DBRS Confirms Ratings of DBRR 2011-LC2

DBRS Limited (DBRS) has today confirmed all ratings on the following classes of CMBS Re-REMIC Certificates issued by DBRR 2011-LC2:

-- Class A-4A at AAA (sf)
-- Class A-4B at AAA (sf)
-- Class A-4C at AAA (sf)

All trends are Stable.

The transaction is a resecuritization, collateralized by the beneficial interests in seven commercial mortgage-backed pass-through certificates from the underlying transaction, 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 rating confirmations were appropriate.

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

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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

The principal methodologies are North American CMBS Rating Methodology (January 2017) and CMBS North American Surveillance (December 2016), which can be found on www.dbrs.com under Methodologies.