Class A-1 at
Class A-2A at
Class A-2B at
Class X-A at
Class B at AA (low) (sf)
Class C at A (low) (sf)
Class D at BBB (sf)
All classes carry Negative trends. With this review, DBRS Morningstar removed all classes from Under Review with Negative Implications, where they were placed on
The transaction consists of a
The Negative trends are primarily driven by concerns with HBC, which had faced challenges even prior to the Coronavirus Disease (COVID-19) pandemic. In
The sponsor owns the fee interest on the land and executed a 99-year, absolute triple-net lease to the retail building owner, 12 East 49th
The building is 100% occupied by
According to a news article published by 'The Real Deal' on
According to the YE2020 operating statement analysis report, the collateral net cash flow (NCF) was reported at
A description of how DBRS Morningstar considers 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 at https://www.dbrsmorningstar.com/research/373262.
DBRS Morningstar ratings on Classes A-1, A-2B, B, C, and D vary by three or more notches from the results implied by the LTV Sizing Benchmarks on a look-through basis, which suggested a lower rating. The variances are warranted considering the loan remained current during the pandemic and the escalating ground rent sufficiently covers the debt service.
Class X-A is an IO certificate that references a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
The DBRS Viewpoint platform provides additional information on this transaction and underlying loans including DBRS Morningstar metrics, commentary, servicer-reported cash flows, and other performance-related data.
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes loan-level data for most outstanding CMBS transactions (including non-DBRS Morningstar-rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.
Notes:
All figures are in
The principal methodology is North American CMBS Surveillance Methodology (
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.
For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar 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 additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are monitored.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 (416) 593-5577
Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, Class A-1 ConfirmedAAA (sf) Neg CA
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, Class A-2A ConfirmedAAA (sf) Neg CA
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, Class A-2B ConfirmedAAA (sf) Neg CA
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, Class X-A ConfirmedAAA (sf) Neg CA
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, Class B Confirmed AA (low) (sf) Neg CA
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, ClassC Confirmed A (low) (sf) Neg CA
24-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-5AVE, Class D Confirmed BBB (sf) Neg CA
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