Class B-1 to A (sf) from A (low) (sf)
Class C-1 to BBB (high) (sf) from BBB (sf)
Class D-1 to BBB (sf) from BBB (low) (sf)
Class E-1 to BBB (low) (sf) from BB (sf)
Class F-1 to BB (sf) from BB (low) (sf)
DBRS Morningstar also confirmed Class A-1 at
The rating upgrades reflect the continued overall stable performance of the underlying loans since issuance along with principal reduction from successful loan repayments. The transaction closed in
According to the
The pool is concentrated by loan size, as the largest five loans represent 69.3% of the pool. The pool is also concentrated by property type, as office (56.6% of the pool) and retail (43.4% of the pool) properties represent 100% of the pool balance. Per the most recent financials, the pool had a weighted-average (WA) debt yield and debt service coverage ratio (DSCR) of 9.5% and 1.54x, respectively, based on the fully funded whole loan amount. As of the
The Rite Aid Portfolio (Prospectus ID#34; 12.8% of the pool balance) was originally secured by a 10-property retail portfolio of single tenant
The loan is structured with an execution covenant, which requires the borrower to sell a certain number of properties prior to the 18th, 24th, and 30th month of the loan term. In the event that the borrower is unable meet the execution timeline, all excess cash flow will be swept into a cash management account to paydown the loan. As of
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.
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#40:
Prospectus ID#35:
Prospectus ID#33:
Prospectus ID#36:
Prospectus ID#34: Rite Aid Portfolio (12.8% of the pool)
The deal and accompanying loan commentary will be available on the DBRS Viewpoint platform in the near term. 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.
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.
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
04-Jun-20 Class A-1 Senior Fixed Rate Notes ConfirmedAAA (sf) Stb CA
04-Jun-20 Class B-1 Senior Subordinated Fixed Rate Notes Upgraded A (sf) Stb CA
04-Jun-20 Class C-1 Senior Subordinated Fixed Rate Notes Upgraded BBB (high) (sf) Stb CA
04-Jun-20 Class D-1 Senior Subordinated Fixed Rate Notes Upgraded BBB (sf) Stb CA
04-Jun-20 Class E-1 Non-Offered Fixed Rate Notes Upgraded BBB (low) (sf) Stb CA
04-Jun-20 Class F-1 Non-Offered Fixed Rate Notes Upgraded BB (sf) Stb 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