Methodology
North American CMBS Surveillance Methodology
CMBSRelated Documents
Press Release:
- Morningstar DBRS Confirms Credit Ratings on LBA Trust 2024-BOLT
- Morningstar DBRS Confirms All Credit Ratings on BX Trust 2019-IMC
- Morningstar DBRS Confirms Credit Ratings on CRSNT Trust 2021-MOON
- Morningstar DBRS Confirms All Credit Ratings on BX Trust 2021-VIEW
- Morningstar DBRS Confirms All Credit Ratings on HMH Trust 2017-NSS
- Morningstar DBRS Downgrades Two Classes of VMC Finance 2021-FL4 LLC
- Morningstar DBRS Confirms Credit Ratings on All Classes of GSMS 2013-G1
- Morningstar DBRS Confirms Credit Ratings on All Classes of CAMB 2021-CX2
- Morningstar DBRS Downgrades Five Classes of COMM 2015-PC1 Mortgage Trust
- Morningstar DBRS Takes Credit Rating Actions on 23 U.S. RMBS Transactions
- Morningstar DBRS Takes Credit Rating Actions on 31 U.S. RMBS Transactions
- Morningstar DBRS Confirms All Credit Ratings on BX 2023-DELC Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of BPR Trust 2021-TY
- Morningstar DBRS Confirms Credit Ratings on All Classes of BX Trust 2022-CLS
- Morningstar DBRS Confirms Credit Ratings on All Classes of TX Trust 2024-HOU
- Morningstar DBRS Confirms Credit Ratings on All Classes of A10 SACM 2021-LRMR
- Morningstar DBRS Confirms Credit Ratings on All Classes of BGME Trust 2021-VR
- Morningstar DBRS Confirms Credit Ratings on Two Classes of CSWF Trust 2018-TOP
- Morningstar DBRS Downgrades Eight Classes of Benchmark 2022-B35 Mortgage Trust
- Morningstar DBRS Takes Credit Rating Actions on Eight Data Center Transactions
- Morningstar DBRS Confirms Credit Ratings on All Classes of CSMC Trust 2017-CHOP
- Morningstar DBRS Confirms Credit Ratings on All Classes of GSMS Trust 2024-FAIR
- Morningstar DBRS Confirms Credit Ratings on All Classes of SOHO Trust 2021-SOHO
- Morningstar DBRS Downgrades Credit Ratings on One Class of GSCG Trust 2019-600C
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of BX Trust 2017-CQHP
- Morningstar DBRS Confirms Credit Ratings on All Classes of CRSO Trust 2023-BRND
- Morningstar DBRS Downgrades Six Classes of CSAIL 2015-C1 Commercial Mortgage Trust
- Morningstar DBRS Publishes Two Updated Commercial Real Estate Methodologies
- Morningstar DBRS Confirms Credit Ratings on All Classes of Hilton USA Trust 2016-HHV
- Morningstar DBRS Confirms Credit Ratings on All Classes of SLG Office Trust 2021-OVA
- Morningstar DBRS Confirms Credit Ratings on Morgan Stanley Capital I Trust 2024-BPR2
- Morningstar DBRS Confirms Credit Ratings on Starwood Retail Property Trust 2014-STAR
- Morningstar DBRS Upgrades Credit Ratings on Two Classes of HGI CRE CLO 2021-FL2, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2022-HC Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of MOFT 2020-B6 Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2020-SBX Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of DBGS 2021-W52 Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of DBWF 2015-LCM Mortgage Trust
- Morningstar DBRS Downgrades Credit Ratings on Five Classes of Hilton USA Trust 2016-SFP
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2016-667M Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2016-787S Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2021-2400 Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of DBSG 2024-ALTA Mortgage Trust
- Morningstar DBRS Upgrades Credit Ratings on Four Classes of LIFE 2021-BMR Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of BBCMS 2018-TALL Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of BBCMS 2020-BID Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of SUMIT 2022-BVUE Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of UBSCM 2018-NYCH Mortgage Trust
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of PFP 2021-8, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2014-CCRE15 Mortgage Trust
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of BDS 2021-FL7 Ltd.
