DBRS Morningstar Affirms Ratings for All Categories of KREST Commercial Mortgage Securities Trust 2021-CHIP
Class A to
Class XA to AA (sf)
Class B to AA (low) (sf)
Class C to A (low) (sf)
Class D to BBB (low) (sf)
Class E to BB (low) (sf)
Class F to B (sf)
The rating confirmations reflect recent vintage and the overall stable performance of the transaction, which remains in line with DBRS Morningstar’s expectations at issuance. The transaction is secured by the fee simple interest in HQ@First, a 603,666 square foot (sf) LEED Gold certified office campus in
The building benefits from a long-term institutional quality lease which results in a stable long-term cash flow with annual contractual rent increases of 3%. Micron’s lease expires on
Based on the most recent financial statements, the loan reported a period of six months ended
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
No environmental, social and governance factors had a significant or relevant effect on the credit analysis.
A description of how DBRS Morningstar considers ESG factors in the DBRS Morningstar Analytical Framework is available in DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings>.
Class XA is an IO certificate that references a single rated slice or multiple rated slices. The IO rating reflects the lowest rated applicable benchmark obligation tranche adjusted up one notch if senior in the cascade.
All ratings are subject to monitoring, which could result in ratings being upgraded, downgraded, revised, confirmed or discontinued by DBRS Morningstar.
The DBRS Viewpoint platform provides additional information about this transaction and the underlying loans, including DBRS Morningstar metrics, commentary, servicing agent reported cash flow, and other performance-related data.
For free access to this content, please register with the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and service data for most current CMBS transactions (including transactions not rated by DBRS Morningstar), as well as loan and transaction level commentary for most rated transactions. and monitored by DBRS Morningstar.
All figures are in
The primary methodology is the North American CMBS Monitoring Methodology (
Related regulatory information pursuant to National Instrument 25-101 Designated Rating Organizations is incorporated by reference and can be found by clicking the link under Related Documents or by contacting us at firstname.lastname@example.org’ >info@dbrsmorningstar. com.
The rated entity or its related entities participated in the rating process for this rating metric. 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 relevant appendix for more information on the sensitivity of the assumptions used in the rating process.
For more information about this credit or this industry, visit www.dbrsmorningstar.com or contact us at email@example.com’ >firstname.lastname@example.org.
Such. +1 416 593-5577
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in the USA
CA = Lead Analyst based in
Unsolicited participation with access
Unsolicited participation without access
Unsolicited Non Participating
14-Jun-22Class A Confirmed AAA(sf) Stb CA
14-Jun-22Class X-A Confirmed AA (sf) Stb CA
14-Jun-22Class B Confirmed AA (low) (sf) Stb CA
14-Jun-22Class C ConfirmedA (low) (sf) Stb CA
14-Jun-22Class D Confirmed BBB (low) (sf) Stb CA
14-Jun-22Class E Confirmed BB (low) (sf) Stb CA
14-Jun-22Class F ConfirmedB (sf) Stb CA