DBRS Morningstar Publishes Updated North American CMBS Surveillance Methodology

DBRS Morningstar published an updated version of its “North American CMBS Surveillance Methodology” (the Methodology).

The Methodology has been updated to include a clarification with respect to Rating Agency Conditions (RAC), related to the addition of new loans in managed commercial real estate collateralized loan obligation transactions. In particular, DBRS Morningstar will typically review changes to the pool-level DBRS Morningstar expected loss as part of its RAC review.

DBRS Morningstar has conducted a periodic review of the Methodology. This update supersedes the previous version published on March 26, 2021, and is effective as of March 4, 2022. DBRS Morningstar deems the update not to be material and has determined that no ratings are expected to change as a result of this update.

Notes:
The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

DBRS Morningstar methodologies are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.