BWAY 2021-1450 Mortgage Trust: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the classes of BWAY 2021-1450 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, as follows:

-- Class A at AAA (sf)
-- Class X-CP at BBB (sf)
-- Class X-NCP at BBB (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable. Class G and Class HRR are not rated by DBRS Morningstar.

Class X-CP and X-NCP are interest-only (IO) classes whose balance is notional