ESG Factors in CMBS

This is the first in a series of commentaries that will discuss the environmental, social, and governance factors that could affect credit ratings that the DBRS Morningstar commercial mortgage-backed security groups assign. In this commentary, DBRS Morningstar will discuss three environmental factors that it considers in its ratings analysis and will provide additional background and trends on the important factors affecting commercial real estate investing. Subsequent commentaries will cover social and governance factors.