DBRS Morningstar Confirms All Ratings of Five BX Commercial Mortgage Trust Transactions
Class D to BBB (sf)
Class E to BBB (low) (sf)
Class C to A (sf)
Class B to AA (low) (sf)
Class A to
Class X to
Class A to
Class X to
All trends are stable.
The guarantee for these transactions, whose closing dates were between
Rating confirmations reflect stable overall performance since DBRS Morningstar’s previous review. The loan is interest only (IO) for the first 10 years of its 12-year term. The godfathers,
Upon DBRS Morningstar’s preliminary review of the transaction, operating cash flow and occupancy rates for
According to a
DBRS Morningstar believes that the mortgage that serves as collateral for the certificates benefits from unique structural features that provide additional protection for bondholders. In particular, the structure of the master agreement protects the mortgage loan from direct exposure to the volatility of the operating cash flows of the properties. The terms of the head lease require that
DBRS Morningstar’s LTV of 65.97%, based on a cap rate of 9.69% and a concluded valuation of
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
No environmental/social/governance factor 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> (
Class X in transaction BX 2020-VIV4 and class X in transaction BX 2021-VIV5 are IO certificates that reference a single scored slice or multiple scored 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.
DBRS Morningstar provides updated analysis and in-depth commentary on the DBRS Viewpoint platform for this transaction.
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.
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 email@example.com’ >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.
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