Class D at BBB (sf)
Class E at BBB (low) (sf)
Class C at A (sf)
Class B at AA (low) (sf)
Class A at
Class X at
Class A at
Class X at
All trends are Stable.
The collateral for these transactions, which have closing dates between
The rating confirmations reflect the overall stable performance since the initial issuance. The loan is interest only (IO) through the initial 10 years of its 12-year term. The sponsors,
DBRS Morningstar continues to monitor the ongoing effect of the coronavirus pandemic on operations at the
DBRS Morningstar believes the mortgage loan that serves as collateral for the Certificates benefits from unique structural features that provide additional protection for bondholders. Notably, the master lease structure insulates the mortgage loan from direct exposure to the volatility of the properties' operating cash flows. The terms of the master lease require the
The DBRS Morningstar loan-to-value ratio of 65.97%, based on a 9.69% capitalization rate and a concluded valuation of
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.
Class X in the BX 2020-VIV4 transaction and Class X in the BX 2021-VIV5 transaction 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.
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 have 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 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
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2020-VIV2, ClassC Confirmed A (sf) Stb CA
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
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2020-VIV3, Class B Confirmed AA (low) (sf) Stb CA
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
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2020-VIV4, Class A ConfirmedAAA (sf) Stb CA
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2020-VIV4, Class X ConfirmedAAA (sf) Stb CA
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
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2020-VIVA, Class D Confirmed BBB (sf) Stb CA
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2020-VIVA, Class E Confirmed BBB (low) (sf) Stb CA
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
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class A ConfirmedAAA (sf) Stb CA
11-Nov-21 Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class X ConfirmedAAA (sf) Stb CA
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