DBRS Morningstar (
Class E to BBB (low) (sf) from BBB (high) (sf)
Class F to CCC (sf) from BB (high) (sf)
Class G to C (sf) from B (high) (sf)
DBRS Morningstar also confirmed the ratings on the following classes:
Class A-3 at
Class A-S at
Class B at
Class X-A at
Class C at AA (sf)
Class D at A (sf)
In addition, DBRS Morningstar changed the trend on Class E to Negative from Stable. All other trends are Stable with the exception of Class F and Class G, which are assigned ratings that do not carry trends.
Furthermore, DBRS Morningstar discontinued and withdrew the rating on the notional Class X-B as the Applicable Referenced Obligation, Class G, was downgraded to C (sf) due to the projected losses upon the resolution of the specially serviced loans.
The rating downgrades and trend change reflect DBRS Morningstar's outlook for two large loans recently transferred to special servicing in Poughkeepsie Galleria (Prospectus ID#2, 15.4% of the pool) and
As of the
The Poughkeepsie Galleria loan is secured by a regional mall located in
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
DBRS Morningstar materially deviated from its principal methodology when determining the rating assigned to Class E as the quantitative results suggest a lower rating. DBRS Morningstar considers a material deviation from a methodology to exist when there may be a substantial likelihood that a reasonable investor or other user of the credit ratings would consider the material deviation to be a significant factor in evaluating the ratings. The material deviations is warranted given uncertain loan level event risk associated with the loans on the servicer's watchlist and in special servicing.
Class X-A is interest-only (IO) certificates that reference 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.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:
Prospectus ID#2 - Poughkeepsie Galleria (15.4% of the pool)
Prospectus ID#9 -
Prospectus ID#11 - Hospitality Specialist Portfolio - 2 (4.5% of the pool)
Prospectus ID#12 - Hospitality Specialist Portfolio - 1 (4.3% of the pool)
Prospectus ID#18 - Beta Center (3.2% of the pool)
Prospectus ID#20 -
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com The platform includes issuer and servicer 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 the North American CMBS Surveillance Methodology, which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may 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 not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.
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 Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class A-3 ConfirmedAAA (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1,Class A-AB ConfirmedAAA (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class A-S ConfirmedAAA (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class B ConfirmedAAA (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class X-A ConfirmedAAA (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, ClassC Confirmed A A (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, ClassD Confirmed A (sf) Stb CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, ClassE Tren d Change BBB (high) (sf) Neg CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class E Downgraded BBB (low) (sf) Neg CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class F Downgraded CCC (sf) -- CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, ClassG Downgraded C (sf) -- CA
18-Jun-20 Commercial Mortgage Pass-Through Certificates, Series 2011-C1, Class X-B Disc.-W/drwn Discontinued -- CA
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