DBRS Morningstar Interactions with CMBS Servicers During COVID-19 Pandemic

While the long-term effect of the Coronavirus Disease (COVID-19) pandemic on commercial real estate has yet to be determined, the short-term impact on the North American commercial mortgage-backed securities (CMBS) market has been significant. New issuance has markedly slowed, as both issuers and investors attempt to evaluate their positions and determine a "new normal." Industry associations such as the Commercial Real Estate Finance Council and the Mortgage Bankers Association have been working tirelessly to advocate for borrowers and investors while providing operational guidance and up-to-date market and regulatory information.