Date of Release: 2009-07-02
DBRS has today assigned ratings to the Class I Swaps and Class II Notes issued by Claris IV Limited Series 37 as follows:
-$125,000,000 Class I-A Swap, Series 37 at AA (low)
-$11,000,000 Class I-B Swap, Series 37 at A (low)
-$8,250,000 Class I-C Swap, Series 37 at BBB (high)
-$14,500,000 Class II-A Note, Series 37 at BBB (low)
-$21,500,000 Class II-B Note, Series 37 at BB (low)
The obligations are collateralized primarily by a portfolio of U.S. commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS). The ratings of the Class I-A Swaps, Class I-B Swaps and Class I-C Swaps only address the probability of these classes breaching their respective attachment points as defined in transaction documents at or prior to their maturity dates. The ratings of the Class II-A Notes and Class II-B Notes address the ultimate payments of interest and principal at their maturity dates.
The rating reflects the following:
(1) The integrity of the transaction structure.
(2) DBRS’s assessment of portfolio quality.
(3) Adequate credit enhancement of the notes and swaps to withstand projected collateral loss rates under various cash flow stress scenarios.
Notes:
All figures are in U.S. dollars unless otherwise noted.
The applicable public methodologies are The CDO Toolbox methodology and the Rating U.S. ABS CDO Restructurings Methodology, which can be found on our website under Methodologies.
This is a Structured Finance rating.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
| Issuer | Debt Rated | Rating Action | Rating | Trend | Notes | Published |
|---|---|---|---|---|---|---|
| Claris IV Limited - Series 37 | Class I-A Swap, Series 37 | New Rating | AA (low) | Stb | 2 Jul 2009 | |
| Claris IV Limited - Series 37 | Class I-B Swap, Series 37 | New Rating | A (low) | Stb | 2 Jul 2009 | |
| Claris IV Limited - Series 37 | Class I-C Swap, Series 37 | New Rating | BBB (high) | Stb | 2 Jul 2009 | |
| Claris IV Limited - Series 37 | Class II-A Notes, Series 37 | New Rating | BBB (low) | Stb | 2 Jul 2009 | |
| Claris IV Limited - Series 37 | Class II-B Notes, Series 37 | New Rating | BB (low) | Stb | 2 Jul 2009 |
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES.
