DBRS Limited (DBRS Morningstar) downgraded the ratings on the following Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5 issued by COMM 2014-UBS5 Mortgage Trust.

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 AAA (sf)

Class A-3 at AAA (sf)

Class A-4 at AAA (sf)

Class A-SB at AAA (sf)

Class A-M at AAA (sf)

Class X-A at AAA (sf)

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 August 6, 2020. The trends on Classes D, X-B2, and X-C are now Negative while the ratings on Classes E and F do not carry trends. DBRS Morningstar also changed the trends on Classes C and PEZ to Negative from Stable. All other trends are Stable. In addition, DBRS Morningstar designated Classes E and F as having Interest in Arrears.

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 November 2020 remittance, 13 loans, representing 24.4% of the pool, were in special servicing. The pool has a concentration of loans secured by office, hospitality, and retail properties representing 38.1%, 28.2%, and 16.6% of the outstanding pool balance, respectively, as of the November 2020 remittance. Hotel properties have been the most severely affected by the initial effects of the pandemic and, as such, the relatively high concentration of loans backed by that property type in this pool suggests increased risks, particularly at the lower rating categories, since issuance.

As of the November 2020 remittance, 61 of the original 70 loans remain in the pool, representing a collateral reduction of 20.1% since issuance. Six loans, representing 5.4% of the current pool balance, are fully defeased. Based on the YE2019 financials, the pool reported a weighted-average debt service coverage ratio (DSCR) of 1.84 times (x) compared with the issuer's underwritten DSCR of 1.76x.

The largest three loans in special servicing are 6100 Wilshire (Prospectus ID#6, 5.1% of the pool), Breakwater Hotel (Prospectus ID#14, 2.7% of the pool), and Ridgmar Mall (Prospectus ID#13, 2.6% of the pool), which are secured by a class A office property, a full-service hotel, and a Class B enclosed regional mall, respectively.

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 Miracle Mile District of Los Angeles. The loan was transferred to the special servicer in October 2019 for imminent nonmonetary default due to the sponsor's noncompliance with cash management provisions. In April 2019, CBS (20.6% of net rentable area, lease expiry April 2020) failed to renew its lease 12 months prior to its lease expiration, which caused a trigger event. The sponsor did not comply with the terms of the trigger event and ultimately the servicer determined that the borrower had misappropriated rents in the amount of $1.07 million and failed to comply with the lender's request to remit those rents.

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 November 2020 remittance. Given the increased risks for this loan in the sponsor's noncompliance with the terms of the loan and the potential lawsuit that suggests cooperation could be limited through the workout for this loan, DBRS Morningstar applied a probability of default (POD) penalty to significantly increase the expected loss in the analysis for this review

Breakwater Hotel, the second-largest loan in special servicing, is secured by a boutique hotel in Miami that contains 99 rooms, two full-service restaurants, and a rooftop lounge. The property cash flows have consistently been reported well below issuance, with a YE2019 DSCR of 0.73x. The loan remained current, however, until May 2020 and recently the borrower requested a transfer to special servicing, citing financial difficulties as a result of the coronavirus pandemic. As of the November 2020 remittance, the loan is 90 days delinquent and the servicer reports discussions remain ongoing with regard to the workout strategy. Given both the sustained performance declines that have been exacerbated amid the pandemic and the loan's delinquency, a significantly increased POD was applied to increase the expected loss in the analysis for this review.

Based on developments and known information to date, the most pivotal of the larger specially-serviced loans is the Ridgmar Mall loan, which is secured by 396,444 sf of a 1.3 million sf Class B regional mall located in Forth Worth, Texas. The loan was transferred to special servicing in October 2017 and is also in maturity default, having past its initial maturity date of November 2018. The special servicer is dual tracking the settlement and enforcement of the servicer's rights; however, the borrower continues to cooperate with the special servicer as a loan modification is being pursued.

At issuance, the property was anchored by noncollateral tenants in JCPenney, Dillard's, Neiman Marcus, Macy's, and Sears. All but JCPenney and Dillard's have since closed and the Dillard's space has been halved and now serves as a clearance outlet for the retailer. As of March 2020, the collateral portion of the mall was only 47.3% occupied. The appraised value previously dropped from $66.5 million at issuance to $13.0 million as of July 2019 and it has declined even further, to $9.5 million, as of a February 2020 appraisal. Given the impact of the pandemic, DBRS Morningstar believes the value could have since fallen even further and, as such, a liquidation scenario was analyzed for this loan that resulted in a loss severity exceeding 75.0%.

As of the November 2020 remittance, 11 loans are on the servicer's watchlist, representing 38.3% of the current pool balance. These loans include the largest loan in the pool, Loews Miami Beach Hotel (Prospectus ID#1, 10.6% of the pool), which is being monitored for a coronavirus relief request. The servicer is monitoring the other 10 loans for a variety of reasons, including low DSCR, occupancy, and deferred maintenance issues; however, many loans have recently been added to the servicer's watchlist for coronavirus-related reasons.

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 - Loews Miami Beach Hotel (10.6% of the pool)

Prospectus ID#2 - Canyon Ranch Portfolio (6.5% of the pool)

Prospectus ID#6 - 6100 Wilshire (5.1% of the pool)

Prospectus ID#13 - Ridgmar Mall (2.7% of the pool)

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 U.S. dollars unless otherwise noted.

The principal methodology is the North American CMBS Surveillance Methodology (March 6, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

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.

DBRS Limited

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Toronto, ON M5H 3M7 Canada

Tel. +1 416 593-5577

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

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	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-3	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-4	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-M	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class A-SB	Confirmed	AAA (sf)	Stb	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class X-A	Confirmed	AAA (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, Class C	Trend Change	A (low) (sf)	Neg	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class PEZ	Trend 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, Class E	Int. in Arrears	CCC (sf)	--	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class F	Confirmed	C (sf)	--	CA
01-Dec-20	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class F	Int. 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.

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