Fitch Ratings has affirmed all ratings of BANK 2018-BNK10 Commercial Mortgage Pass-Through Certificates, Series 2018-BNK10.

Fitch has also revised the Rating Outlook on class E and X-E to Negative from Stable.

RATING ACTIONS

ENTITY/DEBT	RATING		PRIOR

BANK 2018-BNK10

A-1 065404AW5

LT	AAAsf 	Affirmed		AAAsf

A-2 065404AX3

LT	AAAsf 	Affirmed		AAAsf

A-3 065404AY1

LT	AAAsf 	Affirmed		AAAsf

A-4 065404BA2

LT	AAAsf 	Affirmed		AAAsf

A-5 065404BB0

LT	AAAsf 	Affirmed		AAAsf

A-S 065404BC8

LT	AAAsf 	Affirmed		AAAsf

A-SB 065404AZ8

LT	AAAsf 	Affirmed		AAAsf

B 065404BD6

LT	AA-sf 	Affirmed		AA-sf

C 065404BE4

LT	A-sf 	Affirmed		A-sf

D 065404AA3

LT	BBB-sf 	Affirmed		BBB-sf

E 065404AC9

LT	BB-sf 	Affirmed		BB-sf

X-A 065404BF1

LT	AAAsf 	Affirmed		AAAsf

X-B 065404BG9

LT	A-sf 	Affirmed		A-sf

X-D 065404AN5

LT	BBB-sf 	Affirmed		BBB-sf

X-E 065404AQ8

LT	BB-sf 	Affirmed		BB-sf

VIEW ADDITIONAL RATING DETAILS

KEY RATING DRIVERS

Increased Loss Expectations: Despite a majority of the pool exhibiting relatively stable performance, loss expectations have increased, driven primarily by a greater number of Fitch Loans of Concern (FLOCs) that have been impacted by the slowdown in economic activity related to the coronavirus pandemic. Fitch has designated nine loans (18.8% of pool) as FLOCs, including four specially serviced loans (3.9%). Fitch's current ratings incorporate a base case loss of 4.25%. The Negative Rating Outlook on class E factors in additional stresses related to the coronavirus pandemic and an outsized loss of 40% on the Warwick Mall, reflecting losses that could reach 5.7%.

The largest increase in loss since the prior rating action is the 14th largest loan, Courtyard Los Angeles Sherman Oaks (2.2%), which is secured by a 213-room full service hotel located in Sherman Oaks, CA. The loan transferred to special servicing in July 2020 due to payment default. According to servicer updates, the borrower has requested debt service payment relief due to hardships stemming from the coronavirus pandemic, and modification discussions are ongoing. The loan is past 90 days delinquent. As of TTM March 2020 the servicer-reported NOI DSCR was 2.27x, YE 2019 was 2.44x, and YE 2018 was 2.55x. The TTM November 2020 occupancy was 37% down by 55% compared TTM November 2019. Fitch's expected loss is based on a discount to the August 2020 appraised value.

The second largest increase in loss since the prior rating action is the ninth largest loan, Roedel Hotel Portfolio (3.2%), which is secured by a three-property, 349-key hotel portfolio located in NH, NY, and MA. Property performance has suffered from hardships related to the pandemic, but the borrower remains current on payments. NOI DSCR has decreased to 0.83x as of TTM June 2020 from 1.59x at YE 2019, and 1.50x at YE 2018. The TTM June 2020 occupancy is 52% with ADR of $135.39 and a RevPAR of $76.08 compared to YE 2019 occupancy of 70.4% an ADR of $137 and RevPAR of $96. Fitch's analysis included an overall 26% stress to YE 2019 NOI to address expected declines in performance due to the pandemic.

The third largest increase in loss since the prior rating action is the fourth largest loan, Wisconsin Hotel Portfolio (5.5%), which is secured by a 11-property, 1,255-key hotel portfolio located in five different submarkets in Wisconsin. Property performance has suffered from hardships related to the pandemic but the borrower remains current on payments. NOI DSCR has decreased to 0.68x in September 2020 from 1.63x at YE 2019, and 1.74x at YE 2018. The TTM June 2020 occupancy is 52% with ADR of $99.50 and a RevPAR of $51 compared to TTM October 2017 occupancy of 66% with an ADR of $99 and RevPAR of $64. Fitch's analysis included an overall 26% stress to YE 2019 NOI to address expected declines in performance due to the pandemic.

One Newark Center (2.7%) is secured by a 417,939 sf office property built in 1992 and located in Newark, NJ. Occupancy as of June 2020 was 90%, but approximately 40% of net rentable area (NRA) had lease expirations in 2019 and 2020. According to the borrower, the second largest tenant, the Department of Housing and Urban Development (11.9%) is on a short-term lease, and a new 10-year lease will begin after a substantial portion of the Tenant Improvement (TI) work has been completed and the third largest tenant, the IRS (10.8%) will be extending their lease. The loan had an Interest-only NOI debt service coverage ratio (DSCR) of 2.21x at June 2020 and 2.87x as of YE 2019. Fitch applied an overall 30% stress to the 2019 NOI due to tenants vacating and upcoming lease rollover.

