DBRS Assigns Final Ratings to ReadyCap Commercial Revolving Asset Trust

DBRS has today assigned ratings to ReadyCap Commercial Revolving Asset Trust, Variable Funding Notes (the Notes) as defined below:

-- $150 million Variable Funding Notes at A (sf)

The ratings are based on an assumed pool composition of commercial real estate loans that have a weighted-average debt yield at the minimum allowable level for each product type. DBRS used its static CMBS methodology to construct a worst-case pool based on other concentration limits and eligibility requirements as defined in the Trust Indenture.

The ratings address the likelihood of the timely receipt by note holders of interest and the ultimate repayment of principal on or before the legal final maturity date, which is 18 months after a) the payment date occurring 12 months following the closing date, or b) six months following the issuer’s exercise of the extension option.

The ratings assigned to the Notes 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.

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 methodology is CMBS Rating Methodology (January 2012), which can be found on our website under Methodologies.