DBRS Confirms Ratings of CSMC, Series 2010-UD1

DBRS has today confirmed the ratings of the following classes of CSMC Series 2010-UD1 Commercial Mortgage Pass-Through Certificates.

-- Class A at AAA (sf)
-- Class A-A at AAA (sf)
-- Class A-B at AAA (sf)
-- Class B at BBB (sf)
-- Class B-A at AA (sf)
-- Class B-B at BBB (sf)

All trends are Stable.

The transaction is collateralized by the beneficial interests in eight commercial mortgage-backed pass-through certificates from seven underlying transactions that were securitized in 2007 and 2008. The transaction is a senior/subordinate pass-through, providing a sequential-pay structure intended to contain any potential losses within Class B. The underlying certificates have been pooled together within the CSMC Series 2010-UD1 structure. If significant losses were to occur in one of the underlying transactions and its corresponding certificate, the losses would not be offset by the credit enhancement provided by the other underlying certificates within this trust. As such, DBRS rated Class B to a first dollar loss scenario; in order to determine the rating floor for Class B, DBRS analyzed each of the seven underlying transactions separately. Although DBRS does not publicly rate any of the underlying transactions, a detailed level of analysis on each transaction was performed to derive an indicative rating for each contributed certificate.

The resulting weighted-average credit enhancement requirements for all the loans in the underlying pools, at each respective rating category, were then compared to the actual credit enhancement provided to the contributed certificates within the underlying CMBS structures. Based on that comparison, the ratings confirmations were appropriate.

The ratings are dependent on the continued performance of the underlying deals.

The ratings do not address the likelihood of additional trust fund expenses.

Notes:
All figures are in U.S. dollars unless otherwise noted.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance (May 2011), which can be found on our website under Methodologies.

This rating is based on public information.