DBRS Morningstar Confirms All Classes of DBRR 2011-LC2

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on all classes of CMBS Re-REMIC Certificates issued by DBRR 2011-LC2 as follows:

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

All trends remain 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 Morningstar.

DBRS Morningstar analyzed the underlying certificate based on the performance of the underlying loans and the transaction structure. DBRS Morningstar conducted its annual surveillance review of the underlying transaction and confirmed the rating of 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 22, 2021, DBRS Mortgage 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 commercial mortgage-backed securities structure. Based on that comparison, the rating confirmations were appropriate.

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

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform.

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and servicer date for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.

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

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

The principal methodology is North American CMBS Surveillance Methodology (March 6, 2020), which can be found on dbrsmorningstar.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 Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.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.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar 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.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277