Class B to AA (low) (sf) from AA (high) (sf)
Class C to A (low) (sf) from AA (low) (sf)
Class D to BBB (low) (sf) from A (low) (sf)
Class E to CCC (sf) from BBB (low) (sf)
Class F to C (sf) from BB (sf)
Class G to C (sf) B (sf)
DBRS Morningstar also confirmed its ratings on the remaining classes in the transaction as follows:
Class A-4 at
Class A-4FL at
Class A-4FX at
Class A-S at
Class X-A at
Additionally, DBRS Morningstar has discontinued its rating on Class X-B as the lowest-rated reference obligation tranche, Class G, has been downgraded to C (sf).
The trends on Classes A-4, A-4FL, A-4FX, A-S, and X-A are Stable, while the trends on Classes B, C, and D have been changed to Negative from Stable. The remaining classes have ratings that do not carry a trend. With this rating action, Class G has been removed from Under Review with Negative Implications from where it was placed in
The rating downgrades and Negative trends reflect the significant increased credit risk to the transaction driven by the five loans in special servicing, which collectively represent 27.8% of the pool balance and are all secured by retail properties. The two largest loans in special servicing are secured by regional malls, representing 16.1% of the pool. Additionally, eight nondefeased loans have scheduled maturity dates in 2021. While these loans are currently performing, select loans secured by retail or hotel properties may face challenges in securing refinance capital.
As of
The largest loan in special servicing,
According to the
The second-largest loan in special servicing,
According to the
ESG CONSIDERATIONS
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.
Classes X-A and X-B 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 issuance metrics and all historical surveillance commentary on the DBRS Viewpoint platform.
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 use with all groups, all PRs with rating actions, and all methodology PRs).
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 use with all Structured Finance PRs with rating actions and all Structured Finance methodology PRs.)
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 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. +1 312 696-6293
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
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-4 ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-4FL ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-4FX ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class A-S ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class X-A ConfirmedAAA (sf) Stb US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassB Tren d Change AA (high) (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class B Downgraded AA (low) (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassC Tren d Change AA (low) (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassC Downgraded A (low) (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassD Tren d Change A (low) (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class D Downgraded BBB (low) (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassF Tren d Change BB (sf) Neg US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class E Downgraded CCC (sf) -- US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassF Downgraded C (sf) -- US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, ClassG Downgraded C (sf) -- US
24-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, Class X-B Disc.-W/drwn Discontinued -- US
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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