Credit Rating Report

BXMT 2020-FL2, Ltd.: Surveillance Performance Update

CMBS

Summary

DBRS, Inc. (Morningstar DBRS) downgraded its credit ratings on four classes of notes issued by BXMT 2020-FL2, Ltd. and confirmed its credit ratings on the remaining classes of notes. Morningstar DBRS also changed the trends on Classes C, D, E, and F to Negative from Stable. The trends on Classes A, A-S, and B remain Stable.

Ratings

  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating