DBRS Assigns Provisional Ratings to INDUS (ECLIPSE 2007-1) plc

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Backed Floating Rate Notes issued by INDUS (ECLIPSE 2007-1) plc, its first rating on a European CMBS transaction:
– GBP 729,000,000 Class A at AAA
– GBP 100,000 Class X at AAA
– GBP 48,000,000 Class B at AA
– GBP 54,000,000 Class C at “A”
– GBP 53,500,000 Class D at BBB
– GBP 9,930,000 Class E at BB (subject to available funds cap)

INDUS (ECLIPSE 2007-1) plc is the first transaction in 2007 to be issued in the Eclipse program. The collateral consists of 19 commercial mortgage loans secured by 366 residential and commercial properties located in England and Scotland. Of these loans, 17 are secured by commercial real estate and two by residential real estate. The portfolio exhibits strong diversification across more than 3,035 tenants and a range of property sectors. There is a 52.2% pool concentration in the top three loans. This is offset by good underlying real estate, strong tenant covenants, long unexpired lease terms and sound financial covenants.

Final ratings are subject to documentation.