DBRS Morningstar upgrades four categories from JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4
Class E to AA (sf) from AA (low) (sf)
Class F to A (sf) from BBB (low) (sf)
Class G to BBB (sf) from BB (low) (sf)
Class H to BB (low) (sf) to B (sf)
DBRS Morningstar also confirmed the remaining category ratings as follows:
Class C to
Class D to
All trends are stable. The rating upgrades and confirmations reflect the pool’s significant deleveraging and sufficient credit support against the remaining collateral in the trust. Since the
The Newport Center loan is secured by a 782,000 square foot (sf) portion of a 1.15 million square foot regional shopping center in
The loan was transferred a second time to the special service after the borrower failed to repay the loan on the date
Despite slight cash declines since the start of the pandemic, real estate operations continue to comfortably cover debt service payments. According to
Newport Center is anchored by
DBRS Morningstar remains cautious about the prospects for short-term refinancing of regional shopping centers in general, given the lack of liquidity for this type of property and changing consumer trends. Mitigating this concern is the continued support of the guarantee by the sponsor, historical performance including the pandemic, strong sales and a continued cash flow sweep which can be used to repay the loan on a quarterly basis. Moreover, given the ideal position of the subject in
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/373262.
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 may be viewed by clicking the link under Related Documents or by contacting us at email@example.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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Date Issued Debt Rated Action Rating Trend Attributesi
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CA = Lead Analyst based in
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18-May-22Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class C Confirmed AAA (sf) Stb CA
18-May-22Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class D Confirmed AAA(sf) Stb CA
18-May-22Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class E Upgraded AA (sf) Stb CA
18-May-22Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class F UpgradedA (sf) Stb CA
18-May-22Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class G Upgraded BBB (sf) Stb CA
18-May-22Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class H Upgraded BB (low) (sf) Stb CA