Report
Chris D'Onofrio ...
  • Claire Mezzanotte
  • Erin Stafford
  • Quincy Tang

DBRS Morningstar Provides Further Comments on Structured Finance Transactions With U.S. Government-Related Exposure

Following DBRS Morningstar’s action that placed the United States of America’s Long-Term Foreign and Local Currency – Issuer Ratings of AAA Under Review with Negative Implications (see DBRS Morningstar Places United States Ratings Under Review With Negative Implications), we provide the following additional commentary on certain segments of U.S. structured finance that could be affected by a change to the rating of the United States of America. DBRS Morningstar will refine its analysis, as applicable, and identify specific bonds that could be at risk of downgrade should the rating of the United States of America be lowered.
Underlyings
Citigroup Commercial Mortgage Trust 2013-GC15

Citigroup Commercial Mortgage Trust 2014-GC19

Citigroup Commercial Mortgage Trust 2014-GC21

Citigroup Commercial Mortgage Trust 2014-GC25

Citigroup Commercial Mortgage Trust 2015-GC27

COMM 2013-CCRE10 Mortgage Trust

COMM 2013-CCRE11 Mortgage Trust

COMM 2014-CCRE20 Commercial Mortgage Trust

COMM 2014-LC15 Mortgage Trust

COMM 2014-LC17 Mortgage Trust

COMM 2014-UBS2 Mortgage Trust

COMM 2014-UBS3 Mortgage Trust

COMM 2014-UBS4 Mortgage Trust

COMM 2015-CCRE23 Mortgage Trust

COMM 2015-LC21 Mortgage Trust

COMM 2015-PC1 Mortgage Trust

CSAIL 2015-C2 Commercial Mortgage Trust

FREMF 2013-K33 Mortgage Trust, Series 2013-K33

FREMF 2014-K37 Mortgage Trust, Series 2014-K37

FREMF 2014-K38 Mortgage Trust, Series 2014-K38

GS Mortgage Securities Trust 2013-GCJ14

GS Mortgage Securities Trust 2013-GCJ16

GS Mortgage Securities Trust 2014-GC22

GS Mortgage Securities Trust 2014-GC26

GS Mortgage Securities Trust 2015-GC28

JPMBB Commercial Mortgage Securities Trust 2014-C21

JPMBB Commercial Mortgage Securities Trust 2014-C22

JPMBB Commercial Mortgage Securities Trust 2014-C25

JPMBB Commercial Mortgage Securities Trust 2014-C26

JPMBB Commercial Mortgage Securities Trust 2015-C30

JPMBB Commercial Mortgage Securities Trust 2015-C31

JPMBB Commercial Mortgage Securities Trust 2015-C32

JPMCC Commercial Mortgage Securities Trust 2014-C20

Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14

Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15

Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17

Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18

Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23

Morgan Stanley Capital I Trust 2015-MS1

Pennsylvania Higher Education Assistance Agency

Wells Fargo Commercial Mortgage Trust 2014-LC16

Wells Fargo Commercial Mortgage Trust 2014-LC18

Wells Fargo Commercial Mortgage Trust 2015-C27

Wells Fargo Commercial Mortgage Trust 2015-C28

Wells Fargo Commercial Mortgage Trust 2015-LC20

WFRBS Commercial Mortgage Trust 2013-C17

WFRBS Commercial Mortgage Trust 2013-C18

WFRBS Commercial Mortgage Trust 2014-C20

WFRBS Commercial Mortgage Trust 2014-C21

WFRBS Commercial Mortgage Trust 2014-C25

WFRBS Commercial Mortgage Trust 2014-LC14

Provider
DBRS Morningstar
DBRS Morningstar

DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.

Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.

Analysts
Chris D'Onofrio

Claire Mezzanotte

Erin Stafford

Quincy Tang

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