Methodology
North American CMBS Multi-Borrower Rating Methodology
CMBSAvailable Documents
Related Documents
Press Release:
- Morningstar DBRS Confirms All Credit Ratings of BANK 2018-BNK13
- Morningstar DBRS Confirms All Credit Ratings on BANK 2022-BNK39
- Morningstar DBRS Downgrades Two Classes of VMC Finance 2021-FL4 LLC
- Morningstar DBRS Assigns Provisional Credit Ratings to BANK 2025-BNK50
- Morningstar DBRS Downgrades Five Classes of COMM 2015-PC1 Mortgage Trust
- Morningstar DBRS Finalizes Provisional Credit Ratings on BANK 2025-BNK50
- Morningstar DBRS Upgrades Four Classes of LoanCore 2021-CRE5 Issuer Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of BANK 2017-BNK6
- Morningstar DBRS Confirms Credit Ratings on All Classes of BANK 2017-BNK7
- Morningstar DBRS Confirms Credit Ratings on All Classes of BANK 2018-BNK10
- Morningstar DBRS Confirms Credit Ratings on All Classes of BANK 2019-BNK24
- Morningstar DBRS Confirms All Credit Ratings of BSPRT 2021-FL7 Issuer, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of MF1 2022-FL9 LLC
- Morningstar DBRS Confirms Credit Ratings on All Classes of BDS 2021-FL10 Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of MF1 2021-FL5, Ltd.
- Morningstar DBRS Confirms All Credit Ratings on LoanCore 2022-CRE7 Issuer Ltd.
- Morningstar DBRS Downgrades Eight Classes of Benchmark 2022-B35 Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of GPMT 2021-FL4, Ltd.
- Morningstar DBRS Confirms All Credit Ratings of Benchmark 2021-B23 Mortgage Trust
- Morningstar DBRS Assigns Provisional Credit Ratings to Freddie Mac MSCR Trust MN11
- Morningstar DBRS Downgrades Six Classes of CSAIL 2015-C1 Commercial Mortgage Trust
- Morningstar DBRS Finalizes Provisional Credit Ratings on Freddie Mac MSCR Trust MN11
- Morningstar DBRS Assigns Provisional Credit Ratings to AXMF Re-REMIC Trust 2025-SBRR1
- Morningstar DBRS Assigns Provisional Credit Ratings to BBCMS Mortgage Trust 2025-5C34
- Morningstar DBRS Finalizes Provisional Credit Ratings on AXMF Re-REMIC Trust 2025-SBRR1
- Morningstar DBRS Finalizes Provisional Credit Ratings on BBCMS Mortgage Trust 2025-5C34
- Morningstar DBRS Confirms Credit Ratings on All Classes of COMM 2014-CCRE15 Mortgage Trust
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of MF1 2023-FL12 LLC
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of STWD 2019-FL1, Ltd
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of LCCM 2021-FL3 Trust
- Morningstar DBRS Confirms All Credit Ratings of Wells Fargo Commercial Mortgage Trust 2015-LC22
- Morningstar DBRS Upgrades Credit Ratings on Three Classes of CMLS Issuer Corp., Series 2014-1
- Morningstar DBRS Confirms All Credit Ratings of JPMDB Commercial Mortgage Securities Trust 2017-C7
- Morningstar DBRS Confirms Credit Ratings on All Classes of CSAIL 2016-C7 Commercial Mortgage Trust
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes Across Two CMBS Transactions
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of B2R Mortgage Trust 2015-1
- Morningstar DBRS Downgrades and Discontinues Credit Ratings on Six Classes Across Four Transactions
