DBRS Downgrades One Class, Discontinues Three Classes and Withdraws Remaining Class of Multi Security Asset Trust LP, Series 2005-RR4

DBRS Limited (DBRS) discontinued three classes of the Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4 issued by Multi Security Asset Trust LP, Series 2005-RR4 as follows:

-- Class K
-- Class L
-- Class M

The following class was downgraded:

-- Class O to D (sf) from C (sf)

DBRS discontinued and withdrew the rating on the following class:

-- Class X-1

Classes K, L and M were discontinued as they had been repaid as of the June 2018 remittance. The rating downgrade on Class O reflects the realized losses incurred on this class. The discontinued-withdrawn ratings are a result of reduction in rated notional classes from losses that have occurred on vintage transactions.

The rating on Class N was not reviewed at this time. For more information on this transaction, please see the press release dated April 5, 2018.

Class X-1 is an (IO) certificate that references a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

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.