Class A at
Class B at AA (high) (sf)
Class C at A (high) (sf)
Class D at BBB (high) (sf)
Class E at BB (sf)
Class F at B (low) (sf)
DBRS Morningstar changed the trends on Classes A, B, C, and D to Stable from Negative. Classes E and F continue to carry Negative trends, reflecting DBRS Morningstar's concerns with the portfolio, particularly the
The loan was transferred to the special servicer in
The subject portfolio is secured by four full-service hotels, managed under two different brands and three different flags in four different cities:
The portfolio has a combined room count of 1,685 keys with management provided by
According to 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 (
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. 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
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, Class A Trend ChangeAAA (sf) Stb CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, Class A ConfirmedAAA (sf) Neg CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, ClassB Tren d Change AA (high) (sf) Stb CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, Class B Confirmed AA (high) (sf) Neg CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, ClassC Tren d Change A (high) (sf) Stb CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, ClassC Confirmed A (high) (sf) Neg CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, ClassD Tren d Change BBB (high) (sf) Stb CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, Class D Confirmed BBB (high) (sf) Neg CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, Class E Confirmed BB (sf) Neg CA
28-Sep-21 Commercial Mortgage Pass-Through Certificates, Series 2018-PRME, ClassF Confirmed B (low) (sf) Neg CA
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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