DBRS Confirms Ratings of DBRR 2011-LC2

DBRS has today confirmed the ratings of three classes of DBRR 2011-LC2:

– CMBS Re-REMIC Certificates, Class A-4A at AAA (sf)
– CMBS Re-REMIC Certificates, Class A-4B at AAA (sf)
– CMBS Re-REMIC Certificates, Class A-4C at AAA (sf)

These three classes were confirmed with a Stable trend.

The transaction is collateralized by the beneficial interests in one commercial mortgage-backed pass-through certificate from one underlying transaction that was securitized in 2011. The transaction is a senior/subordinate pass-through providing a sequential pay structure intended to contain any potential losses within Class A-4C. The underlying CMBS transaction is DBUBS 2011-LC2 Mortgage Trust, which is publically rated by DBRS.

DBRS analyzed the underlying certificate based on the performance of the underlying loans and the transaction structure. DBRS recently conducted its annual surveillance review of the underlying transaction and confirmed the underlying certificate at AAA (sf). For more information on this rating action, the DBRS modelling approach taken at the time of review and the performance of the underlying pool please see the press release and monthly surveillance report by clicking the links to the right.

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

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

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.