OVERVIEW

• We reviewed our ratings on 211 classes from 24 U.S. CMBS transactions.
• We lowered our ratings on 60 classes, affirmed our ratings on 150 classes, and discontinued our rating on one class from the transactions.
• While COVID-19 will likely have an accelerated effect on performance declines for properties with retail exposure, today's rating actions do not specifically address the outbreak of the virus.
• Our rating actions reflect our reevaluation of specific underperforming retail mall loans and review of the transaction structure and liquidity available to the trusts.

NEW YORK (S&P Global Ratings) March 20, 2020--S&P Global Ratings today lowered its ratings on 60 classes of commercial mortgage pass-through certificates from 24 U.S. CMBS transactions. At the same time, we affirmed our ratings on 150 classes and discontinued our rating on one class from these transactions (see Ratings List below).

While COVID-19 will likely have an accelerated effect on performance declines for properties with retail exposure, today's rating actions do not specifically address the outbreak of the virus. The rating actions followed our review of the 39 retail mall properties we highlighted in "Shop with Caution – CMBS Mall Loans Worth Watching," published Jan. 8, 2020. In the report, we noted declining performance trends within the retail sector, specifically malls we deemed underperforming due to retailer bankruptcies, store closure, shifts in consumer shopping preferences, and various local, regional, or global developments that may have a direct bearing on mall performance. In general, the 39 malls we identified each had balances over $20.0 million, were with the special servicer, or were still performing but showed signs of potential performance deterioration, based on loan payment status, anchor, or tenant composition.

Our approach included re-evaluating each of the 39 malls to incorporate declining performance in our sustainable S&P Global Ratings net cash flow (NCF), capitalization rate, and valuation. We used the servicer-provided operating statements for the past three-plus years (typically, 2015 through June, September, or December 2019), the most recent available 2019 rent rolls (generally, September or December 2019); the 2020 borrower's budgets, if available; and the tenant sales reports for the trailing 12 months ended Sept. 30 or Dec. 31, 2019, if available. Our property-level analysis included adjusting for expired tenants, weak anchors, declining rents or occupancy, increasing expenses, high occupancy costs, or declining in-line sales. We visited 22 of the 39 underperforming malls as part of our review. During these visits, we assessed the general feel of and activity level at the mall, as well as those of some of the competing properties. Our analysis incorporates our general observations and information from our recent property site visits, where applicable.

In determining our capitalization rates, we considered mall in-line sales trends, the cash flow volatility due to declining or weakening trends within the retail sector, and the overall perceived increase in the market risk premium for this property type. As a result, we increased our capitalization rates significantly to account for these concerns.

S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak in June or August, and we are using this assumption in assessing the economic and credit implications of the pandemic. We believe measures to contain COVID-19 have pushed the global economy into recession (see "COVID-19 Macroeconomic Update: The Global Recession Is Here And Now" and "COVID-19 Credit Update: The Sudden Economic Stop Will Bring Intense Credit Pressure," published March 17, 2020), which could also negatively affect employment levels or housing markets. As the situation evolves, we will update our assumptions and estimates accordingly.

In the following section, we provide additional detail for the individual single-asset single-borrower (SASB) and large loan transactions.

CSMC TRUST 2014-USA

We lowered our ratings on six classes of commercial mortgage pass-through certificates from CSMC Trust 2014-USA and affirmed our ratings on three classes from the transaction.

The rating actions on the principal- and interest-paying classes reflect our reevaluation of the super-regional mall securing the sole loan in the transaction. Our revised valuation declined 12.1% since our last review, and at issuance, due primarily to us applying a higher S&P Global Ratings capitalization rate and adjusting our NCF slightly downward.

While our credit enhancement expectation was less than the most recent rating levels on classes A-1, A-2, B, C, and D, we also qualitatively considered the property's prominence in its trade area and the borrower's experience and commitment to improve the property's operating performance. If there are any reported negative changes in property performance beyond what we have already considered, we may re-visit our analysis and adjust the ratings as necessary.

We lowered our rating on class F to 'CCC (sf)' because we believe, based on our revised S&P Global Ratings loan to value (LTV) of 110.5%, the class is more susceptible to reduce liquidity support and is vulnerable to an increased risk of default and losses.

We affirmed our rating on class X-1 and lowered our rating on class X-2 based on our criteria for rating interest-only (IO) securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-1's notional balance references classes A-1 and A-2, and class X-2 references classes B, C, D, E, and F.

This is a stand-alone (single-borrower) transaction backed by a $1.4 billion fixed-rate partial IO loan (as of the March 17, 2020, trustee remittance report), secured by the borrower's fee and leasehold interests in a portion (2.64 million sq. ft.) of a 2.82 million-sq.-ft. super-regional mall known as Mall of America in Bloomington, Minn.

Our property-level analysis considered the 2.8% decline in servicer-reported year-end 2018 net operating income (NOI) from 2017, the relatively flat in-line sales ($597 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $82.4 million, down from $85.2 million at issuance due mainly to lower revenue and higher expenses. Using a 6.50% S&P Global Ratings capitalization rate (up from 6.00% used at issuance), we arrived at our expected-case value of $1.27 billion.

We toured the property on Feb. 3, 2020, accompanied by representatives of the sponsor. The property is iconic and one of the largest malls in the U.S., attracting numerous visitors from afar. It presented very well, evident by the $500 million invested in the past decade. We observed that management has been proactive in understanding the challenges facing tenants and actively seeks new tenants that are successful in navigating the current retail landscape.

The loan pays annual fixed rate of 4.38% and is IO until April 11, 2020, after which it will pay monthly principal and interest based on a 30-year amortization schedule through its Sept. 11, 2025, maturity. Our analysis also considered that the borrower is permitted to incur future mezzanine financing, subject to certain conditions, including a minimum debt service coverage (DSC) of 1.20x, and a maximum combined LTV of 65.0%. The trust balance has not incurred any principal losses to date.

