Press Release

Morningstar DBRS Publishes Updated North American CMBS Methodologies, Archives Rating North American CMBS Interest-Only Certificates Methodology

CMBS
December 13, 2024

Morningstar DBRS published updated versions of the following methodologies:

-- "North American Single-Asset/Single-Borrower Rating Methodology," published September 19, 2024
-- "North American CMBS Multi-Borrower Rating Methodology," published March 1, 2024
-- "North American CMBS Surveillance Methodology," published March 1, 2024

These updates supersede the previous versions mentioned above and are effective as of December 13, 2024. Morningstar DBRS deems the updates not to be material and determined that no ratings are expected to change as a result of these updates.

The updated methodologies include relevant language to address how Morningstar DBRS assigns and monitors credit ratings for interest-only certificates within CMBS transactions. Following these updates, Morningstar DBRS will retire and archive its "Rating North American CMBS Interest-Only Certificates" methodology as the concepts therein are now fully incorporated into the three updated methodologies.

Notes:
Morningstar DBRS methodologies are publicly available on its website https://dbrs.morningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.