DBRS Morningstar confirms the rating of a class of COMM 2004-LNB2

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DBRS Limited (DBRS Morningstar) has confirmed its rating for the following category of Commercial Mortgage Transfer Certificates, Series 2004-LNB2 issued by COMM 2004-LNB2 as follows.

Class K to BBB (sf)

The trend is stable.

The rating confirmation reflects DBRS Morningstar’s outlook for the loan remaining in the pool, Walgreens College Station (Prospectus ID # 62, 100% of the pool balance), which is secured by a single-tenant commercial building occupied by Walgreens Boots Alliance, Inc. (Walgreens). Walgreens is an investment grade tenant in place on a triple net lease which has a lease expiration date of April 2028, the same month the fully amortizing loan matures. At the end of the last six months June 30, 2021, the loan had a debt service coverage ratio of 1.11 times.

A description of how DBRS Morningstar views ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social and Governance Risk Factors in Credit Ratings https://www.dbrsmorningstar.com/research/373262.

All ratings are subject to oversight, which may result in ratings being upgraded, downgraded, reviewed, confirmed or discontinued by DBRS Morningstar.

The DBRS Viewpoint platform provides additional information about this transaction and the underlying loans, including DBRS Morningstar metrics, commentaries, cash flows reported by service agents, and other performance-related data.

For free access to this content, please subscribe to the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and server data for most open CMBS trades (including trades unrated by DBRS Morningstar), as well as loan and trade level comments for most trades. rated and monitored by DBRS Morningstar.

Remarks:

All figures are in we dollars, unless otherwise specified.

The main methodology is the North American CMBS Surveillance Methodology (March 26, 2021), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that can be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that all of the related methodologies listed in a Core Structured Finance asset class methodology cannot be used to assess or monitor a structured finance or an individual debt security.

DBRS Sovereign Morningstar the group publishes benchmark macroeconomic scenarios for rated sovereigns. The DBRS Morningstar analysis took into account the impacts consistent with the reference scenarios as set out in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

Related regulatory disclosures under National Instrument 25-101 Designated Rating Organizations are incorporated by reference and can be viewed by clicking on the link under Related Documents or by contacting us at [email protected]

The rated entity or its related entities participated in the rating process for this rating action. DBRS Morningstar has had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for more information on the sensitivity of the assumptions used in the rating process.

For more information on this credit or this industry, visit www.dbrsmorningstar.com or contact us at [email protected]

DBRS Limited

DBRS Tower, 181 University Avenue, office 700

Toronto, Ontario M5H 3M7 Canada

Phone. +1 416 593-5577

Reviews

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

US = Lead Analyst based in the USA

CA = Lead Analyst based at Canada

EU = Lead Analyst based in the EU

UK = Senior analyst based at UK

E = EU approved

U = UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non-participating

30-Dec-21	Commercial Mortgage Pass-Through Certificates, Series 2004-LNB2, Class K	Confirmed	BBB (sf)	Stb	CA
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