DBRS Confirms Ratings of DBRR 2011-LC2

DBRS, Inc. (DBRS) has today confirmed the ratings on the following classes of CMBS Re-REMIC Certificates, Series 2011-LC2 issued by DBRR 2011-LC2 Trust:

-- CMBS Re-REMIC Certificates, Class A-4A at AAA (sf)
-- CMBS Re-REMIC Certificates, Class A-4B at AAA (sf)
-- CMBS Re-REMIC Certificates, Class A-4C at AAA (sf)

All trends are Stable.

The transaction is collateralized by the beneficial interests in one commercial mortgage-backed pass-through certificate from one underlying transaction that was securitized in 2011. The transaction is a senior/subordinate pass-through providing a sequential pay structure intended to contain any potential losses within Class A-4C. The underlying CMBS transaction is DBUBS 2011-LC2 Mortgage Trust, which is publicly rated by DBRS.

DBRS analyzed the underlying certificate based on the performance of the underlying loans and the transaction structure. DBRS conducted its annual surveillance review of the underlying transaction and confirmed the underlying certificate at AAA (sf). For more information on this rating action, the DBRS modeling approach taken at the time of review and the performance of the underlying pool please see the press release by clicking the link to the right.

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

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

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.

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