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of MF1 2023-FL12 LLC
- Morningstar DBRS Downgrades Credit Ratings on All Classes of BSST 2021-1818 Mortgage Trust
- Morningstar DBRS Downgrades Credit Ratings on All Classes of BSST 2022-1700 Mortgage Trust
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of COMM 2014-UBS4 Mortgage Trust
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of STWD 2019-FL1, Ltd
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of OPG Trust 2021-PORT
- Morningstar DBRS Confirms Credit Ratings on All Classes of HIT Trust 2022-HI32, Stable Trends
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of BPCRE 2022-FL2, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of Ashford Hospitality Trust 2018-ASHF
- Morningstar DBRS Confirms Credit Ratings on 39 Manulife/John Hancock Mortgage Loan Transactions
- Morningstar DBRS Confirms Credit Ratings on BAMLL Commercial Mortgage Securities Trust 2024-NASH
- Morningstar DBRS Downgrades Seven Classes of JPMBB Commercial Mortgage Securities Trust 2015-C31
- Morningstar DBRS Confirms Credit Ratings on All Classes of JW Commercial Mortgage Trust 2024-MRCO
- Morningstar DBRS Confirms Credit Ratings on All Classes of Manhattan West 2020-1MW Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of Morgan Stanley Capital I Trust 2018-MP
- Morningstar DBRS Confirms Credit Ratings on All Classes of SFO Commercial Mortgage Trust 2021-555
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of VMC Finance 2022-FL5 LLC
- Morningstar DBRS Confirms Credit Ratings on All Classes of BMP Commercial Mortgage Trust 2024-MF23
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes Across Two CMBS Transactions
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of B2R Mortgage Trust 2015-1
- Morningstar DBRS Confirms Credit Ratings on All Classes of Morgan Stanley Capital I Trust 2017-ASHF
- Morningstar DBRS Confirms Credit Ratings on All Classes of Morgan Stanley Capital I Trust 2021-PLZA
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of TRTX 2019-FL3 Issuer, Ltd.
- Morningstar DBRS Downgrades Credit Ratings on 12 Classes of CSAIL 2017-C8 Commercial Mortgage Trust
- Morningstar DBRS Downgrades and Discontinues Credit Ratings on Six Classes Across Four Transactions
- Morningstar DBRS Downgrades Credit Ratings on Four Classes of GS Mortgage Securities Trust 2015-GC30
- Morningstar DBRS Downgrades and Discontinues Credit Ratings on Three Classes Across Two Transactions
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Hawaii Hotel Trust 2019-MAUI
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of MTK 2021-GRNY Mortgage Trust
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of GS Mortgage Securities Trust 2015-GC28
- Morningstar DBRS Confirms Credit Rating on Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of DBGS 2018-BIOD Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of COMM 2013-CCRE8 Mortgage Trust
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of FS Rialto 2022-FL5 Issuer, LLC
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of WFRBS Commercial Mortgage Trust 2014-LC14
- Morningstar DBRS Confirms Credit Ratings on All Classes of BBCMS 2021-AGW Mortgage Trust, Series 2021-AGW
- Morningstar DBRS Confirms Credit Ratings on All Classes of Wells Fargo Commercial Mortgage Trust 2018-C47
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of ACRES Commercial Realty 2021-FL1
- Morningstar DBRS Takes Credit Rating Actions on 68 Freddie Mac Transactions and Nine ReREMIC Transactions
- Morningstar DBRS Confirms Credit Ratings on All Classes of GS Mortgage Securities Corporation Trust 2021-IP
- Morningstar DBRS Confirms Credit Ratings on All Classes of SG Commercial Mortgage Securities Trust 2019-787E
- Morningstar DBRS Downgrades Credit Ratings on Four Classes of Wells Fargo Commercial Mortgage Trust 2015-SG1
- Morningstar DBRS Confirms Credit Ratings on All Classes of GS Mortgage Securities Corporation Trust 2017-375H
- Morningstar DBRS Confirms Credit Ratings on All Classes of GS Mortgage Securities Corporation Trust 2017-FARM
- Morningstar DBRS Downgrades Credit Ratings on Eight Classes of Wells Fargo Commercial Mortgage Trust 2018-C44
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of Wells Fargo Commercial Mortgage Trust 2015-C28
- Morningstar DBRS Places All Classes of BBCMS 2018-TALL Mortgage Trust Under Review With Negative Implications
- Morningstar DBRS Places All Classes of Worldwide Plaza Trust 2017-WWP Under Review With Negative Implications
- Morningstar DBRS Confirms Credit Ratings on BMO 2022-C1 Mortgage Trust 360 Rosemary Loan-Specific Certificates
- Morningstar DBRS Confirms Credit Ratings on All Classes of BAMLL Commercial Mortgage Securities Trust 2016-ISQR
- Morningstar DBRS Confirms Credit Ratings on All Classes of SFAVE Commercial Mortgage Securities Trust 2015-5AVE
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of ACRE Commercial Mortgage 2017-FL3 Ltd.