The master servicer, Wells Fargo Bank N.A., reported a DSC of 1.43x for 2019, compared to S&P Global Ratings DSC of 0.98x (after considering amortizing payments). According to the Sept. 30, 2019, rent roll, the collateral was 91.2% occupied. The five-largest tenants made up 37.0% of the collateral net rentable area (NRA). In addition, the NRA include leases that expire in 2019-2020 (4.6%), 2021 (7.8%), 2022 (11.9%), and 2023 (17.1%).

STARWOOD RETAIL PROPERTY TRUST 2014-STAR

We lowered our ratings on six classes of commercial mortgage pass-through certificates from Starwood Retail Property Trust 2014-STAR.

The downgrades reflect our reevaluation of the four malls securing the sole loan in the transaction. Our revised aggregated valuation on the four malls declined 40.1% since our last review, which reflects the continued cash flow declines exhibited at each property from higher vacancies, tenants renewing their leases at lower rental rates, tenants signing or renewing their leases at shorter terms, and our application of a higher weighted average S&P Global Ratings capitalization rate.

While our credit enhancement expectation was less than the most recent rating levels on class A, we also qualitatively considered class A's position within the rated capital structure. Although we believe the credit risk on class A has increased, we also believe its senior position in the waterfall somewhat mitigates principal losses and interest shortfalls concerns; and, as a result, we opined that the certificates continue to exhibit the credit characteristics of a low-investment-grade rated security. However, if there are any reported negative changes in property performance beyond what we have already considered, we may re-visit our analysis and adjust the rating as necessary.

We lowered our ratings on classes C, D, E, and F to 'CCC (sf)' because we believe, based on our revised S&P Global Ratings aggregated LTV of 169.2%, these classes are more susceptible to reduce liquidity support and are vulnerable to increase defaults and losses.

This is a stand-alone (single-borrower) transaction backed by a $681.6 million floating-rate loan (as of the March 16, 2020, trustee remittance report) secured by the borrowers' fee simple interest in three regional malls:

• The Mall at Wellington Green, 719,978 sq. ft. of a 1.26 million-sq.-ft. mall in Wellington, Fla.;
• Northlake Mall, 539,813 sq. ft. of a 1.07 million-sq.-ft. mall in Charlotte, N.C.; and
• The Mall at Partridge Creek, 369,910 sq. ft. of a 626,162-sq.-ft. mall in Clinton Township, Mich., as well as the borrowers' leasehold interest in MacArthur Center, 514,078 sq. ft. of a 927,692-sq.-ft. mall in Norfolk, Va.

Our property-level analysis considered the decline in servicer-reported NOI to $56.5 million (in aggregate) as of year-end 2018 from $60.5 million in 2017. Using the June 2019 rent rolls, we derived our combined sustainable NCF of $38.5 million down from $57.0 million in our last review. Using an S&P Global Ratings capitalization rate of 9.00% (up from the weighted average capitalization rate of 7.31% used at last review), we arrived at our expected-case value of $402.8 million. Our expected-case value includes a mark-to-market negative value adjustment of $14.5 million for The Mall at Wellington Green because we calculated an occupancy cost of 17.6% for the in-line tenants, which we marked to 16.0%, based on in-line sales of $438 per sq. ft., as calculated by S&P Global Ratings.

We visited three of the four malls securing the loan in February 2020. We did not visit the Northlake Mall because the property's reported performance has not deteriorated as severely as the other three malls, and all of the anchor tenants remain opened. Our general takeaway is that each of the three malls is generally the second or three alternatives of the malls in the market it serves. In particular, we considered the long-term viability of The Mall at Partridge Creek and MacArthur Center continuing to operate as a retail destination in their respective markets. The Mall at Partridge Creek, located in Clinton Township, Mich., lost both of its anchor tenants (Carson's and Nordstrom). The in-line space was 87.5% occupied as of the June 2019 rent roll. We also noted that the cold weather limited the number of shoppers at the property during our visit because it is an unenclosed mall. MacArthur Center, located in downtown Norfolk Va., lost its anchor, Nordstrom, when the store closed in 2019. The property has another anchor, Dillard's, occupying about 253,000-sq. ft. During our property visit, we noted that although the mall is centrally located in downtown Norfolk, the attached parking garage generated a significant amount of activity due to many office workers in downtown Norfolk parking their cars here for a nominal fee and the lack of public parking in the area. In addition, we noticed more security presence than we are typically accustomed to due to the recent criminal disturbances at the property.

The floating-rate loan pays interest at LIBOR plus 2.35% and matured on Nov. 8, 2019. The reported overall DSC and occupancy for the six months ended June 30, 2019, were 1.16x and 82.6%, respectively. The loan, which has a matured performing balloon payment status, was transferred to the special servicer, Wells Fargo, on Nov. 8, 2019, due to the borrower's inability to refinance the loan. According to the special servicer, discussion with the borrowers on a resolution strategy is ongoing and updated appraisals have been ordered but not received yet. In addition, we also noted that according to the sponsor's (Starwood Property Trust Inc.'s) most recent reported financial statements, the sponsor has written down its equity investments in the four malls to zero.

J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2014-DSTY

We lowered our ratings on five classes of commercial mortgage pass-through certificates from J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY.

The rating actions on the principal- and interest-paying classes reflect our reevaluation of the retail malls securing the two loans in the transaction. Our revised valuations, in aggregate, is 26.3% below our levels at last review due primarily to us applying higher S&P Global Ratings capitalization rates and lowering our NCF assumptions.

While our credit enhancement expectation was less than the most recent rating levels on classes A and B, we also qualitatively considered the properties' prominence in their trade area, and the borrowers' experience and commitment to improve the properties' operating performance. If there are any reported negative changes in properties performance beyond what we have already considered, we may re-visit our analysis and adjust the ratings as necessary.

We lowered our ratings on the class X-A and X-B IO certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-A's notional balance references class A, and class X-B references class B.

This is a stand-alone (single-borrower) transaction backed by two fixed-rate IO mortgage loans, each secured by a different phase of the Destiny USA mall in Syracuse, N.Y. The two loans totaled $430.0 million (as of the March 12, 2020, trustee remittance report) and are not cross-collateralized or cross-defaulted because the payment-in-lieu-of-tax (PILOT) bond financing underlying Phase I of the mall restricts the loans from being crossed. To date, the trust has not incurred any principal losses.

