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...
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. The disclosure for the Interest in Arrears designation for NA CMBS certificates rated B (low) or higher is published in a monthly commentary. The commentary includes three tables that list the classes of d...
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 wil...
Please refer to PDF document for more detail about our research: DBRS Morningstar Discontinues UK and EU Endorsement of All Ratings of Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 and WFRBS Commercial Mortgage Trust 2014-C21
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