DBRS Confirms Ratings of Citigroup Commercial Mortgage Trust 2014-GC19

DBRS Limited (DBRS) has today confirmed the ratings of Citigroup Commercial Mortgage Trust 2014-GC19 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at AA (low) (sf)
-- Class PEZ at AA (low) (sf)
-- Class D at BBB (sf)
-- Class E at BB (high) (sf)
-- Class F at BB (low) (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class X-C at AAA (sf)
-- Class X-D at AAA (sf)

All classes have Stable trends. DBRS does not rate the first loss piece, Class G. The Class A-S, Class B and Class C certificates may be exchanged for the Class PEZ certificates (and vice versa).

The rating confirmations reflects the current performance of the transaction that remains in line with DBRS expectations at issuance in April 2014. The transaction consists of 78 loans, with the pool experiencing collateral reduction of 0.7% since issuance as a result of scheduled loan amortization. The transaction benefits from loans secured by properties located within urban markets, representing 36.7% of the current pool balance. The transaction is also diverse with regard to loan size, as the largest ten loans represent only 47.0% of the current pool balance. Loans secured by multifamily properties represent 21.7% of the pool, including one of the largest ten loans, which is situated in a desirable location within the Binghamton, New York, downtown core.

According to February 2015 reporting, there are two loans on the servicer’s watchlist, representing 2.1% of the current pool balance. One of the loans has been flagged because of minor deferred maintenance, including deteriorating parking lot asphalt and sidewalks.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction. The February 2015 monthly surveillance report for this transaction will be published shortly. If you are interested in receiving this report, contact DBRS at info@dbrs.com.

Notes:
All figures are in U.S. dollars unless otherwise noted.

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 to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American CMBS Surveillance Methodology (January 2015), which can be found on our website under Methodologies.

DBRS will publish a full report shortly that will provide additional analytical detail on this rating action. If you are interested in receiving this report, contact us at info@dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.