Details on the two loans are as follows:

• The Phase I mortgage loan has a $300.0 million trust and whole-loan balance and is secured by 1.24 million sq. ft. of a 1.51 million-sq.-ft. super regional shopping mall, known as Destiny USA Phase I, in Syracuse, N.Y. The Phase I borrower is party to a PILOT agreement under which the borrower makes PILOT payments that increase each year through the agreement's 2035 expiration in lieu of paying real estate tax. Our property-level analysis considered the year-over-year decline in servicer-reported NOI in 2016 (negative 6.9%), 2017 (negative 7.9%), 2018 (negative 13.9%), and 2019 (negative 6.4%) due primarily to lower occupancy and revenues, flat expenses, and flat in-line sales ($433 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF, which considered the reported declining NOI and occupancy, and the contractual PILOT payment increases, by estimating a forward-looking PILOT payment of $14.8 million, down from $17.3 million as of our last review. Using a 7.75% S&P Global Ratings capitalization rate (up from 6.75% since our last review), we arrived at our expected-case value of $177.6 million, down 29.4% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 168.9% and an S&P Global Ratings DSC of 1.28x. Wells Fargo reported a DSC of 1.62x for 2019, and occupancy for the collateral was 73.4%, according to the Dec. 31, 2019, rent roll. The five largest tenants comprise 35.0% of the collateral's total NRA as of the December 2019 rent roll. In addition the NRA reflects leases that expire in 2020 (3.9%), 2021 (9.8%), 2022 (10.5%), and 2023 (9.9%).
• The Phase II mortgage loan has a $130.0 million trust and whole-loan balance, and it is secured by an 874,200-sq.-ft. regional shopping mall, known as Destiny USA Phase II, in Syracuse N.Y. Our property-level analysis considered the year-over-year decline in servicer-reported NOI in 2017 (negative 5.0%) and 2018 (negative 9.0%) due primarily to lower occupancy and revenues, flat expenses, and flat in-line sales ($323 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $10.7 million, down from $11.7 million as of the last review. Using an S&P Global Ratings capitalization rate of 8.50% (up from 7.25% in last review), we arrived at our expected-case value of $126.5 million, down 21.5% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 102.8% and an S&P Global Ratings DSC of 2.14x. Wells Fargo reported a DSC of 2.15x for 2019, and occupancy was 72.4%, according to the Dec. 31, 2019, rent roll. Based on the December 2019 rent roll, the five largest tenants comprise 29.4% of the collateral's total NRA. In addition, the NRA include leases that expire in 2019-2020 (2.5%), 2021 (1.1%), 2022 (12.2%), and 2023 (23.8%).

Both loans pay an annual fixed interest rate of 3.814% and originally matured on June 6, 2019. The loans, which have current payment statuses, were transferred to the special servicer, Wells Fargo, on March 14, 2019, due to imminent monetary default because the borrowers requested to modify and extend the two loans. The borrowers indicated that they would not be able to obtain refinancing proceeds by the maturity date due to declining property performance coupled with more conservative underwriting standards for mall loans in today's lending environment. The loans were modified effective May 31, 2019, and the modification terms included, among other items, an extension of the loans' maturity dates to June 6, 2020, with two additional extension options (final maturity dates in June 2022) that are exercisable upon meeting certain debt yield tests and depositing $6.0 million upfront into the excess cash flow reserve account. The loans were placed on the master servicer's watchlist this month due to its upcoming June 2020 maturity dates.

WFLD 2014-MONT MORTGAGE TRUST

We lowered our ratings on three classes of commercial mortgage pass-through certificates from WFLD 2014-MONT Mortgage Trust and affirmed our rating on one class from the transaction.

The ratings actions reflect our reevaluation of the retail mall securing the sole loan in the transaction. Our revised valuation declined 14.5% since our last review due primarily to applying a higher S&P Global Ratings capitalization rate and revising our NCF downward.

While our credit enhancement expectation was less than the most recent rating levels on classes A and B, we also qualitatively considered the likelihood of the borrower's ability to improve the property's operating performance via cost efficiency and capital investment because, unlike other malls with reported performance deterioration attributable mainly to higher vacancy, and lower rent, the underlying mall in the transaction has experienced flat revenue and occupancy offset by higher expenses. If there are any reported negative changes in property performance beyond what we have already considered, we may re-visit our analysis and adjust the ratings as necessary.

This is a stand-alone (single-borrower) transaction backed by a $350.0 million fixed-rate IO loan (as of the March 12, 2020, trustee remittance report) secured by the borrower's fee simple interest in the Westfield Montgomery Mall, a 1.3 million-sq.-ft. regional mall in Bethesda, Md. Of the mall's total square footage, 835,597 sq. ft. serves as collateral for the loan.

Our property-level analysis considered the year-over-year decline in servicer-reported NOI: 2018 (negative 2.2%) and 2017 (negative 5.7%); the relatively flat in-line sales ($525 per sq. ft., as calculated by S&P Global Ratings); as well as the vacancy of the noncollateral former Sears space since 2018. We derived our sustainable NCF of $30.9 million, down from $33.6 million as of the last review due mainly to higher expenses. Using an S&P Global Ratings capitalization rate of 7.00% (up from 6.50% since the last review), we arrived at our expected-case value of $441.4 million, yielding an S&P Global Ratings LTV of 79.3% and an S&P Global Ratings DSC of 2.31x.

We visited the property on Feb. 12, 2020, noting that the mall was generally well populated, with a variety of shoppers. Our overall impression of the property was that it appeared to be healthy, with a diverse mix of both retail and experiential tenants, and a strong food court.

