DBRS Confirms Ratings on Series RR 2012-1 Trust

DBRS, Inc. (DBRS) has today confirmed the ratings on the following classes of Pass-Through Certificates, Series RR 2012-1 issued by Series RR 2012-1 Trust. The trends are Stable.

-- Class 1-A at BBB (low) (sf)
-- Class 2-A at BBB (low) (sf)

This transaction is a securitization, collateralized by the beneficial interest in seven CMBS pass-through certificates from six deals issued from 2010 through 2012.

DBRS publicly rates four of the six underlying transactions. DBRS modeled each transaction separately, applying various stresses, including cash flow haircuts to all loans in each pool. This stressed cash flow was then used to determine the DBRS probability of default based on the debt service coverage ratio and loss given default based on the debt yield for each loan.

The ratings are dependent on the performance of the underlying transactions.

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

The applicable methodologies are CMBS Rating Methodology and CMBS North American Surveillance Methodology, which can be found on our website under Methodologies.

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