MGM Resorts International: DBRS Morningstar assigns provisional ratings to BX Commercial Mortgage Trust 2021-VIV5
Class A to
Class X to
All trends are stable. Class X is an interest-only (IO) class with a notional balance.
The BX 2021-VIV5 transaction represents the securitization of approximately
The guarantees of this transaction are certain elements of a
Due to the market volatility caused by the current coronavirus disease pandemic (COVID-19), the Issuer initially chose to securitize only certain subordinate components of the
DBRS Morningstar has reviewed certain updated historical performance information provided by the Issuer for the
Despite the continuing uncertainty over the short to medium term, DBRS Morningstar believes that the mortgage loan that acts as collateral for certificates has unique structural features that provide additional protection for bondholders. Primarily, the head lease structure protects the mortgage loan from direct exposure to the volatility of property operating cash flows. In the alternative, the operation benefits from a guarantee provided by
Under the terms of the main lease, the
The DBRS Morningstar loan-to-value ratio of 65.97%, based on a capitalization rate of 9.69% and a final valuation of
The mortgage loan bears interest only for the first 10 years of its 12-year term and does not benefit from amortization deleveraging for the first 10 years of the term.
A description of how DBRS Morningstar views 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.
All ratings are monitored, which may result in a rating downgrade, downgrade, review, confirmation or termination by DBRS Morningstar.
For supporting data and more information on this transaction, please log on to www.viewpoint.dbrsmorningstar.com. DBRS Morningstar provides in-depth analysis and commentary on the DBRS Viewpoint platform.
All figures are in
With respect to due diligence services, DBRS Morningstar has received ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party has reviewed as part of the due diligence services and a summary. conclusions and conclusions. Although the due diligence services described in Form 15E are not part of the DBRS Morningstar methodology, DBRS Morningstar has used the data file described in the Independent Accountant’s Report in its analysis to determine the ratings referenced herein.
The primary methodology is the North American Single Asset / Single Borrower Rating Methodology (
For more information on rating methodologies and coronavirus disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information on structured finance rating methodologies and coronavirus disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.
The rated entity or its related entities participated in the rating process for this rating action. DBRS Morningstar has 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 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
United States = Principal Analyst based in the United States
CA = Lead Analyst based at
EU = Lead Analyst based in the EU
E = EU approved
Unsolicited participation with access
Unsolicited participation without access
22-Sep-21Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class A Provis.-New AAA(sf) Stb US
22-Sep-21Commercial Mortgage Pass-Through Certificates, Series 2021-VIV5, Class X Provis.-New AAA(sf) Stb US
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