DBRS Confirms Ratings on RB Commercial Trust 2012-RS1

DBRS has today confirmed the ratings on the following classes of RB Commercial Trust 2012-RS1. The trends are Stable.

-- Class A at BBB (high) (sf) (the Class A Notes)
-- Class B at BBB (low) (sf) (the Class B Notes; together, the Notes)

This transaction is a resecuritization, collateralized by the beneficial interests in seven commercial mortgage-backed pass-through certificates (CMBS) from three underlying transactions, two of which were securitized in 2011 and one that closed in May 2012.

The underlying CMBS transactions are FREMF 2011-K13 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2011-K13, FREMF 2011-K15 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2011-K15 and FREMF 2012-K18 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2012-K18. The Principal Only (PO) Class C and the Interest Only (IO) Class X-2 were contributed from each respective transaction. Although DBRS does not publicly rate the FREMF 2011-K13 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2011-K13 transaction, a detailed level of analysis was performed, using the CREFC IRP files from the latest remittance period. There are no specially serviced loans in any of the underlying transactions.

DBRS analyzed the underlying certificates based on the performance of the underlying loans and the transaction structure. DBRS modeled the transactions independently and combined, and created a cash flow model to stress the cash flows of the underlying transaction, running multiple default and loss scenarios to take into account the nature of the underlying PO and IO certificates available to pay the principal and interest on the Class A Notes (fixed coupon) and the PO Class B Notes as defined by the resecuritization structure. DBRS ratings recognize the likelihood that available funds may be less than the accrued interest on the Class A Notes over multiple periods. The resulting interest shortfall(s) will be added to the note balance of the Class A Notes.
The ratings are dependent on the performance of the underlying transaction.

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

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

The applicable methodologies are CMBS Rating Methodology and CMBS North American Surveillance Methodology, which can be found on our website under Methodologies.