DBRS Morningstar Assigns Rating of A (high) (sf), Stable Trend, to Mortgage Loan Made to John Hancock El Segundo California Capital Relief

DBRS, Inc. (DBRS Morningstar) assigned a rating of A (high) (sf) with a Stable trend to the 5.09% Mortgage Loan Due November 1, 2028 (the Mortgage Loan), made to John Hancock El Segundo California Capital Relief.

RATING RATIONALE/DESCRIPTION
The Mortgage Loan is secured by three interconnected, six-story, Class A office buildings at 2101, 2121, and 2141 Rosecrans Avenue in El Segundo, California, in Los Angeles County. The buildings total 497,284 square feet and are all marketed under Continental Park Plaza at 2101 Rosecrans Avenue. The A (high) (sf) rating reflects: (1) the expected stability of debt payments, given strong operating history and institutional quality sponsorship; (2) a moderate loan-to-value ratio; (3) the property’s strong location in a well-established Los Angeles office submarket; and (4) the expected partial amortization that will take place over the remaining term of the loan.

ESG CONSIDERATIONS
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.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

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

The principal methodology is North American Single-Asset/Single-Borrower Ratings Methodology (March 2, 2021), which can be found on 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 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.

This rating was initiated at the request of the Lender.

The rated entity or its related entities did not 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.

This rating was disclosed to the John Hancock Life Insurance Company.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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