The IO loan pays an annual fixed interest rate of 3.77% and matures on Aug. 1, 2024. To date, the trust has not incurred any principal losses. The master servicer, Wells Fargo, reported a DSC of 2.50x for the nine months ended Sept. 30, 2019. According to the Sept. 30, 2019, rent roll, the collateral was 90.5% occupied (excluding Victoria's Secret and Old Navy, totaling 33,301 sq. ft.). The five-largest tenants made up 40.7% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (35.2%), 2021 (11.2%), 2022 (5.8%), and 2023 (3.8%).

PALISADES CENTER TRUST 2016-PLSD

We lowered our ratings on five classes of commercial mortgage pass-through certificates from Palisades Center Trust 2016-PLSD.

The rating actions on the principal- and interest-paying classes reflect our reevaluation of the retail mall securing the sole loan in the transaction. Our revised valuation declined 23.3% since our last review due primarily to us revising our NCF downward and applying a higher S&P Global Ratings capitalization rate.

While our credit enhancement expectation was less than the most recent rating levels on class A, we also qualitatively considered the borrower's experience and commitment to improve the property's operating performance. If there are any reported negative changes in property performance beyond what we have already considered, we may re-visit our analysis and adjust the rating as necessary.

We lowered our rating on the class X-NCP IO certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-NCP's notional balance references classes A, B, C, and D.

This is a stand-alone (single-borrower) transaction backed by a $388.5 million portion of a $418.5 million, fixed-rate IO loan (as of the March 13, 2020, trustee remittance report) secured by the borrower's fee and leasehold interests in a portion (1.9 million sq. ft.) of a 2.2 million-sq.-ft. super-regional mall and entertainment center known as Palisades Center in West Nyack, New York.

Our property-level analysis considered the year-over-year decline in servicer-reported NOI: 2019 (negative 11.5%), 2018 (negative 6.9%), and 2017 (negative 2.5%); the relatively flat in-line sales ($454 per sq. ft., as calculated by S&P Global Ratings); the vacancy of the noncollateral anchor tenant, Lord & Taylor (120,000 sq. ft.) in January 2020; as well as the numerous competitors near the mall's trade area. We derived our sustainable NCF on the whole loan of $34.1 million, down from $38.8 million as of last review due mainly to lower occupancy and lower rents for some existing tenants. Using an S&P Global Ratings capitalization rate of 7.75% (up from 6.75% since the last review), we arrived at our expected-case value on the whole loan of $440.6 million, down 23.3% since our last review and yielding an S&P Global Ratings LTV of 95.0% on the whole loan.

We visited the property on Feb. 21, 2020, and found it easily accessible, near a major highway, well maintained, and clean. While the mall had a good amount of visitors, we noted that the apparel stores had light foot traffic, as shoppers, predominantly teens and families, were mainly window shopping and mostly gravitated to the food court and experiential tenants. In addition, the former JCPenney space (vacated in June 2017) remained empty.

The whole loan consists of the senior A notes totaling $259.1 million and junior notes B, C, and D totaling $159.4 million that are subordinate to the A notes. A $30.0 million nontrust companion note is pari passu in right of payment to the senior trust notes totaling $229.1 million, and they are senior in right of payment to the other trust junior notes totaling $159.4 million. The whole loan pays an annual weighted average fixed rate of 4.19% and is IO through its April 9, 2021, maturity. In addition, there is $141.5 million in mezzanine debt. The trust balance has not incurred any principal losses to date.

The master servicer, Wells Fargo, reported a DSC of 2.07x for 2019, compared to S&P Global Ratings DSC of 1.92x on the whole loan. According to the Dec. 31, 2019, rent roll, the collateral was 79.3% occupied, excluding Bed, Bath, and Beyond (45,000 sq. ft.; vacating June 2020). The five-largest tenants made up 29.0% of the collateral NRA. In addition, the NRA include leases that expire in 2020 (2.8%), 2021 (12.6%), 2022 (4.8%), and 2023 (13.9%).

J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2014-FL6

We lowered our ratings on two classes of commercial mortgage pass-through certificates from J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-FL6 and affirmed our rating on one class from the transaction.

The rating actions on class D (downgrade) and class C (affirmation) reflect our reevaluation of the Southland Mall, which secures the sole remaining loan in the transaction. Our revised valuation declined 18.4% since our last review due primarily to us applying a higher S&P Global Ratings capitalization rate and revising our NCF slightly downward, based on lower occupancy and revenue.

While our credit enhancement expectation was higher than the most recent rating levels on class C, we also qualitatively considered that the transaction is 100% exposed to a retail mall loan that previously defaulted, as well as the uncertainty surrounding the borrower's ability to refinance the loan upon its May 8, 2020, maturity.

In addition, class D had $36,925 in accumulated interest shortfalls that have been outstanding primarily for approximately five consecutive months. According to the master servicer, the shortfalls are primarily due to legal fees incurred from the resignation and replacement of Talmage, as special servicer. We continue to investigate the recoverability, nature, and magnitude of these expenses and, if warranted, may reassess the impact, if any, on the rated bond and take further negative rating action accordingly.

We lowered our rating on the class X-EXT IO certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. The notional balance on class X-EXT references classes A, B, C, and D.

This is a large loan transaction that is now solely backed by a $65.2 million floating-rate IO loan (as of the March 16, 2020, trustee remittance report) secured by the borrower's fee interests in a portion (660,736 sq. ft.) of a 984,783-sq.-ft. enclosed regional mall known as the Southland Mall located approximately 20 miles southwest of Miami in Cutler Bay, Fla.

Our property-level analysis considered the slight decline in servicer-reported year-end 2018 NOI from 2017 (negative 1.1%), the relatively flat in-line sales ($330 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $7.4 million, down from $7.8 million at last review due mainly to lower occupancy and revenue. Using a 9.00% S&P Global Ratings capitalization rate (up from 7.75% in the last review), we arrived at our expected-case value of $81.7 million, yielding an S&P Global Ratings LTV of 79.8%.

We visited the property on Feb. 6, 2020, and noted that the mall was well maintained but was showing its age (it was built in 1972 and renovated in 2005). We noted that a noncollateral anchor, Sears (179,404 sq. ft.), was vacating in February 2020.

