DBRS Confirms Rating on the Mortgage Loan No. 814650.1 Made to South Block (Concert) Ltd. and Jawl Precinct Lands Corporation - 525 Superior Street

DBRS Limited (DBRS) confirmed the rating of AA (high) with a Stable Trend on the Mortgage Loan No. 814650.1 (the Mortgage Loan) made to South Block (Concert) Ltd. and Jawl Precinct Lands Corporation (collectively, the Borrowers) by a major Canadian financial institution (the Lender).

The loan is secured by a recently built office building located at 525 Superior Street, Victoria, British Columbia. DBRS’s current rating of the Mortgage Loan reflects the flow-through rating of a credit tenant (the Tenant) who occupies 99.0% of the total net rentable area and whose lease is co-terminus with the fully amortizing loan term with no rights to early termination. The cash flows from the Tenant’s lease are sufficient to cover the financial obligations from the Borrowers with respect to the Mortgage Loan. It should be noted that any change to the rating of the Tenant during the loan term is expected to have an effect on the rating of the Mortgage Loan.

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:
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.

This rating was initiated at the request of the lender.

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.

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