Class A at
Class B at AA (sf)
Class C at A (high) (sf)
Class D at BBB (high) (sf)
Class E at BB (sf)
Class F at B (sf)
All trends are Stable.
These certificates are currently also rated by DBRS Morningstar's affiliated rating agency,
On
The subject rating actions are the result of the application of the NA SASB Methodology in conjunction with the 'North American CMBS Surveillance Methodology,' as applicable. Qualitative adjustments were made to the final loan-to-value (LTV) sizing benchmarks used for this rating analysis.
The collateral for the COMM 2019-521F
The building offers efficient and flexible floor plates with outdoor terraces that appeal to both large and boutique tenants. Tenants can enter the office space using the main office lobby along
At origination, Savanna planned to invest
The subject's largest tenant by rent is the clothing retailer
Per Reis, the collateral is in the Grand Central submarket, which is part of the greater
The DBRS Morningstar net cash flow (NCF) derived at issuance was re-analyzed for the subject rating action to confirm its consistency with the 'DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria.' The resulting NCF figure was
The cap rate applied is at the lower end of the range of DBRS
DBRS Morningstar made positive qualitative adjustments to the final LTV sizing benchmarks used for this rating analysis, totaling 4.5% to account for cash flow volatility, property quality, and market fundamentals.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for this transaction.
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes loan-level data for most outstanding CMBS transactions (including non-DBRS Morningstar-rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.
Notes:
All figures are in
The principal methodologies are the North American Single-Asset/Single-Borrower Ratings Methodology and North American CMBS Surveillance Methodology, which can be found on www.dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on www.dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.
For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 312 696-6293
Ratings
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
17-Jul-20 COMM 2019-521FMortgage Trust , Commercial Mortgage Pass-Through Certificates, Class A New RatingAAA (sf) Stb US
17-Jul-20 COMM 2019-521FMortgage Trust , Commercial Mortgage Pass-Through Certificates, ClassB Ne w Rating AA (sf) Stb US
17-Jul-20 COMM 2019-521FMortgage Trust , Commercial Mortgage Pass-Through Certificates, ClassC Ne w Rating A (high) (sf) Stb US
17-Jul-20 COMM 2019-521FMortgage Trust , Commercial Mortgage Pass-Through Certificates, ClassD Ne w Rating BBB (high) (sf) Stb US
17-Jul-20 COMM 2019-521FMortgage Trust , Commercial Mortgage Pass-Through Certificates, ClassE Ne w Rating BB (sf) Stb US
17-Jul-20 COMM 2019-521FMortgage Trust , Commercial Mortgage Pass-Through Certificates, ClassF Ne w Rating B (sf) Stb US
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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