Press Release
DBRS Confirms 13 and Discontinues One Class of Real Estate Asset Liquidity Trust, Series 2004-1
CMBSDBRS has today confirmed the following classes of Real Estate Asset Liquidity Trust, Series 2004-1:
-- Class B at AAA (sf)
-- Class C at AAA (sf)
-- Class D-1 at AAA (sf)
-- Class D-2 at AAA (sf)
-- Class E-1 at AA (low)
-- Class E-2 at AA (low)
-- Class F at A (low) (sf)
-- Class G at BBB (high) (sf)
-- Class H at BB (sf)
-- Class J at B (high) (sf)
-- Class K at B (sf)
-- Class L at B (low) (sf)
-- Class X at AAA (sf)
DBRS has also discontinued the rating of Class A-2 due to repayment.
The trends on all classes are Stable.
As of the August 2014 remittance, there are 13 loans remaining in the transaction, including two that are fully defeased. All of the remaining loans mature in 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.
Notes:
All figures are in Canadian 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 CMBS Surveillance Methodology, which can be found on our website under Methodologies.
Ratings
Real Estate Asset Liquidity Trust, Series 2004-1
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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Contacts
- Erin Stafford
Managing Director - North American Real Estate Ratings
+(1) 312 332 3291
erin.stafford@morningstar.com