DBRS Confirms Ten Classes and Discontinues One of Schooner Trust 2004-CF2

DBRS has today confirmed ten classes of Schooner Trust, Series 2004-CF2 as follows:

-- Class C at AAA (sf)
-- Class D at AAA (sf)
-- Class E at AA (sf)
-- Class F at A (high) (sf)
-- Class G at A (sf)
-- Class H at BBB (high)
-- Class J at BBB (sf)
-- Class K at BBB (low) (sf)
-- Class L at BB (high) (sf)
--Class X at AAA (sf)

In addition, DBRS discontinued the rating of the Class B due to repayment.

All trends are Stable.

As of the August 2014 remittance, there are four loans remaining in the transaction, with the largest loan being fully defeased. All of the remaining four loans mature on September 1, 2014. Based on the strong performance of the loans and the most recent available financials, DBRS considers each of the remaining loans strong candidates for refinance. As such, DBRS believes it is likely that the transaction will be fully repaid in the near term.

Notes:
The applicable methodologies are 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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.