The floating-rate loan pays interest at one-month LIBOR plus a 2.9944% margin. In addition, there are $51.0 million in mezzanine financing. The trust has not incurred any principal losses to date. The loan is on the master servicer's watchlist due to a low reported DSC from declining occupancy and higher operating expenses. The loan currently matures on May 9, 2020, and, according to the master servicer's comments, it is waiting for the borrower to formally submit a request to extend the loan. The loan was previously transferred to the special servicer on Oct. 8, 2018, due to imminent maturity default. The loan matured on May 9, 2019, and the borrower was not able to obtain refinancing proceeds. The loan was modified on June 7, 2019, and returned back to the master servicer on Sept. 23, 2019. The modification terms included extending the maturity date to May 9, 2020, with a one-year extension option to May 9, 2021, subject to certain conditions.

The master servicer, KeyBank Real Estate Capital, reported a 0.92x DSC for 2019. According to the Sept. 30, 2019, rent roll, the collateral was 74.5% occupied (we underwrote to 62.3%, assuming JCPenney [81,251 sq. ft.] will vacate; November 2022 lease expiration). The five-largest tenants made up 37.4% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (4.0%), 2021 (6.7%), 2022 (22.8%), and 2023 (6.4%).

BB-UBS TRUST 2012-TFT

We lowered our ratings on four classes of commercial mortgage pass-through certificates from BB-UBS Trust 2012-TFT and affirmed our ratings on three classes from the transaction.

The rating actions on the pooled principal- and interest-paying classes reflect our reevaluation of the three retail malls securing the three loans in the transaction. Our revised valuations, in aggregate, declined 6.5% since the last review due primarily to us applying higher S&P Global Ratings capitalization rates and lowering our NCF assumptions for two of the three malls.

While our credit enhancement expectation was less than the most recent rating level on class A, we also considered the class's senior position within the capital structure, and the potential for additional proceeds to the class if any of the loans pay down in full.

Our affirmation on the class TE nonpooled certificates reflects our analysis of the Town East Mall loan. This nonpooled class derives 100% of its cash flow from a subordinate portion of the whole loan.

We lowered our rating on class E to 'CCC (sf)' because we believe, based on our revised S&P Global Ratings LTV of 116.7% for the Tucson Mall loan, this class is more susceptible to reduced liquidity support and is vulnerable to default and losses.

We affirmed our rating on the class X-A IO certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-A's notional balance references class A.

This is a large loan transaction backed by three uncrossed fixed-rate IO mortgage loans, all maturing in June 2020. According to the March 6, 2020, trustee remittance report, the trust had an aggregate pooled trust balance of $552.9 million and an aggregate trust balance of $567.7 million, the same as at issuance. The trust has not incurred any principal losses to date.

Details on the three loans are as follows:

• The Tucson Mall loan is the largest loan in the pool, with a trust balance of $205.5 million (37.2% of the pooled trust balance). In addition, there is $40.5 million in mezzanine debt. The IO loan pays fixed interest of 3.57% per year and matures on June 1, 2020. The loan is secured by 667,561 sq. ft. of a 1.31 million-sq.-ft. regional mall in Tucson, Ariz. Our analysis considered the declining servicer-reported NOI in 2018 (negative 10.3%) and 2017 (negative 6.6%) due primarily to lower gross rent and relatively flat in-line sales ($355 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $15.8 million, down from $21.9 million as of the last review. Using an S&P Global Ratings capitalization rate of 9.00% (up from 7.50% used in last review), we arrived at our expected-case value of $176.0 million, down 33.6% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 116.7% and an S&P Global Ratings DSC of 2.13x. The master servicer, Wells Fargo, reported a DSC of 2.21x for the nine months ended Sept. 30, 2019, and occupancy was 73.3% (assuming that the Forever 21's 81,806-sq.-ft. space is vacant), according to the Sept. 30, 2019, rent roll. The five-largest tenants comprised 30.8% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (21.7%), 2021 (9.3%), 2022 (9.7%), and 2023 (3.0%). We visited this property on Jan. 28, 2020, and observed that management has brought in a number of nontraditional retail tenants and reported in-line sales is up marginally. However, the property still has several vacant spaces, and there are portions of the mall that have not been renovated recently.
• The Fashion Place loan is the second-largest loan in the pool, with a trust balance of $202.0 million (36.5% of the pooled trust balance). In addition, there is $24.7 million in mezzanine debt. The loan pays fixed interest of 3.32% per year and matures on June 1, 2020. The loan is secured by 421,206 sq. ft. of a 1.02 million-sq.-ft. mall in Murray, Utah. Our analysis considered the year-over-year increase in servicer-reported NOI in 2016 (1.8%), 2017 (4.1%), and 2018 (9.6%) due primarily to higher gross rent and relatively flat in-line sales ($588 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $26.0 million, up from $21.8 million as of the last review. Using an S&P Global Ratings capitalization rate of 6.75% (up from 6.50% in the last review), we arrived at our expected-case value of $385.7 million, up 14.9% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 52.4% and an S&P Global Ratings DSC of 3.83x. Wells Fargo reported a DSC of 4.18x for the nine months ended Sept. 30, 2019, and occupancy was 96.8%, according to the Sept. 30, 2019, rent roll. The five-largest tenants make up 24.6% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (6.5%), 2021 (9.2%), 2022 (14.5%), and 2023 (5.4%).
• The Town East Mall loan is the smallest loan in the pool, with a whole loan balance of $160.2 million. The loan is divided into a $145.4 million senior pooled trust balance (26.3% of the pooled trust balance) and a $14.8 million subordinate nonpooled trust balance that supports the TE raked class. The whole loan pays fixed interest of 3.57% per year and matures on June 1, 2020. The loan is secured by 416,516 sq. ft. of 1.23 million-sq.-ft. regional mall in Mesquite, Texas. Our analysis considered the somewhat stable servicer-reported NOI for the last four years and the relatively flat in-line sales ($478 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $16.1 million, which remains flat from our last review. Using an S&P Global Ratings capitalization rate of 7.75% (up from 7.25% used in last review), we arrived at our expected-case value of $207.7 million, down 6.5% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 70.0% and an S&P Global Ratings DSC 3.06x on the pooled trust balance. Wells Fargo reported a DSC of 3.22x for the nine months ended Sept. 30, 2019, and occupancy was 92.4%, according to the Sept. 30, 2019, rent roll. The five-largest tenants make up 23.9% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (26.9%), 2021 (10.1%), 2022 (18.0%), and 2023 (4.5%).

