Commentary

North American CMBS Interest in Arrears

CMBS

Summary

North American commercial mortgage-backed security (NA CMBS) structures allow for interest shortfalls; as such, there are classes of NA CMBS certificates where interest payments are in arrears, but the cumulative or ongoing interest shortfall is expected to be ultimately recovered and repaid.

As of October 1, 2022, the disclosure for the Interest in Arrears designation for NA CMBS certificates rated B (low) or higher has changed and will be published in a monthly commentary. The commentary will include three tables that list the classes of debt that are continuing to experience interest in arrears/shortfalls, classes of debt that have started to experience interest in arrears/shortfalls, and classes of debt where interest in arrears/shortfalls has been repaid.

Available Documents

Ratings

Ashford Hospitality Trust 2018-KEYS

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2018-KEYS Class F	B (low) (sf)	Stb	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2017-BNK6, Class F	B (sf)	Stb	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2017-CQHP, Class F	CCC (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class E	B (low) (sf)	Neg	Confirmed	US
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class F	C (sf)	--	Confirmed	US
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class G	C (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class B	C (sf)	--	Confirmed	CA
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class C	C (sf)	--	Confirmed	CA
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class D	C (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2016-CD1, Class F	B (sf)	Stb	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2017-CD6, Class G-RR	B (sf)	Neg	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2018-TAN Class HRR	B (high) (sf)	Neg	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2019-IKPR, Class G	CCC (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE14, Class F	C (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE18, Class F	CCC (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20, Class E	CCC (sf)	--	Confirmed	CA
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20, Class F	C (sf)	--	Confirmed	CA
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20, Class G	C (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE21, Class F	C (sf)	--	Confirmed	CA
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE21, Class G	C (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-LC15, Class F	CCC (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class G	C (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class E	B (low) (sf)	Neg	Confirmed	US
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class F	C (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3, Class G	C (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class D	BB (sf)	--	Confirmed	US
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class E	CCC (sf)	--	Confirmed	US
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class F	C (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS6, Class G	C (sf)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-22	Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class G	CCC (sf)	--	Confirmed	CA

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Ashford Hospitality Trust 2018-KEYS

Commercial Mortgage Pass-Through Certificates, Series 2018-KEYS Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (low) (sf)
Trend:Stb
Rating Recovery:
Issued:CA

BANK 2017-BNK6

Commercial Mortgage Pass-Through Certificates, Series 2017-BNK6, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (sf)
Trend:Stb
Rating Recovery:
Issued:CA

BX Trust 2017-CQHP

Commercial Mortgage Pass-Through Certificates, Series 2017-CQHP, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:CA

Banc of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7

Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class E

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (low) (sf)
Trend:Neg
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18

Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class B

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class C

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18, Class D

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

CD 2016-CD1 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2016-CD1, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (sf)
Trend:Stb
Rating Recovery:
Issued:US

CD 2017-CD6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2017-CD6, Class G-RR

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (sf)
Trend:Neg
Rating Recovery:
Issued:CA

CFCRE Trust 2018-TAN

Commercial Mortgage Pass-Through Certificates, Series 2018-TAN Class HRR

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (high) (sf)
Trend:Neg
Rating Recovery:
Issued:CA

CLNY Trust 2019-IKPR

Commercial Mortgage Pass-Through Certificates, Series 2019-IKPR, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2014-CCRE14 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE14, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

COMM 2014-CCRE18 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE18, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2014-CCRE20 Commercial Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20, Class E

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:CA

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2014-CCRE21 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE21, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE21, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2014-LC15 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-LC15, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2014-LC17 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-LC17, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2014-UBS2 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class E

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:B (low) (sf)
Trend:Neg
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS2, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

COMM 2014-UBS3 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

COMM 2014-UBS5 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class D

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class E

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:US

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5, Class F

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:US

COMM 2014-UBS6 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2014-UBS6, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:C (sf)
Trend:--
Rating Recovery:
Issued:CA

COMM 2015-CCRE24 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class G

Date Issued:Oct 3, 2022
Rating Action:Confirmed
Ratings:CCC (sf)
Trend:--
Rating Recovery:
Issued:CA

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North American CMBS Interest in Arrears

Summary

Available Documents