DBRS Releases Performance Update for Merrill 2003-Canada 9

Dominion Bond Rating Service (“DBRS”) has today released its performance update report for Merrill Lynch Financial Assets Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-Canada 9.

The pool consists of 63 loans, with a total balance of Cdn$304,805,040. Three loans have been fully defeased with Government of Canada Securities. The weighted average debt service coverage ratio (DSCR) remains stable at 1.51 times (x). Based on current outstanding loan balances and original appraised values, the weighted average loan to value has improved to 53.9% from 64.1%.

One loan has been added to the DBRS HotList and two loans have been removed. The loan was added to the HotList because the year-end 2004 DSCR is below 1.0x and revenue declined while occupancy remained stable.

DBRS has published a full report providing additional analytical detail. Click on the link below for the report or contact us at: info@dbrs.com.