- Morningstar DBRS Confirms All Credit Ratings of Canadian Commercial Mortgage Origination Trust 4
- Morningstar DBRS Assigns Provisional Credit Ratings to Velocity Commercial Capital Loan Trust 2025-3
- Morningstar DBRS Downgrades Credit Ratings on Four Classes of GS Mortgage Securities Trust 2015-GC30
- Morningstar DBRS Downgrades and Discontinues Credit Ratings on Three Classes Across Two Transactions
- Morningstar DBRS Assigns Provisional Credit Ratings to Velocity Commercial Capital Loan Trust 2025-P1
- Morningstar DBRS Assigns Provisional Credit Ratings to Wells Fargo Commercial Mortgage Trust 2025-5C5
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of GS Mortgage Securities Trust 2015-GC28
- Morningstar DBRS Confirms Credit Rating on Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17
- Morningstar DBRS Downgrades Six Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29
- Morningstar DBRS Finalizes Provisional Credit Ratings on Velocity Commercial Capital Loan Trust 2025-2
- Morningstar DBRS Assigns Provisional Credit Ratings to FREMF 2025-K170 Mortgage Trust, Series 2025-K170
- Morningstar DBRS Assigns Provisional Credit Ratings to FREMF 2025-K171 Mortgage Trust, Series 2025-K171
- Morningstar DBRS Confirms Credit Ratings of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of COMM 2013-CCRE8 Mortgage Trust
- Morningstar DBRS Confirms Credit Ratings on All Classes of Wells Fargo Commercial Mortgage Trust 2018-C47
- Morningstar DBRS Takes Credit Rating Actions on 68 Freddie Mac Transactions and Nine ReREMIC Transactions
- Morningstar DBRS Finalizes Its Provisional Credit Ratings on Velocity Commercial Capital Loan Trust 2025-3
- Morningstar DBRS Finalizes Its Provisional Credit Ratings on Velocity Commercial Capital Loan Trust 2025-P1
- Morningstar DBRS Upgrades Credit Ratings on Three Classes of Wells Fargo Commercial Mortgage Trust 2016-C37
- Morningstar DBRS Downgrades Credit Ratings on Four Classes of Wells Fargo Commercial Mortgage Trust 2015-SG1
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Wells Fargo Commercial Mortgage Trust 2015-LC20
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of Wells Fargo Commercial Mortgage Trust 2015-C28
- Morningstar DBRS Upgrades Credit Ratings on Four Classes of Real Estate Asset Liquidity Trust, Series 2015-1
- Morningstar DBRS Assigns Provisional Credit Ratings to Arbor Realty Commercial Real Estate Notes 2025-BTR1, LLC
- Morningstar DBRS Confirms and Discontinues Credit Ratings on Cherrywood SB Commercial Mortgage Loan Trust 2016-1
- Morningstar DBRS Downgrades Credit Ratings on Seven Classes of JPMCC Commercial Mortgage Securities Trust 2017-JP7
- Morningstar DBRS Downgrades Credit Ratings on Three Classes of JPMBB Commercial Mortgage Securities Trust 2014-C21
- Morningstar DBRS Finalizes Provisional Credit Ratings on Arbor Realty Commercial Real Estate Notes 2025-BTR1, LLC
- Morningstar DBRS Confirms Credit Ratings on All Classes of Arbor Realty Commercial Real Estate Notes 2021-FL3, Ltd.
- Morningstar DBRS Confirms Credit Ratings on All Classes of Arbor Realty Commercial Real Estate Notes 2022-FL1, Ltd.
