DBRS Confirms Ratings of Banc of America Re-REMIC Trust 2009-UBER2 Commercial Mortgage Pass-Through Certificates

DBRS Inc. (DBRS) has today confirmed the ratings of the following classes of Banc of America Re-REMIC Trust 2009-UBER2 Commercial Mortgage Pass-Through Certificates:

-- Class A-4A-A at AAA (sf)
-- Class A-4A-B at AAA (sf)
-- Class A-4A-C at AAA (sf)
-- Class A-4B-1 at AAA (sf)
-- Class A-4B-2 at A (sf)
-- Class A-4B-3 at A (high) (sf)
-- Class A-4B-4 at AA (low) (sf)
-- Class A-4B-5 at AAA (sf)
-- Class A-4B-6 at AA (sf)
-- Class A-4B-7 at A (sf)
-- Class A-4B-8 at AAA (sf)
-- Class A-4B-9 at A (sf)

All trends are Stable.

DBRS analyzed each certificate based on the individual transaction structure and the performance of the transaction’s respective loans. DBRS modeled each transaction independently and, in its review, focused on the larger assets, the specially serviced loans and the loans on the servicer’s watchlist, in an effort to most appropriately model the pivotal loans within the transactions that carry a higher likelihood of default. To simulate realized losses expected on all delinquent loans, including 30-day delinquencies, DBRS either modeled these loans with 100% probability of default and the corresponding loss severity, reflective of debt yield derived by using the most recent loan-level cash flow or ran a liquidation scenario using a haircut to the latest appraisal to account for additional expenses and/or potential future value decline.

The resulting weighted-average credit enhancement requirements for all the loans in the underlying pools, at each respective rating category, were then compared to the actual credit enhancement provided to the contributed certificates within the underlying CMBS structures. Based on that comparison, the eleven rating confirmations were appropriate.

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

The ratings do not address the likelihood of additional trust fund expenses.

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

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

The applicable methodologies are North American CMBS Rating Methodology (March 2015) and CMBS North American Surveillance (January 2015), which can be found on our website under Methodologies.

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