A (high) (sf)
-- Class D2 to A (high) (sf)
-- Class E at BBB (high) (sf)
-- Class F at BBB (low) (sf)
-- Class G at BB (high) (sf)
-- Class H at BB (sf)
-- Class J at B (high) (sf)
-- Class K at B (sf)
-- Class L at B (low) (sf)
-- Class XC-1 at AAA (sf)
-- Class XC-2 at AAA (sf)

DBRS does not rate the Canadian first-loss piece, Class M. All trends are Stable.

The ratings confirmations reflect the stable performance of this transaction since issuance. As of the April 2012 remittance report, approximately 37.2% of the collateral has been reduced since issuance. Additionally, seven loans, representing 13.5% of the current pool balance, are defeased.

There are no loans in special servicing and there are three loans on the servicer’s watchlist, representing approximately 15% of the current pool balance.

As part of its review, DBRS analyzed the top 15 loans and the loans on the servicer’s watchlist, which comprise approximately 76% of the current pool balance.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report to assess any material changes at the bond or collateral level that may impact ratings. The Monthly CMBS Surveillance Report also highlights any material updates in the loans on the servicer’s watchlist and any specially serviced loans.

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.