DBRS Places One Class of MSAT 2005-RR4 Under Review with Negative Implications

DBRS has today placed the following class of Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4, issued by Multi Security Asset Trust LP, Series 2005-RR4 (MSAT 2005-RR4) Under Review with Negative Implications:

-- Class N, rated CCC (sf)

Additionally, DBRS has added the Interest in Arrears designation to Classes K, L and M.

This rating action reflects the most recent realized losses in the underlying CMBS transactions, which have now resulted in losses up to and including the unrated Class P-3 in the MSAT 2005-RR4 capital structure. As a result of these increased losses, the credit enhancement to Class N has eroded and Class K, Class L and Class M have incurred interest shortfalls.

DBRS intends to fully review the MSAT 2005-RR4 transaction within the next two months, providing additional analytical detail on the transaction as a whole.

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

The applicable methodology is CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.

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