DBRS Confirms All Classes of BANK 2017-BNK6

DBRS Limited (DBRS) confirmed all ratings for the followings classes of Commercial Mortgage Pass-Through Certificates, Series 2017-BNK6 (the Certificates), issued by BANK 2017-BNK6:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class C at AA (sf)
-- Class X-D at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class X-E at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class X-F at BB (high) (sf)
-- Class F at BB (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of the transaction, which has remained generally in line with DBRS’s expectations since issuance. The collateral consists of 72 loans secured by 189 properties. As at the May 2018 remittance, the pool has an aggregate principal balance of $923.8 million, representing a collational reduction of 0.4% since issuance. At issuance, the transaction had a weighted-average (WA) DBRS Term Debt Service Coverage Ratio (DSCR) and DBRS Debt Yield of 1.95x and 9.9%, respectively, reflective of a generally strong credit profile for the underlying loans, three of which are shadow-rated investment grade, representing 22.6% of the pool. Given the pool’s recent vintage, just 17.5% of the pool is reporting updated financials, with a WA DSCR and debt yield for those loans of 2.60x and 10.2%, respectively.

One loan, Hall Office G4 (Prospectus ID #16), representing 2.1% of the pool, is on the servicer’s watchlist. This loan is being monitored for hail damage to the property. The servicer notes repairs have been made and once a site inspection is completed to confirm, the loan will be removed from monitoring.

Classes X-A, X-B, X-D, X-E and X-F 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 will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

As part of this review, DBRS has provided updated analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:

-- Prospectus ID#1 - General Motors Building (9.7% of the pool balance)
-- Prospectus ID#2 - Gateway Net Lease Portfolio (6.55% of the pool balance)
-- Prospectus ID#3 - Del Amo Fashion Center (6.40% of the pool balance)

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrs.com. The platform includes issuer and servicer data for the entire CMBS universe, as well as deal and loan-level commentary for all DBRS rated transactions.

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

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. 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.

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@dbrs.com.

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

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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