Class X-B2 to BB (high) (sf) from BBB (sf)
Class D to BB (sf) from BBB (low) (sf)
Class X-C to B (low) (sf) from B (sf)
Class E to CCC (sf) from B (low) (sf)
In addition, DBRS Morningstar confirmed the following ratings:
Class A-2 at
Class A-3 at
Class A-4 at
Class A-SB at
Class A-M at
Class X-A at
Class X-B1 at AA (high) (sf)
Class B at AA (sf)
Class C at A (low) (sf)
Class PEZ at A (low) (sf)
Class F at C (sf)
DBRS Morningstar removed Classes D, E, F, X-B2, and X-C from Under Review with Negative Implications where they were placed on
The rating downgrades and Negative trends reflect the continued performance challenges for the underlying collateral, some of which presented prior to the onset of the Coronavirus Disease (COVID-19) pandemic while others have been largely caused by the impact of the pandemic, as further described below. As of the
As of the
The largest three loans in special servicing are 6100 Wilshire (Prospectus ID#6, 5.1% of the pool),
6100 Wilshire, the largest loan in special servicing, is secured by a 213,000 square foot (sf) Class A office property located in the heart of the
Although news outlets have reported that the sponsor has initatied a lawsuit against the servicer, DBRS Morningstar notes that the servicer previously granted a forbearance that increased the rollover reserves, initiated an ongoing cash sweep, and made other provisions. The loan has been less than 30 days late several times since the default, but is current as of the
Based on developments and known information to date, the most pivotal of the larger specially-serviced loans is the
At issuance, the property was anchored by noncollateral tenants in
As of the
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 principal methodology when determining the ratings assigned to Classes AM, B, and D. The material deviations are warranted given the uncertain loan level event risk.
Classes X-A, X-B1, X-B2, and X-C 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 - Canyon Ranch Portfolio (6.5% of the pool)
Prospectus ID#6 - 6100 Wilshire (5.1% of the pool)
Prospectus ID#13 -
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 the 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
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-2 ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-3 ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-4 ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-M ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-SB ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class X-A ConfirmedAAA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class X-B1 Confirmed AA (high) (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class B Confirmed AA (sf) Stb CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, ClassC Tren d Change A (low) (sf) Neg CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, ClassPEZ Tren d Change A (low) (sf) Neg CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class X-B2 Downgraded BB (high) (sf) Neg CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class D Downgraded BB (sf) Neg CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class X-C Downgraded B (low) (sf) Neg CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class E Downgraded CCC (sf) -- CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, ClassE In t. in Arrears CCC (sf) -- CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, ClassF Confirmed C (sf) -- CA
01-Dec-20 Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, ClassF In t. in Arrears C (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.
(C) 2020 Electronic News Publishing, source