DBRS Limited (DBRS Morningstar) downgraded its ratings on four classes of the Commercial Mortgage Pass-Through Certificates, Series 2014-C21 issued by JPMBB Commercial Mortgage Securities Trust 2014-C21 as follows.

Class X-C to BB (low) (sf) from BB (high) (sf)

Class E to B (high) (sf) from BB (sf)

Class X-D to B (sf) from BB (low) (sf)

Class F to B (low) (sf) from B (high) (sf)

In addition, DBRS Morningstar confirmed its ratings on the remaining classes as follows:

Class A-4 at AAA (sf)

Class A-5 at AAA (sf)

Class A-S at AAA (sf)

Class A-SB at AAA (sf)

Class X-A at AAA (sf)

Class X-B at AA (sf)

Class B at AA (low) (sf)

Class C at A (low) (sf)

Class EC at A (low) (sf)

Class D at BBB (low) (sf)

With this review, DBRS Morningstar removed classes X-C, E, X-D, and F from Under Review with Negative Implications where they were placed on August 6, 2020. All trends are Stable with the exception of Classes D, X-C, E, X-D, and F, which carry a Negative trend.

The rating downgrades and Negative trends generally reflect the increased risk of loss to the trust, primarily contained to the largest specially serviced loan in the pool. As of the February 2021 reporting, there were four loans, representing 3.7% of the current trust balance, in special servicing (including one loan in the top 15). Two of these four loans were transferred to the special servicer since the outbreak of the Coronavirus Disease (COVID-19), and one loan (Prospectus ID#46 - Lockport Professional Park, 0.6% of the current trust balance) is backed by a property that is real estate owned. There are also 13 loans on the servicer's watchlist, representing 22.5% of the current trust balance. The loans are being monitored for various reasons including low debt service coverage ratios, activation of cash traps, occupancy declines, upcoming tenant rollover, and coronavirus-related borrower relief requests.

As of the February 2021 remittance, the trust had an aggregate principal balance of $1.09 billion, representing a collateral reduction of 14.1% since issuance. There have been three loans liquidated with losses to date in Metro West Office Portfolio, Waterbury Crossing, and Shuman Office Building, with losses contained to the unrated certificates. The trust benefits from defeasance: as of the February 2021 remittance report, 11 loans, representing 10.5% of the current trust balance, were fully defeased. The trust is concentrated by property type, with retail properties accounting for 15 loans, representing 32.6% of the current trust balance. Office makes up the second-largest property type concentration with 12 loans, representing 23.6% of the current trust balance. Multifamily makes up the third-largest property type concentration with 14 loans, representing 16.7% of the current trust balance.

The largest loan in special servicing, Charlottesville Fashion Square (Prospectus ID#16, 2.4% of the current trust balance), is secured by a 362,000-square-foot (sf) portion of a 577,000-sf regional mall in Charlottesville, Virginia. The loan transferred to special servicing in October 2019 for imminent monetary default following the departure of Sears. More recently, noncollateral anchor JCPenney vacated in November 2020, with Belk Men's (collateral) and Belk Women's (noncollateral) as the remaining anchors. The sponsor, Washington Prime Group, has provided notice that it will be transitioning the property to the trust. A receiver was appointed in March 2020 and, according to the August 2020 appraisal, the as-is value was reported at $7.5 million while the stabilized value was reported at $15.0 million, both of which are significant declines from the issuance value of $83.9 million. The current whole-loan balance is $43.9 million and, based on the liquidation scenario assumed by DBRS Morningstar as part of this review, a loss severity approaching 100% is expected at disposition.

DBRS Morningstar is closely monitoring the Westminster Mall loan (Prospectus ID#11 - 4.0% of the trust balance) as it is also sponsored by WPG, the sponsor of the Charlottesville Fashion Square, which has exhibited decreasing NCF since issuance. The pari passu note is secured by a portion of a 1.3-million-sf regional mall in Orange County, California. The mall is anchored by collateral tenant JCPenney and noncollateral tenants Macy's and Target. The loan was added to the servicer's watchlist in August 2018 following the loss of the noncollateral Sears anchor. A September 2020 rent roll showed the collateral was 87.9% occupied, and management reported nine new leases, totaling 2.3% of the net rentable area, were executed in Q4 2020. According to a filing with the U.S. Securities and Exchange Commission, the sponsor entered into a $160.1 million purchase and sale agreement with Taylor Morrison for the sale of an adjacent (noncollateral) 43.1-acre parcel for a large-scale redevelopment. DBRS Morningstar believes the redevelopment could ultimately benefit the collateral in the long term; however, the execution risk is noteworthy, especially given the financially stressed sponsor and the fact that this loan was modeled with an increased expected loss during this review.

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.

Classes X-A, X-B, X-C, and X-D 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.

Notes:

All figures are in U.S. dollars unless otherwise noted.

The principal methodology is 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.

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Tel. +1 416 593-5577

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Attributes

i

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-4	Confirmed	AAA (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-5	Confirmed	AAA (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-S	Confirmed	AAA (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-SB	Confirmed	AAA (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-A	Confirmed	AAA (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-B	Confirmed	AA (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class B	Confirmed	AA (low) (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class C	Confirmed	A (low) (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class EC	Confirmed	A (low) (sf)	Stb	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class D	Trend Change	BBB (low) (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-C	Trend Change	BB (high) (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class E	Trend Change	BB (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-C	Downgraded	BB (low) (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-D	Trend Change	BB (low) (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class E	Downgraded	B (high) (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class F	Trend Change	B (high) (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-D	Downgraded	B (sf)	Neg	CA
11-Mar-21 	Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class F	Downgraded	B (low) (sf)	Neg	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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