DBRS Releases Performance Update for Merrill 2003-Canada 11

Dominion Bond Rating Service (“DBRS”) has today released a performance update report for Merrill Lynch Financial Assets Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-Canada 11.

The transaction consists of 49 loans with a current deal balance of Cdn$255,705,880. The deal has seasoned for approximately 26 months and all loans remain in the pool and are current. The deal has paid down 5.6% since issuance. The weighted average debt service coverage ratio (WA DSCR) of the pool has improved to 1.50 times (x), compared to 1.48x at issuance. The weighted average loan-to-value (WALTV) has improved to 64.2% from 67.6% at issuance.

There are three loans on the DBRS HotList (6.3% of the pool): two have DSCRs below 1.0x and one loan secured secondary financing without lender approval. One loan, Golden Horseshoe Park (0.6% of the pool), was fully defeased with Government of Canada securities in May 2005.