DBRS Assigns Provisional Ratings to Taurus CMBS (Pan-Europe) 2007-1 Limited

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Backed Floating Rate Notes issued by Taurus CMBS (Pan-Europe) 2007-1 Limited:

-- EUR 407,600,000 Class A1 at AAA
-- EUR 21,300,000 Class A2 at AAA
-- EUR 50,000 Class X1 at AAA
-- CHF 100,000 Class X2 at AAA
-- EUR 31,500,000 Class B at AA
-- EUR 45,800,000 Class C at A
-- EUR 36,200,000 Class D at BBB
-- EUR 5,000,000 Class E at BBB
-- EUR 2,500,000 Class F at BBB (low)

Finalization of ratings is contingent upon receipt of final documents.

Taurus CMBS (Pan-Europe) 2007-1 Limited is the first pan-European transaction in 2007 to be issued in the Taurus program. The collateral consists of one fixed-rate loan and 12 floating-rate loans secured by 57 residential and commercial properties located in Switzerland (41.4% of the pool by balance), Germany (30.2%) and France (28.4%). The pool is secured by traditional property types that have a more stable cash flow.

The trust assets for 12 of the 13 loans, 71.1% of the pool by outstanding loan balance, are senior A-notes. The subordinate B-notes are held outside the trust and provide loan-specific credit enhancement to each respective A-note as losses in the event of default will dilute the B-note prior to eroding the A-note.