DBRS Upgrades 4 Cl, Conf 7 Cl of Solar Trust, Ser 2001-1

Dominion Bond Rating Service (“DBRS”) has today upgraded the ratings of four classes of Solar Trust commercial mortgage pass-through certificates, Series 2001-1 as follows: Class B to AAA from AA, Class C to AA from “A”, Class D to A (low) from BBB, Class E to BBB (high) from BBB (low). In addition, DBRS has confirmed Classes A-1, A-2, and IO at AAA, Class F at BB, Class G at BB (low), Class H at B, and Class J at B (low). The trends remain Stable.

The upgrades reflect the increased credit enhancement due to continued pay down (23.0%) from loan refinances and amortization.

DBRS notes that the transaction consists of 39 of the original 47 commercial mortgage loans totalling Cdn$185,692,094. The deal is concentrated with 64% of the pool in the top ten loans and 70% of the pool secured by properties located in the province of Ontario. The deal benefits from a high level of loans (53.1% of the pool) with full recourse to the respective borrowers.

One loan, London Road Shopping Centre representing 1.2% of the pool, is specially serviced due to delinquent tax advances. Three loans (6.2% of the pool) are on the DBRS HotList because of DSCRs below 1.0x and a decline in occupancy.