Fitch Affirms DBUBS 2011-LC1 Mortgage Trust Series 2011-LC1

NEW YORK--()--Fitch Ratings has affirmed all ratings to DBUBS 2011-LC1 Mortgage Trust's Commercial Mortgage Pass-Through Certificates, series 2011-LC1. A detailed list of rating actions follows at the end of this press release.

Fitch's affirmations are based on the stable performance of the underlying collateral pool. There have been no delinquent or specially serviced loans since issuance. Fitch reviewed year-end (YE) 2011 financial performance of the collateral pool in addition to updated rent rolls for the top 15 loans representing 75.6% of the transaction.

As of the December 2012 distribution date, the pool's aggregated principal balance has been reduced by 2% to $2.133 billion from $2.176 billion at issuance.

The largest loan in the pool (10.5%) is secured by a 1.16 million square feet (SF) regional mall in Cincinnati, OH. The property is anchored by Dillard's, Macy's, Nordstrom and features over 140 in-line tenants and kiosks. As of September 2012, the occupancy was 97.2%, compared to 96.4% at issuance. Macy's is expected to renew their lease for an additional five- year term. The servicer reported YE2011 debt service coverage ratio (DSCR) was 1.93x, compared to 1.96x at underwriting.

The second largest loan (10.1%) is secured by a 1.18 million SF class A office property in Chicago, IL. As of September 2012, the property occupancy improved to 87.5 from 79.6% at issuance.

Two of the top 15 loans are Washington, D.C. office properties, one of which is 98% occupied by a GSA tenant. Additionally there is a northern Virginia hotel in the top 15. Fitch will continue to monitor the occupancy impact on specific properties and the overall market as a result of potential downsizing by the U.S. government.

Fitch affirms the following classes and maintains the Stable Outlook:

--$1,067 million Class A-1 at 'AAAsf'; Outlook Stable;

--$182 million Class A-2 at 'AAAsf'; Outlook Stable;

--$459.8 million Class A-3 at 'AAAsf'; Outlook Stable;

--IO Class X-A at 'AAAsf'; Outlook Stable;

--$70.7 million Class B at 'AAsf'; Outlook Stable;

--$81.6 million Class C at 'Asf'; Outlook Stable

--$49 million Class D at 'BBB+sf'; Outlook Stable;

--$89.8 million Class E at 'BBB-sf'; Outlook Stable;

--$24.5 million Class F at 'BBsf'; Outlook Stable;

--$40.8 million Class G at 'Bsf'; Outlook Stable.

Fitch does not rate the interest-only class X-B or the $68 million class H.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2012 report, U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria ', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (Dec. 18, 2012)

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts

Fitch Ratings
Primary Analyst
Amy Gan, +1-212-908-9143
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com