The Warwick Mall (2.2%) is secured by a 588,000 sf regional mall located in Warwick, RI. Non-collateral anchors include Macy's and Target. Major collateral tenants include JCPenney (23.4% of collateral NRA; lease expiry in March 2030), Jordan's Furniture (19.3%, December 2021), Showcase Cinema (9.7%; April 2021), Nordstrom Rack

(6.4%, November 2022), and Old Navy (3.8%, January 2021). The property was 93% occupied as of the Sept. 2020 rent roll. Near-term lease rollover is concentrated in 2021, with 35% of the collateral NRA, including Jordan's Furniture, Showcase Cinema and Old Navy; an additional 10% rolls in 2022 and 7.5% in 2023. The mall reopened in June 2020 after closing in March due to the pandemic; all major tenants are open for business, except for the theater. The sponsorship, which has developed and managed the property since inception, consists of the Bliss family, the Lane family and the Brennan family. Fitch's analysis of the loan is based on a 20% cap rate and 25% haircut to the YE2019 NOI to account for significant lease rollover concerns, exposure to tenants filing bankruptcies and concerns over continued impact from the coronavirus pandemic. The resulting modeled loss severity is approximately 25%. Fitch ran an additional sensitivity scenario which assumed a 40% loss to reflect the potential for an additional decline in performance.

Alternative Loss Consideration: Fitch performed an additional sensitivity on the Warwick Mall loan (2.2%) which factored in a potential outsized loss of 40% to the balloon balance to reflect refinance concerns, the secondary location and non-institutional sponsorship of the regional mall, as well as significant upcoming lease rollover of the major collateral tenants over the next two years and potential protracted impact of the pandemic. This sensitivity analysis contributed to the Negative Outlook revisions on classes E and X-E.

Coronavirus Exposure: Fitch expects significant economic impact to certain hotels, retail and multifamily properties from the coronavirus pandemic, due to the sudden reductions in travel and tourism, temporary property closures and lack of clarity on the potential duration of the impact. The pandemic has prompted the closure of several hotel properties in gateway cities as well as malls, entertainment venues and individual stores. The hotel sector as a whole is expected to experience significant declines in RevPar in the near term due to a significant slow-down in travel. Additionally, retail properties are expected to face hardship as tenants may not be able to pay rent or as leases with upcoming expiration dates are not renewed given that many retailers are closed for business or have drastically reduced store hours.

Sixteen loans are backed by retail properties (23.1% of the pool), including three (9.5%) in the top 15. Hotel properties account for seven loans (14.3% of the pool), including three loans (11.0%) in the top 15. Two loans (7.5%) are secured by multifamily properties, including one (7.1%) in the top 15. Fitch's analysis applied additional stresses to seven hotel loans and three retail loans due to their vulnerability to the coronavirus pandemic. These additional stresses contributed to the Negative Outlook revisions on classes E and X-E.

Minimal Change to Credit Enhancement: As of the December 2020 distribution date, the pool's aggregate balance has been paid down by 1.2% to $1.27 billion from $1.29 billion at issuance. All 68 of the original loans remain in the pool and none are defeased. Twenty-four loans representing 54% of the pool are full-term interest-only loans, and 12 loans representing 21.3% of the pool remain in their partial interest-only period. The pool is scheduled to amortize by 7.4% of the initial pool balance by maturity.

Investment-Grade Credit Opinion Loans: At issuance, two loans had investment-grade credit opinions. Apple Campus 3 (7.4% of the pool) received a credit opinion of 'BBB-sf*' on a standalone basis. Moffett Towers II - Building 2 (3.2% of the pool) received a credit opinion of 'BBB-sf*' on a standalone basis.

RATING SENSITIVITIES

The Negative Outlooks on classes E and X-E reflects the additional sensitivity scenario applied to Warwick Mall, as well as performance concerns stemming from reduced economic activity as a result of the coronavirus pandemic. Downgrades are possible of performance of these loans fail to stabilize. The Stable Outlooks on classes A-1 through E reflect the increasing CE, continued amortization and overall stable performance of the majority of the pool.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Factors that lead to upgrades would include stable to improved asset performance coupled with pay down and/or defeasance. An upgrade to classes B, C, and X-B could occur with continued paydown and improved pool performance, but would be limited as concentrations increase. Classes would not be upgraded above 'Asf' if there is likelihood of interest shortfalls. An upgrade to classes D and X-D could occur with significant improvement in CE and stabilization of the FLOCs. Upgrade of classes E and X-E is not likely until the later years of the transaction and only if the performance of the remaining pool is stable and/or properties vulnerable to the coronavirus return to pre- pandemic performance levels, and there is sufficient CE to the classes.

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Factors that lead to downgrades include an increase in pool level losses from underperforming loans. Downgrades to the senior A-1, A-2, A-3, A-4, A-5 A-SB and A-S classes, along with class B, are not expected given their sufficient CE and expected increase in CE from amortization, but may occur if interest shortfalls occur or losses increase considerably. Downgrades to classes C, X-B, D, and X-D are possible should additional defaults occur or loss expectations increase. Downgrades to classes E and X-E are possible should pool performance decline, performing FLOCs fail to stabilize and/or the special serviced loans are unable to stabilize and values decline.

In addition to its baseline scenario, Fitch also envisions a downside scenario where the health crisis is prolonged beyond 2021; should this scenario play out, Fitch expects that a greater percentage of classes may be assigned a Negative Outlook or those with Negative Outlooks will be downgraded one or more categories.

For more information on Fitch's original rating sensitivity on the transaction, please refer to the new issuance report.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

Additional information is available on www.fitchratings.com

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