DBRS Confirms Eight Classes of DBRR 2011-C32

DBRS has today confirmed the ratings on the following classes of DBRR 2011-C32:

-- Class A-3A at AAA (sf)
-- Class A-3A-1 at AAA (sf)
-- Class A-3AX-1 at AAA (sf)
-- Class A-3A-2 at AAA (sf)
-- Class A-3AX-2 at AAA (sf)
-- Class A-3A-3 at AAA (sf)
-- Class A-3AX-3 at AAA (sf)
-- Class A-3B at BBB (high) (sf)

All trends are Stable.

This transaction is a resecuritization, collateralized by the beneficial interests in one super-senior commercial mortgage-backed pass-through certificate (CMBS) from an underlying transaction that was securitized in 2007. The DBRR 2011-C32 resecuritization consists of a senior/subordinate pass-through sequential-pay structure. DBRS also rates the exchangeable certificates as listed above.

The underlying CMBS transaction is WBCMT 2007-C32. Although DBRS does not publically rate the underlying transaction, a detailed level of analysis was performed by using the CREFC IRP files from the latest remittance period.

DBRS analyzed the underlying certificate based on the performance of the underlying loans and the transaction structure. DBRS modeled the transaction independently and, in its review, focused on the larger assets, the specially serviced loans and the loans on the servicer’s watchlist, in an effort to most appropriately model the pivotal loans within the transaction that carry a higher likelihood of default.

The ratings are dependent on the performance of the underlying transaction.

Note:
All figures are in U.S. 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.