DBRS Confirms Ratings on RB Commercial Trust 2012-RS1

DBRS, Inc. (DBRS) has today confirmed the ratings on the following classes of Asset-Backed Notes, Series 2012-RS1 issued by RB Commercial Trust 2012-RS1:

-- Class A at BBB (high) (sf) (the Class A Notes)
-- Class B at BBB (low) (sf) (the Class B Notes)

The trends are Stable.

This transaction is a resecuritization, collateralized by the beneficial interests in seven commercial mortgage-backed pass-through certificates (CMBS) from three underlying transactions, two of which were securitized in 2011 and one that closed in May 2012.

The underlying CMBS transactions are FREMF 2011-K13 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2011-K13; FREMF 2011-K15 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2011-K15; and FREMF 2012-K18 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2012-K18. The principal-only (PO) Class C and the interest-only (IO) Class X-2 were contributed from each respective transaction. Although DBRS does not publicly rate the FREMF 2011-K13 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2011-K13 transaction, a detailed level of analysis was performed, using the CRE Finance Council Investor Reporting Package files from the latest remittance period.

DBRS analyzed the underlying certificates based on the performance of the underlying loans and the transaction structure. DBRS ratings recognize the likelihood that available funds may be less than the accrued interest on the Class A Notes over multiple periods. The resulting interest shortfall(s) will be added to the note balance of the Class A Notes.

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

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

The applicable methodologies are North American CMBS Rating Methodology (March 2016) and CMBS North American Surveillance (December 2015), which can be found on our website under Methodologies.