DBRS Confirms Ratings of DBRR 2011-LC2

DBRS Limited (DBRS) confirmed the 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 one of 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 and the performance of the underlying pool, please refer to the March 29, 2018, DBRS press release for the DBUBS 2011-LC2 Mortgage Trust transaction.

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.

All ratings will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

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

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

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 under Related Documents or by contacting us at info@dbrs.com.

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

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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