Commentary

CMBS Conduit Exposure to Coronavirus Disease (COVID-19) Implications

CMBS

Summary

DBRS Morningstar has developed a ratings baseline scenario and sensitivity analyses for its rated conduit and agency multiborrower transactions to reflect the concerns and conditions surrounding the Coronavirus Disease (COVID-19) pandemic. These analyses apply property-level cash flow adjustments that are commensurate with the moderate and adverse DBRS Morningstar U.S. macroeconomic scenarios.