DBRS Discontinues Ratings of Windermere XII FCT

DBRS has today discontinued its rating of the Class A notes of the Windermere XII FCT (Windermere) transaction, as the notes have been repaid as of the April 10, 2014, remittance report.

Further, DBRS has withdrawn the rating of the transaction’s Class X notes, which had an original expected maturity date of July 10, 2012, but continued to receive payments, as the sole loan in the Windermere transaction was extended beyond its originally expected maturity date.

The discontinuation and withdrawal of the DBRS ratings follow the recent sale of Coeur Défense, the asset securing the single loan in the Windermere transaction. This concludes DBRS’s surveillance of this transaction.

Notes:
All figures are in EURO unless otherwise noted.
The principal methodology applicable is:
European CMBS Surveillance

Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

This can be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/

The sources of information used for this rating include CBRE
Loan Servicing Limited, EuroTirtrisation and Windemere XII FCT.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.
A sensitivity analysis was not completed as the classes have been repaid.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

This credit rating has been issued outside the European Union (EU) and is endorsed by DBRS Ratings Limited. It may be used for regulatory purposes by financial institutions in the EU.

Initial Lead Analyst: Abbey Fitzgerald, Vice President - CMBS
Initial Rating Date: July 25, 2007
Initial Rating Committee Chair: Jack Toliver, Managing Director - CMBS

Lead Surveillance Analyst: Chase Purdom
Rating Committee Chair: Erin Stafford

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USA

The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies

European CMBS Rating Methodology
European CMBS Surveillance Methodology
Legal Criteria for European Structured Finance Transactions
Unified Interest Rate Model for European Securitisations
Swap Criteria for European Structured Finance Transactions.