Class A-1 at
Class A-2 at
Class A-3 at
Class A-4 at
Class A-SB at
Class A-S at
Class X-A at
Class X-B at AA (high) (sf)
Class B at AA (sf)
Class C at A (sf)
Class X-D at BBB (high) (sf)
Class D at BBB (sf)
Class E-1 at BBB (low) (sf)
Class E-2 at BB (high) (sf)
Class E at BB (high) (sf)
Class F-1 at BB (sf)
Class F-2 at BB (low) (sf)
Class F at BB (low) (sf)
Class EF at BB (low) (sf)
Class G-1 at B (sf)
Class G-2 at B (low) (sf)
Class G at B (low) (sf)
Class EFG at B (low) (sf)
Classes F-2, EF, F, G-1, G-2, G, and EFG were removed from Under Review with Negative Implications, where they were placed on
The Negative trends reflect the continued performance challenges for the underlying collateral, much of which has been driven by the impact of the Coronavirus Disease (COVID-19) global pandemic. In addition to the seven loans representing 27.5% of the pool in special servicing as of the
The seven loans in special servicing are
The largest loan in special servicing,
Performance for the subject property was on the decline prior to the coronavirus pandemic, with cash flow trending downward for the past three consecutive years. The 2019 year-end net cash flow (NCF) decreased 11.1% compared with year-end 2018 and declined 17.5% compared with the issuer's NCF. DBRS Morningstar notes the increased risks for the loan from issuance given the extended delinquency, difficulty in back-filling the former Sears space, and the property's exposure to struggling retailers including
All of the loans in special servicing are secured by retail and hospitality property types and all transferred to the special servicer after the beginning of the coronavirus pandemic. Two of the seven specially serviced loans, Conrad Indianapolis and DoubleTree
As of the
ESG CONSIDERATIONS
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.
Classes X-A, X-B, and X-D are 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#1 -
Prospectus ID#2 -
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 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 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
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class A-1 ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class A-2 ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class A-3 ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class A-4 ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class A-S ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class A-SB ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class X-A ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class X-B Confirmed AA (high) (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class B Confirmed AA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, ClassC Confirmed A (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class X-D Confirmed BBB (high) (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class D Confirmed BBB (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class E-1 Confirmed BBB (low) (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class E Confirmed BB (high) (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class E-2 Confirmed BB (high) (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class F-1 Trend Change BB (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, ClassEF Tren d Change BB (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, ClassF Tren d Change BB (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class F-2 Trend Change BB (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class G-1 Trend Change B (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class EFG Int. in Arrears B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class EFG Trend Change B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, ClassG Tren d Change B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, ClassG In t. in Arrears B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class G-2 Trend Change B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2016-C36, Class G-2 Int. in Arrears B (low) (sf) Neg CA
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