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
Class A-5 at
Class A-S at
Class A-SB at
Class X-A at
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
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
As of the
The largest loan in special servicing,
DBRS Morningstar is closely monitoring the
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
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.
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 Attributes
i
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-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-4 ConfirmedAAA (sf) Stb CA
11-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-5 ConfirmedAAA (sf) Stb CA
11-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-S ConfirmedAAA (sf) Stb CA
11-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class A-SB ConfirmedAAA (sf) Stb CA
11-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2014-C21, Class X-A ConfirmedAAA (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, ClassC 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, ClassD Tren d 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, ClassE Tren d 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, ClassE Downgraded B (high) (sf) Neg CA
11-Mar-21 Commercial Mortgage Pass-Through Certificates, Series 2014-C21, ClassF Tren d 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, ClassF 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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