MSBAM COMMERCIAL MORTGAGE SECURITIES TRUST 2012-CKSV

We lowered our ratings on five classes of commercial mortgage pass-through certificates from MSBAM Commercial Mortgage Securities Trust 2012-CKSV and affirmed our ratings on three classes from the transaction.

The rating actions on the pooled principal- and interest-paying classes reflect our reevaluation of the transaction's two retail mall loans. Our revised valuations, in aggregate, declined 15.3% since the last review due mainly to us applying higher S&P Global Ratings capitalization rates and lowering our NCF assumptions for one of the two malls.

While our credit enhancement expectation was less than the most recent rating levels on classes A-1 and A-2, we also considered the bonds' senior-most position within the capital structure, as well as the amortization of the Sunvalley Shopping Center loan, which benefits these bonds. If there are any reported negative changes in property performance, we may re-visit our analysis and adjust ratings as necessary.

We affirmed our rating on the class X-A and lowered our rating on the class X-B IO certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-A's notional balance references classes A-1 and A-2, and class X-B references class B.

The downgrade on the class CK raked certificates reflects our reevaluation of the Clackamas Town Center loan. The class CK raked certificates derive 100% of their cash flow from a subordinate nonpooled component of the whole loan.

This is a large loan transaction backed by two uncrossed fixed-rate mortgage loans. According to the March 17, 2020, trustee remittance report, the trust had an aggregate pooled trust balance of $354.8 million and an aggregate trust balance of $380.0 million, down from $405.7 million at issuance. The trust has not incurred any principal losses to date.

Details on the two loans are as follows:

• The Clackamas Town Center loan, the larger of the two loans in the trust, has a $216.0 million whole-loan balance and is divided into a $190.8 million senior pooled trust component (53.8% of the pooled trust balance) and a $25.2 million subordinated nonpooled trust component that supports the class CK raked certificates. The 10-year loan is IO, pays a fixed interest rate of 4.177% per year and matures in October 2022. The loan is secured by 631,537 sq. ft. of a 1.41 million-sq.-ft. enclosed two-level regional mall in Happy Valley, Ore. Our property-level analysis considered the relatively stable reported NOI in 2015-2018 and the relatively flat in-line sales ($483 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $24.1 million, which is unchanged from our last review. Using a 7.75% S&P Global Ratings capitalization rate (up from 6.75% used at last review), we arrived at our expected-case value of $310.6 million, down from $356.7 million at last review. S&P Global Ratings' LTV was 69.5% on the whole loan balance. The master servicer, KeyBank, reported a whole-loan DSC of 2.76x for the six months ended June 30, 2019, compared to S&P Global Ratings' whole-loan DSC of 2.63x. According to the Sept. 30, 2019, rent roll, the collateral was 89.9% occupied. The five-largest tenants made up 31.0% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (12.8%), 2021 (6.0%), 2022 (29.1%), and 2023 (8.9%). Most of the lease rollover in 2022 are attributable to Century Theatres (70,752 sq. ft.; December 2022 lease expiration), Forever 21 (33,597 sq. ft.; July 2022), and Barnes & Noble (31,951 sq. ft.; January 2022).
• The Sunvalley Shopping Center loan has a trust and whole-loan balance of $164.0 million. The 10-year loan amortizes on a 30-year schedule, pays fixed interest of 4.440% per year and matures in September 2022. The loan is secured by 1.21 million sq. ft. of a 1.45 million-sq.-ft., enclosed two-level regional mall in Concord, Calif. Our property-level analysis considered the year-over-year decline in servicer-reported NOI in 2017 (negative 6.7%) and 2018 (negative 19.2%), and the relatively flat in-line sales ($478 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $18.5 million, down from $20.9 million as of last review due mainly to lower revenue and higher expenses. Using an S&P Global Ratings capitalization rate of 7.75% (up from 6.75% as of the last review), we arrived at our expected-case value of $238.3 million, down from $291.1 million as of the last review, yielding an S&P Global Ratings LTV of 68.8%. We visited the property on Feb. 5, 2020. We observed weak anchor tenancy (JCPenney, Sears, and Macy's) and an abundance of regional tenants at the mall. We also noted that the competitor properties presented very well and looked more modern than the subject. KeyBank reported a 1.37x DSC for 2019, compared to S&P Global Ratings' DSC of 1.61x. According to the June 30, 2019, rent roll, the collateral was 94.4% occupied. The five-largest tenants made up 59.8% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (4.3%), 2021 (3.5%), 2022 (5.5%), and 2023 (7.3%).

UBS-BAMLL TRUST 2012-WRM

We lowered our ratings on five classes of commercial mortgage pass-through certificates from UBS-BAMLL Trust 2012-WRM and affirmed our ratings on two classes from the transaction.

The rating actions on the principal- and interest-paying classes reflect our reevaluation of the two retail malls securing the two uncrossed loans in the transaction. Our revised valuations, in aggregate, declined 11.6% since our last review due primarily to us applying higher S&P Global Ratings capitalization rates and lowering our NCF assumptions for one of the two malls.

We affirmed our rating on the IO class X-A and lowered our rating on class X-B based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-A's notional balance references class A, and class X-B's notional balance references classes B, C, D, and E.

This is a large loan transaction backed by two fixed-rate IO mortgage loans. According to the March 12, 2020, trustee remittance report, the trust had an aggregated trust balance of $415.0 million, the same as at issuance. The trust has not incurred any principal losses to date.