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of GS Mortgage Securities Trust 2013-GC10
- Morningstar DBRS Upgrades Credit Ratings on Four Classes of Real Estate Asset Liquidity Trust, Series 2015-1
- Morningstar DBRS Confirms Credit Ratings on All Classes of Natixis Commercial Mortgage Securities Trust 2017-75B
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of JPMBB Commercial Mortgage Securities Trust 2015-C29
- Morningstar DBRS Confirms Credit Ratings on All Classes of GWT Commercial Mortgage Trust 2024-WLF2, Stable Trends
- Morningstar DBRS Confirms Credit Ratings on All Classes of Natixis Commercial Mortgage Securities Trust 2018-ALXA
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Braemar Hotels & Resorts Trust 2018-PRME
- Morningstar DBRS Downgrades Credit Ratings on Five Classes of JPMBB Commercial Mortgage Securities Trust 2015-C28
- Morningstar DBRS Confirms Credit Ratings on All Classes of NYC Commercial Mortgage Trust 2021-909, Series 2021-909
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of JPMBB Commercial Mortgage Securities Trust 2014-C21
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Shelter Growth CRE 2022-FL4 Issuer Limited
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of CGCMT 2015-GC33, Changes Trend on One Class to Negative
- Morningstar DBRS Confirms Credit Ratings on All Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of ACRES Commercial Realty 2021-FL2 Issuer, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of Citigroup Commercial Mortgage Trust 2021-KEYS, Stable Trends
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Ready Capital Mortgage Financing 2021-FL6, LLC
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Ready Capital Mortgage Financing 2022-FL8, LLC
- Morningstar DBRS Confirms Credit Ratings on All Classes of Institutional Mortgage Securities Canada Inc., Series 2015-6
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of GS Mortgage Securities Corporation Trust 2020-UPTN
- Morningstar DBRS Changes Trends on Four Classes of GS Mortgage Securities Corporation Trust 2018-LUAU to Negative From Stable
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of BAMLL Commercial Mortgage Securities Trust 2013-WBRK
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Real Estate Asset Liquidity Trust, Series 2014-1
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Arbor Realty Commercial Real Estate Notes 2022-FL2, LLC
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Arbor Realty Commercial Real Estate Notes 2021-FL1, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of LCCM 2013-GCP Mortgage Trust, Changes Trends to Negative on Four Classes
- Morningstar DBRS Confirms Credit Ratings on All Classes of MOFT Trust 2020-ABC; Changes Trends on All Classes to Negative From Stable
- Morningstar DBRS Downgrades the Credit Rating on One Class of of COMM 2015-LC19 Mortgage Trust, Confirms All Remaining Credit Ratings
- Morningstar DBRS Changes Trends on Three Classes of SREIT Trust 2021-FLWR to Positive From Stable, Confirms Credit Ratings on All Classes
- Morningstar DBRS Confirms All Classes of Morgan Stanley Capital I Trust 2013-ALTM, Changes Trends on Three Classes to Negative From Stable
- Morningstar DBRS Downgrades Credit Ratings on MSBAM Commercial Mortgage Securities Trust 2012-CKSV, Changes Trends to Negative From Stable
- Morningstar DBRS Changes Trend on One Class of MSJP 2015-HAUL Mortgage Trust to Positive from Stable; Confirms Credit Ratings on All Classes
- Morningstar DBRS Changes Trends on Six Classes of CSAIL 2015-C3 Commercial Mortgage Trust to Negative From Stable; Confirms All Credit Ratings
- Morningstar DBRS Changes Trends on Two Classes of AOA 2021-1177 Mortgage Trust to Negative from Stable, Confirms Credit Ratings on All Classes
- Morningstar DBRS Downgrades Credit Ratings on One Class of COMM 2014-LC17 Mortgage Trust; Changes Trend on Two Classes to Stable From Negative
