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.
North American commercial mortgage-backed securities (NA CMBS) structures allow for interest shortfalls; as such, there are classes of NA CMBS certificates with interest payments in arrears, but whose cumulative or ongoing interest shortfall is expected to be ultimately recovered and repaid.
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 appli...
Among hotels backing securitized commercial mortgages, New York City has the greatest exposure after Las Vegas, with some $1.91 billion in hotel loans. As the Coronavirus Disease (COVID-19) pandemic forced office workers to work out of their homes, businesses to shut down, and travel to come to a standstill, commercial mortgage-backed securities (CMBS) loans backed by hotels have suffered. New York hotels have been hit particularly hard, with more than half in special servicing and a delinquency...
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