Class A at
Class B at AA (sf)
Class C at A (high) (sf)
Class D at BBB (high) (sf)
Class E at BB (high) (sf)
All trends are Stable.
The rating confirmations reflect the overall stable performance of this transaction, which is in line with DBRS Morningstar's expectations. The loan is secured by Centre 425 Bellevue, a 356,909-square-foot (sf) Class A LEED Silver-certified office building in downtown
The loan is sponsored by
As at the
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.
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.
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 Attributes
i
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
25-May-21 Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class A ConfirmedAAA (sf) Stb CA
25-May-21 Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class B Confirmed AA (sf) Stb CA
25-May-21 Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, ClassC Confirmed A (high) (sf) Stb CA
25-May-21 Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class D Confirmed BBB (high) (sf) Stb CA
25-May-21 Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class E Confirmed BB (high) (sf) Stb CA
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