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of CD 2016-CD1 Mortgage Trust; Changes Trends on Two Classes to Stable From Negative
- Morningstar DBRS Changes Trends on Three Classes of Morgan Stanley Capital I Trust 2015-UBS8 to Negative From Stable; Confirms All Credit Ratings
- Morningstar DBRS Confirms Credit Ratings on All Classes of Wells Fargo Commercial Mortgage Trust 2015-C31, Changes Trends on Six Classes to Stable
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of COMM 2015-CCRE24 Mortgage Trust; Changes Trend on Two Classes to Negative From Stable
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of JPMBB Commercial Mortgage Securities Trust 2015-C30, Confirms Remaining Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Wells Fargo Commercial Mortgage Trust 2015-NXS1, Confirms All Remaining Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Wells Fargo Commercial Mortgage Trust 2015-C27, Changes Trends on Two Classes to Stable
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of COMM 2012-LTRT Mortgage Trust CMBS, Changes Trends on Two Classes to Negative from Stable
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Morgan Stanley Capital I Trust 2015-MS1, Changes Trends to Negative From Stable on One Class
- Morningstar DBRS Changes Trends on All Classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT to Negative, Confirms All Credit Ratings
- Morningstar DBRS Changes Trends on Three Classes of JPMBB Commercial Mortgage Securities Trust 2014-C22 to Negative From Stable; Confirms All Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Four Classes of CSAIL 2015-C2 Commercial Mortgage Trust, Changes Trends on Two Classes to Stable From Negative
- Morningstar DBRS Downgrades Credit Rating of One Class of Wells Fargo Commercial Mortgage Trust 2018-C45; Changes Trend on Class H-RR to Negative from Stable
- Morningstar DBRS Confirms Credit Ratings on All Classes of Citigroup Commercial Mortgage Trust 2022-GC48 Yorkshire & Lexington Towers Loan-Specific Certificates
- Morningstar DBRS Changes Trends on Two Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 to Stable From Negative, Confirms All Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of Wells Fargo Commercial Mortgage Trust 2016-C33, Changes Trends on Two Classes to Negative From Stable
- Morningstar DBRS Places Two Classes of COLEM 2022-HLNE Mortgage Trust Under Review With Developing Implications and Confirms Credit Ratings on All Remaining Classes
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-ASH8, Changes Trend on One Class to Negative
- Morningstar DBRS Downgrades Credit Ratings on Eight Classes of JPMCC Commercial Mortgage Securities Trust 2016-JP2, Changes Trends on Two Classes to Stable From Negative
- Morningstar DBRS Downgrades Credit Ratings on 12 Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28, Changes Trend on One Class to Negative from Stable
- Morningstar DBRS Downgrades Credit Ratings on Seven Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27, Changes Trend on One Class to Negative From Stable
- Morningstar DBRS Changes Trends on Four Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 to Stable and One Class to Negative, Confirms Credit Ratings on All Classes
- Morningstar DBRS Takes Credit Rating Actions on 112 CMBS Transactions Affected by the Finalization of the North American CMBS Multi-Borrower Rating Methodology and Updates to the CMBS Insight Model
Contacts
Gwen Roush
Associate Managing Director - North American CMBS Ratings, Surveillance
+(1) 312 332 9575
gwen.roush@morningstar.com- Georgios Katsaros
Managing Director - Structured Finance Analytics
+(1) 212 806 3216
georgios.katsaros@morningstar.com - Erin Stafford
Managing Director - North American Real Estate Ratings
+(1) 312 332 3291
erin.stafford@morningstar.com - Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com