Details on the two loans are as follows:

• The Westfield Galleria at Roseville loan, the larger of the two loans, has a $275.0 million trust balance (66.3% of the pooled trust balance) and is secured by 680,571 sq. ft. of a 1.33 million-sq.-ft. regional mall in Roseville, Calif. The IO loan pays an annual fixed interest rate of 4.245% and matures in June 2022. Our analysis considered the stable servicer-reported operating performance for the past three years and the relatively flat in-line sales ($664 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $32.1 million, which is unchanged from our last review. Using an S&P Global Ratings capitalization rate of 6.50% (unchanged from our last review), we arrived at our expected-case value of $489.3 million, which remains flat as of our last review. Our expected case value yielded an S&P Global Ratings LTV of 56.2% and an S&P Global Ratings DSC of 2.71x. The master servicer, KeyBank, reported a 3.05x DSC for the nine months ended Sept. 30, 2019, and occupancy was 85.6%, according to the Aug. 31, 2019, rent roll (assuming that Forever 21 vacated its 32,789-sq.-ft. space). The five-largest tenants comprised 20.4% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (21.9%), 2021 (19.6%), 2022 (9.0%), and 2023 (1.3%).
• The Westfield MainPlace loan, the smallest loan in the pool, has a $140.0 million trust balance and is secured by 616,591 sq. ft. of a 1.13 million-sq.-ft. regional mall in Santa Ana, Calif. The IO loan pays an annual fixed interest rate of 4.245% and matures in June 2022. Our analysis considered the declining servicer-reported NOI in 2018 (negative 21.6%) and 2017 (negative 10.8%) due primarily to lower gross rent and relatively flat in-line sales ($397 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $12.8 million, down from $16.8 million from our last review. Using an S&P Global Ratings capitalization rate of 8.50% (up from 7.25% in last review), we arrived at our expected-case value of $150.7 million, down 34.8% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 92.9% and an S&P Global Ratings DSC of 2.13x. KeyBank reported a DSC of 2.54x for the nine months ended Sept. 30, 2019, and occupancy was 93.1%, according to the Sept. 30, 2019, rent roll. The five-largest tenants comprised 44.1% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (17.6%), 2021 (8.9%), 2022 (12.5%), and 2023 (2.5%). We visited the property on Feb. 6, 2020, and we noted that it looked dated compared to its competitors. We also observed that the property consisted of a mix of regional and local tenants, which included a six-screen theater, restaurants, general retail, and other experiential tenants.

COMM 2012-LTRT

We lowered our ratings on four classes of commercial mortgage pass-through certificates from COMM 2012-LTRT and affirmed our ratings on four classes from the transaction.

The rating actions on the principal- and interest-paying classes reflect our reevaluation of the two retail malls securing the two uncrossed loans in the transaction. Our revised valuations, in aggregate, declined 15.8% since our last review due primarily to us applying higher S&P Global Ratings capitalization rates and lowering our NCF assumptions for one of the two malls.

We affirmed our rating on the class X-A and lowered our rating on the class X-B IO certificates based on our criteria for rating IO securities, in which the ratings on the IO securities would not be higher than that of the lowest-rated reference class. Class X-A's notional balance references classes A-1 and A-2, and class X-B references classes B, C, D, and E.

This large loan transaction is backed by two fixed-rate amortizing balloon mortgage loans. According to the March 6, 2020, trustee remittance report, the trust had an aggregated trust balance of $224.7 million, down from $259.0 million at issuance. The trust has not incurred any principal losses to date.

Details on the two loans are as follows:

• The Westroads Mall loan, the larger of the two loans, has a $122.1 million trust balance (54.3% of the trust balance) and is secured by 540,304 sq. ft. of a 1.07 million-sq.-ft. regional mall in Omaha, Neb. The amortizing loan (based on an amortization schedule) pays an annual fixed interest rate of 4.295% and matures in October 2022. In addition, there is $15.6 million in mezzanine debt. Our analysis considered the stable servicer-reported operating performance for the past three years and the relatively flat in-line sales ($426 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $15.1 million, which is unchanged from our last review. Using an S&P Global Ratings capitalization rate of 7.75% (up from 7.06% since our last review), we arrived at our expected-case value of $194.2 million, down 8.9% since our last review. Our expected case value yielded an S&P Global Ratings LTV of 62.9% and an S&P Global Ratings DSC of 1.81x. The master servicer, KeyBank, reported a DSC of 1.92x for the nine months ended Sept. 30, 2019, and occupancy was 86.5% (after assuming Forever 21's 30,796-sq.-ft. space is vacant), according to the Sept. 30, 2019, rent roll. The five-largest tenants comprised 41.9% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (12.7%), 2021 (3.1%), 2022 (5.3%), and 2023 (21.7%).
• The Oaks Mall loan, the smallest loan in the pool, has a $102.6 million trust balance and is secured by 581,849 sq. ft. of a 906,349-sq.-ft. regional mall in Gainesville, Fla. The amortizing loan (based on an amortization schedule) pays an annual fixed interest rate of 4.12% and matures in October 2022. In addition, there is $19.8 million in mezzanine debt. Our analysis considered the declining servicer-reported NOI in 2018 (6.7%) due primarily to lower gross rent and relatively flat in-line sales ($328 per sq. ft., as calculated by S&P Global Ratings). We derived our sustainable NCF of $11.4 million, down from $12.8 million since our last review. Using an S&P Global Ratings capitalization rate of 8.50% (up from 7.25% in last review), we arrived at our expected-case value of $133.7 million, down 24.1% since our last review. Our expected case value yielded a S&P Global Ratings LTV of 76.8% and an S&P Global Ratings DSC of 1.65x. KeyBank reported a DSC of 1.54x for the nine months ended Sept. 30, 2019, and occupancy was 65.7% (after assuming the JCPenney [133,561 sq. ft.] and the Forever 21 [28,195-sq.-ft.] spaces are vacant), according to the Sept. 30, 2019, rent roll. The five-largest tenants comprised 50.1% of the collateral NRA. In addition, the NRA include leases that expire in 2019-2020 (7.7%), 2021 (7.6%), 2022 (6.5%), and 2023 (20.9%). The leases rolling in 2023 are primarily from JCPenney (January 2023 lease expiration) and Belk (99,806 sq. ft. February 2023). We visited the mall on Feb. 6, 2020, and we noted that the former Sears space is now occupied by University of Florida Health, and Forever 21 may renew its lease when it expires in 2021. During the property visit, we noted that there are a few lifestyle centers around the property and they presented better in comparison to this mall.

