DBRS Downgrades Three Ratings and Discontinues Remaining Ratings of Morgan Stanley Capital I Trust, Series 2007-IQ16

DBRS Limited (DBRS) downgraded the ratings of three classes of Commercial Mortgage Pass-Through Certificates, Series 2007-IQ16 issued by Morgan Stanley Capital I Trust, Series 2007-IQ16 (the Trust) as follows:

--Class A-J to D (sf) from C (sf)
--Class A-JFL to D (sf) from C (sf)
--Class A-JA to D (sf) from C (sf)

DBRS also discontinued the ratings on Classes B, C and D as a result of realized losses that affected all remaining classes in the transaction, including the classes noted above, according to the May 2019 remittance. The realized losses incurred to Classes B, C and D reduced the principal balances to zero.

This effectively concludes DBRS surveillance of the transaction as the ratings assigned to the outstanding classes will be discontinued in 30 business days.

All ratings are subject to 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 North American CMBS Surveillance Methodology, which can be found on www.dbrs.com under Methodologies & Criteria. 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, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. 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.

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.

Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.

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

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