Class D at BB (high) (sf) from BBB (low) (sf)
Class X-E at B (high) (sf) from BB (sf)
Class E at B (sf) from BB (low) (sf)
Class F at B (low) (sf) from B (high) (sf)
Class X-FG at B (low) (sf) from B (sf)
Class G at CCC (sf) from B (low) (sf)
In addition, DBRS Morningstar confirmed the remaining classes as follows:
Class A-3 at
Class A-4 at
Class A-S at
Class A-SB at
Class X-A at
Class X-B at
Class B at AA (high) (sf)
Class C at A (sf)
Class PST at A (sf)
Class 555A at A (sf)
Class 555B at BBB (sf)
Classes D, E, F, G, X-E, and X-FG were removed from Under Review with Negative Implications, where they were placed on
The Class 555A and Class 555B certificates are rake bonds backed by the
As of the
The mall anchors are
The second-largest loan in special servicing is
According to 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.
DBRS Morningstar materially deviated from its North American CMBS Insight Model when determining the ratings on Classes B, C, D, and PST as the quantitative results suggested a lower rating. The material deviations are warranted given the uncertain loan level event risk with the loans in special servicing and on the servicer's watchlist.
Classes X-A, X-B, X-E, and X-FG 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#4 -
Prospectus ID#5 -
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 2015-C21, Class A-3 ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class A-4 ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class A-S ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class A-SB ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class X-A ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class X-B ConfirmedAAA (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class B Confirmed AA (high) (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class 555A Confirmed A (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, ClassC Confirmed A (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class PST Confirmed A (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class 555B Confirmed BBB (sf) Stb CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class D Downgraded BB (high) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class X-E Downgraded B (high) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, ClassE In t. in Arrears B (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, ClassE Downgraded B (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, ClassF In t. in Arrears B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, ClassF Downgraded B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class X-FG Downgraded B (low) (sf) Neg CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, Class G Downgraded CCC (sf) -- CA
02-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2015-C21, ClassG In t. in Arrears CCC (sf) -- 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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