Class A at
Class B at AA (sf)
Class C at A (sf)
Class X-EXT at BBB (high) (sf)
Class D at BBB (sf)
Class E at BB (sf)
Class F at B (low) (sf)
With this review, DBRS Morningstar changed the trends on Classes E and F to Stable from Negative to reflect the overall improved performance of the underlying portfolio as it begins to rebound to pre-pandemic levels, according to the most recent financials and STR report. All remaining classes carry Stable trends.
The loan is secured by the borrower's fee-simple interest in 17 properties (representing 67.8% of the allocated loan amount (ALA)), the combined fee and leasehold interests in four properties (27.0% of the ALA), and a ground lease in one property (5.3% of the ALA) in the Ashford Highland Hospitality portfolio that consists of one luxury hotel and 22 full-service, select-service, limited-service, and extended-stay hotels, totalling 5,785 keys. The properties are across 12 states and the
The sponsor for the loan is
The interest-only (IO) loan, originated in
The loan was transferred to special servicing in
Per the Q1 2022 financials, the portfolio reported net cash flow (NCF) of
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no environmental, social, and governance (ESG) factors that had a significant or relevant effect on the credit analysis.
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/396929.
Class X-EXT 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.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for this transaction.
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.
Notes:
All figures are in
The principal methodology is North American CMBS Surveillance Methodology (
The DBRS
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.
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 Rating Trend Action 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
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class AAAA (sf) Stb Confirmed CA
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class B AA (sf) Stb Confirmed CA
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class C A (sf) Stb Confirmed CA
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class X-EXT BBB (high) (sf) Stb Confirmed CA
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class D BBB (sf) Stb Confirmed CA
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class E BB (sf) Stb Trend Change, Confirmed CA
10-Aug-22 Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class F B (low) (sf) Stb Trend Change, Confirmed CA
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