Morningstar DBRS Releases Monthly North American CMBS Rating Action Summary for April 2025

Morningstar DBRS released its Monthly North American Commercial Mortgage-Backed Securities (CMBS) Rating Action Summary for April 2025.

The Monthly North American CMBS Rating Action Summary report provides an overview of the annual surveillance reviews and their credit rating actions in CMBS multiborrower conduit transactions, commercial real estate (CRE) single-asset/single-borrower transactions, CRE collateralized loan obligation transactions, commercial mortgages, CRE ReREMICs, credit tenant leases, interest-only securities, Freddie K Series or agency multifamily, first mortgage bonds, large loans, and small-balance CREs. Morningstar DBRS has highlighted the North American CMBS annual reviews for March 2025 along with information related to credit rating actions for individual transactions.

In April 2025, we took credit rating actions on 278 tranches across 67 North American CMBS transactions. These included Credit rating confirmations for 221 classes, and Credit rating downgrades for 57 classes.

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The report is available at https://dbrs.morningstar.com.

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

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