- Morningstar DBRS Publishes Final North American CMBS Multi-Borrower Rating Methodology and CMBS Insight Model
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of CGCMT 2015-GC33, Changes Trend on One Class to Negative
- Morningstar DBRS Assigns Provisional Credit Ratings to Freddie Mac Structured Pass-Through Certificates, Series K-170
- Morningstar DBRS Assigns Provisional Credit Ratings to Freddie Mac Structured Pass-Through Certificates, Series K-171
- Morningstar DBRS Confirms Credit Ratings on All Classes of KREF 2021-FL2 Ltd., Maintains Negative Trends on Six Classes
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Ready Capital Mortgage Financing 2022-FL9, LLC
- Morningstar DBRS Finalizes Provisional Credit Ratings on Freddie Mac Structured Pass-Through Certificates, Series K-170
- Morningstar DBRS Confirms Credit Ratings on Certain Tranche Amounts and Class E Notes of Kawartha CAD Ltd., Boreal 2024-1
- Morningstar DBRS Confirms Credit Ratings on All Classes of Institutional Mortgage Securities Canada Inc., Series 2015-6
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Real Estate Asset Liquidity Trust, Series 2014-1
- Morningstar DBRS Downgrades and Discontinues Credit Ratings on Two Classes of JPMBB Commercial Mortgage Securities Trust 2015-C32
- Morningstar DBRS Downgrades the Credit Rating on One Class of COMM 2015-LC19 Mortgage Trust, Confirms All Remaining Credit Ratings
- Morningstar DBRS Discontinues Credit Ratings on All Remaining Classes of Freddie Mac Structured Pass-Through Certificates, Series K-048
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of GS Mortgage Securities Trust 2018-GS10, Changes Trends to Stable From Negative
- Morningstar DBRS Finalizes Provisional Credit Ratings on and Assigns Final Credit Rating to FREMF 2025-K170 Mortgage Trust, Series 2025-K170
- Morningstar DBRS Changes Trends on Six Classes of CSAIL 2015-C3 Commercial Mortgage Trust to Negative From Stable; Confirms All Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on One Class of COMM 2014-LC17 Mortgage Trust; Changes Trend on Two Classes to Stable From Negative
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of CD 2016-CD1 Mortgage Trust; Changes Trends on Two Classes to Stable From Negative
- Morningstar DBRS Confirms Credit Ratings on All Classes of Wells Fargo Commercial Mortgage Trust 2015-C31, Changes Trends on Six Classes to Stable
- Morningstar DBRS Downgrades Credit Ratings on Six Classes of COMM 2015-CCRE24 Mortgage Trust; Changes Trend on Two Classes to Negative From Stable
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of JPMBB Commercial Mortgage Securities Trust 2015-C30, Confirms Remaining Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Wells Fargo Commercial Mortgage Trust 2015-NXS1, Confirms All Remaining Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Wells Fargo Commercial Mortgage Trust 2015-C27, Changes Trends on Two Classes to Stable
- Morningstar DBRS Confirms Credit Ratings on All Classes of Arbor Multifamily Mortgage Securities Trust 2020-MF1 With Positive Trends on Five Classes
- Morningstar DBRS Downgrades Credit Ratings on Two Classes of Morgan Stanley Capital I Trust 2015-MS1, Changes Trends to Negative From Stable on One Class
- Morningstar DBRS Changes Trends on Three Classes of JPMBB Commercial Mortgage Securities Trust 2014-C22 to Negative From Stable; Confirms All Credit Ratings
- Morningstar DBRS Downgrades Credit Ratings on Four Classes of CSAIL 2015-C2 Commercial Mortgage Trust, Changes Trends on Two Classes to Stable From Negative
- Morningstar DBRS Changes Trends on Two Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 to Stable From Negative, Confirms All Credit Ratings
- Morningstar DBRS Upgrades Credit Ratings on Six Classes of Real Estate Asset Liquidity Trust, Series 2021-1, Changes Trends on Seven Classes to Positive From Stable
- Morningstar DBRS Downgrades Credit Ratings on Seven Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27, Changes Trend on One Class to Negative From Stable
- Morningstar DBRS Changes Trends on Four Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 to Stable and One Class to Negative, Confirms Credit Ratings on All Classes
- Morningstar DBRS Takes Credit Rating Actions on 112 CMBS Transactions Affected by the Finalization of the North American CMBS Multi-Borrower Rating Methodology and Updates to the CMBS Insight Model
Contacts
- Georgios Katsaros
Managing Director - Structured Finance Analytics
+(1) 212 806 3216
georgios.katsaros@morningstar.com - Brandon Olson
Associate Managing Director - North American CMBS Ratings
+(1) 312 332 0889
brandon.olson@morningstar.com - John Amman
Associate Managing Director - North American CMBS Ratings
+(1) 312 332 9442
john.amman@morningstar.com - Erin Stafford
Managing Director - North American Real Estate Ratings
+(1) 312 332 3291
erin.stafford@morningstar.com