DBRS Finalizes Ratings on CCMOT 2012-1

DBRS has today finalized the ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2012-1 (the Certificates) issued by Canadian Commercial Mortgage Origination Trust 2012-1 (CCMOT 2012-1).

– Class A at AAA (sf)
– Class B at AA (sf)
– Class C at A (sf)
– Class D at BBB (sf)
– Class E at BBB (low) (sf)
– Class F at BB (sf)
– Class G at B (sf)
– Class X at AAA (sf)

The collateral for the transaction consists of 25 fixed-rate loans secured by 26 properties. The 25 loans in the transaction have five-year terms and are subject to amortization schedules ranging from 20 to 30 years. In addition, 90.3% of the pool (by dollar balance) has partial or full recourse to the respective sponsor.

A cash flow underwriting review was completed by DBRS on 23 of the 25 loans in the transaction, which resulted in a DBRS weighted-average term debt service coverage ratio (DSCR) and debt yield of 1.55x and 8.1%, respectively.

Classes B, C, D, E, F, G and X are non-offered certificates.

Class X is notional. DBRS ratings on interest-only certificates address the likelihood of receiving interest based on the notional amount outstanding. DBRS considers the interest-only certificate’s position within the transaction payment waterfall when determining the appropriate rating.

The ratings assigned to the Certificates by DBRS are based exclusively on the credit provided by the transaction structure and underlying trust assets. All classes will be subject to ongoing surveillance, which could result in upgrades or downgrades by DBRS after the date of issuance.

Note:
All figures are in Canadian dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is CMBS Rating Methodology, which can be found on our website under Methodologies.