Class A-FL to AA (high) from
Class B-FL to A (low) from AA (low) (sf)
Class C-FL to BB (sf) from BBB (sf)
Class D-
Class E-FL to CCC (sf) from B (low) (sf)
Class X-2-FL to B (sf) from BB (sf)
Class A-7 to AA (high) from
Class B-7 to A (low) from AA (low) (sf)
Class C-7 to BB (sf) from BBB (sf)
Class D-7 to B (low) from BB (low) (sf)
Class E-7 to CCC (sf) from B (low) (sf)
Class X-B-7 to A (sf) from AA (sf)
Class A-10 to AA (high) from
Class B-10 to A (low) from AA (low) (sf)
Class C-10 to BB (sf) from BBB (sf)
Class D-10 to B (low) from BB (low) (sf)
Class E-10 CCC (sf) from B (low) (sf)
Class X-B-10 to A (sf) from AA (sf)
In addition, DBRS Morningstar confirmed the ratings on two classes as follows:
Class X-A-7 at
Class X-A-10 at
DBRS Morningstar has maintained the Under Review with Negative Implications designation on all classes. The downgrades are a reflection of DBRS Morningstar's view that the values for the underlying collateral have been significantly reduced since issuance, and the Under Review with Negative Implications designations reflect the uncertainty surrounding the ongoing litigation against the borrower and the potential for additional value declines over the near to moderate term for the underlying collateral. The loan remains outstanding for the
The transaction consists of an
The loan is sponsored by a joint venture between
In
At issuance, the portfolio was valued at
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Classes X-2-FL, X-A-7, X-B-7, X-A-10, and X-B-10 are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
The DBRS Viewpoint platform provides additional information on this transaction and underlying loans including DBRS Morningstar metrics, commentary, servicer-reported cash flows, and other performance-related data.
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and servicer 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 methodology is North American CMBS Surveillance Methodology (
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 related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.
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.
These ratings are Under Review with Negative Implications. Generally, the conditions that lead to the assignment of reviews are resolved within a 90-day period.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 416 593-5577
Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-A-10 ConfirmedAAA (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-A-10 UR-Neg.AAA (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-A-7 ConfirmedAAA (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-A-7 UR-Neg.AAA (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class A-10 Downgraded AA (high) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class A-10 UR-Neg. AA (high) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class A-7 Downgraded AA (high) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class A-7 UR-Neg. AA (high) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class A-FL Downgraded AA (high) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class A-FL UR-Neg. AA (high) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-B-10 Downgraded A (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-B-10 UR-Neg. A (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-B-7 Downgraded A (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-B-7 UR-Neg. A (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class B-10 Downgraded A (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class B-10 UR-Neg. A (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class B-7 Downgraded A (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class B-7 UR-Neg. A (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class B-FL Downgraded A (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class B-FL UR-Neg. A (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certifica-tes, Series 2015-HBS, Class C-FL Downgraded BB (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certifica-tes, Series 2015-HBS, Class C-FL UR-Neg. BB (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class C-10 Downgraded BB (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class C-10 UR-Neg. BB (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class C-7 Downgraded BB (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class C-7 UR-Neg. BB (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-2-FL Downgraded B (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class X-2-FL UR-Neg. B (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class D-10 Downgraded B (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class D-10 UR-Neg. B (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class D-7 Downgraded B (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class D-7 UR-Neg. B (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class D-FL Downgraded B (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class D-FL UR-Neg. B (low) (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class E-10 Downgraded CCC (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class E-10 UR-Neg. CCC (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class E-7 Downgraded CCC (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class E-7 UR-Neg. CCC (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class E-FL Downgraded CCC (sf) -- CA
03-Aug-21 Commercial Mortgage Pass-Through Certificates, Series 2015-HBS, Class E-FL UR-Neg. CCC (sf) -- CA
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