CONDUIT TRANSACTIONS

For these transactions, our approach included re-evaluating each of the underperforming malls referenced in "Shop with Caution – CMBS Mall Loans Worth Watching," published Jan. 8, 2020, to determine a sustainable S&P Global Ratings NCF, capitalization rate and valuation, using a similar approach to the aforementioned analysis. Given the diversity of the transactions, we primarily focused on the underperforming malls, but where applicable, our analysis also included a review of the larger loans in the pool, typically the top 10 loans.

The downgrades and affirmations on the pooled principal- and interest-paying classes reflect our expected credit enhancement levels for the bonds relative to our revised benchmark levels for the transactions. For some of the reviewed classes, transaction amortization has improved credit enhancement levels to the point that ratings upgrades may be indicated. However, our rating decisions also considered the transactions' remaining exposure to other collateral loans in the pool (in some cases, a significant retail exposure) and the potential for adverse selection to occur among the remaining collateral.

Conversely, for the COMM 2013-CCRE9 Mortgage Trust and COMM 2012-CCRE4 Mortgage Trust transactions, while the A-M bonds' credit enhancement levels indicated potential downgrade, we also considered the bonds' relatively senior position within their respective capital structures, and the potential for some future loan paydown, generally benefiting the more senior classes.

For ratings in the 'CCC' category, we consider the classes to be vulnerable to nonpayment and to face at least a one-in-two likelihood of default (in principal or interest). For 'B- (sf)' ratings, we also considered the classes' vulnerability to nonpayment, as well as their position within the rated capital stack.

The ratings on the exchangeable certificates reflect the lowest rating of the certificates for which they can be exchanged. The ratings on the IO certificates are based on our criteria for rating IO securities.

The downgrades on the class D, E, and F certificates from TIAA Seasoned Commercial Mortgage Trust 2007-C4 reflect the classes' susceptibility to liquidity interruption due to the nonrecoverable determination on the Algonquin Phase I and II loans. Class F has experienced interest shortfalls outstanding for four consecutive months.

The affirmation on JPMBB Commercial Mortgage Securities Trust 2014-C19's class CSQ nonpooled certificates reflects our analysis of the Centreville Square loan. This nonpooled class derives 100% of its cash flow from a subordinate portion of the whole loan.

Finally, we discontinued our rating on class A-2 from GS Mortgage Securities Trust 2013-GCJ12 because the class repaid in full, according to the March 2020 trustee remittance report.

Table 1 below provides a description of the credit metrics of the conduit transactions, such as S&P Global Ratings' LTV and DSC for the transactions (excluding the defeased and specially serviced assets). We also include a table displaying each of the underperforming malls in the conduit transactions and our view of their credit following our analysis (see table 2).

For defaulted malls or loans, we generally estimated losses and recoveries based on, among other factors, updated appraisal values, revised market- or property-level information, third-party market reports, comparable sales, or updated resolution information.

Table 1

Table 2

Related Criteria

• Criteria | Structured Finance | Legal: U.S. Structured Finance Asset Isolation And Special-Purpose Entity Criteria, May 15, 2019
• Criteria | Structured Finance | General: Structured Finance Temporary Interest Shortfall Methodology, Dec. 15, 2015
• General Criteria: U.S. Government Support In Structured Finance And Public Finance Ratings, Dec. 7, 2014
• Criteria | Structured Finance | CMBS: Insurance Criteria For U.S. And Canadian CMBS Transactions, June 13, 2013
• General Criteria: Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral, Nov. 30, 2012
• Criteria | Structured Finance | CMBS: CMBS Global Property Evaluation Methodology, Sept. 5, 2012
• Criteria | Structured Finance | CMBS: Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 5, 2012
• Criteria - Structured Finance - General: Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012
• General Criteria: Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31, 2012
• Criteria | Structured Finance | CMBS: Assessing Borrower-Level Special-Purpose Entities In U.S. CMBS Pools: Methodology And Assumptions, Nov. 16, 2010
• Criteria | Structured Finance | General: Global Methodology For Rating Interest-Only Securities, April 15, 2010
• Criteria | Structured Finance | CMBS: U.S. CMBS 'AAA' Scenario Loss And Recovery Application, July 21, 2009
• Criteria | Structured Finance | General: Methodology For Servicer Risk Assessment, May 28, 2009

Related Research

• COVID-19 Credit Update: The Sudden Economic Stop Will Bring Intense Credit Pressure, March 17, 2020
• COVID-19 Macroeconomic Update: The Global Recession Is Here And Now, March 17, 2020
• Shop with Caution – CMBS Mall Loans Worth Watching, Jan. 8, 2020
• Global Structured Finance Outlook 2020: Another $1 Trillion-Plus Year On Tap, Jan. 6, 2020
• Application Of CMBS Global Property Evaluation Methodology In U.S. And Canadian Transactions, Sept. 5, 2012
• U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5, 2012
• Global Structured Finance Scenario And Sensitivity Analysis 2016: The Effects Of The Top Five Macroeconomic Factors, Dec. 16, 2016

In addition to the criteria specific to this type of security (listed above), the following criteria articles, which are generally applicable to all ratings, may have affected this rating action: "Counterparty Risk Framework: Methodology And Assumptions," March 8, 2019; "Post-Default Ratings Methodology: When Does Standard & Poor's Raise A Rating From 'D' Or 'SD'?," March 23, 2015; "Global Framework For Assessing Operational Risk In Structured Finance Transactions," Oct. 9, 2014; "Methodology: Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D' And 'SD' Ratings," Oct. 24, 2013; "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," Oct. 1, 2012; "Methodology: Credit Stability Criteria," May 3, 2010; and "Use of CreditWatch And Outlooks," Sept. 14, 2009.