DBRS Confirms Ratings of Canada Mortgage Acceptance Corporation, Series 2006-C5

DBRS has today confirmed the AAA (sf) rating of the Mortgage Pass-Through Certificates, Series 2006-C5, Class IO-C, and the B (sf) rating of the Mortgage Pass-Through Certificates, Series 2006-C5, Class F, issued by Canada Mortgage Acceptance Corporation (the Trust).

The confirmation of B (sf) is based on the subordination of unrated Class G Certificates, which could withstand a loss severity of 84.3% on outstanding mortgages before any loss could incur on Class F Certificates. DBRS notes that the cumulative losses on the initial pool balance of $519.5 million were only 1.2% from November 2006 to December 2012.

Class IO-C will continue receiving the interest payments to which they are entitled until the notional balance is reduced to zero. Therefore, the AAA (sf) rating is confirmed.

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

The applicable methodology is Canadian Structured Finance Surveillance, which is available on our website under Methodologies.