Report
Gwen Roush ...
  • N/A N/A
  • Roxanna Tangen

North American CMBS Interest in Arrears

North American commercial mortgage-backed security (NA CMBS) structures allow for interest shortfalls; as such, there are classes of NA CMBS certificates where interest payments are in arrears, but the cumulative or ongoing interest shortfall is expected to be ultimately recovered and repaid.

As of October 1, 2022, the disclosure for the Interest in Arrears designation for NA CMBS certificates rated B (low) or higher has changed and will be published in a monthly commentary. The commentary will include three tables that list the classes of debt that are continuing to experience interest in arrears/shortfalls, classes of debt that have started to experience interest in arrears/shortfalls, and classes of debt where interest in arrears/shortfalls has been repaid.
Underlyings
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18

Citigroup Commercial Mortgage Trust 2015-GC27

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

GS Mortgage Securities Trust 2013-GC10

Institutional Mortgage Securities Canada Inc., Series 2013-3

JPMBB Commercial Mortgage Securities Trust 2014-C22

JPMBB Commercial Mortgage Securities Trust 2015-C32

JPMCC Commercial Mortgage Securities Trust 2014-C20

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 2015-C21

Morgan Stanley Capital I Trust, Series 2007-TOP25

MSC Mortgage Securities Trust, 2012-C4

Multi Security Asset Trust LP, Series 2005-RR4

UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1

Wells Fargo Commercial Mortgage Trust 2014-LC16

Wells Fargo Commercial Mortgage Trust 2015-C27

WFRBS Commercial Mortgage Trust 2013-C18

WFRBS Commercial Mortgage Trust 2014-C20

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
Gwen Roush

N/A N/A

Roxanna Tangen

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