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Rating Action:

Moody's Affirms Seven CMBS Classes of COMM 2014-CCRE20

26 Jul 2018

Approximately $908.9 Million of Structured Securities Affected

New York, July 26, 2018 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on seven classes in COMM 2014-CCRE20 Mortgage Trust, Commercial Mortgage Pass-Through Certificates

Cl. A-1, Affirmed Aaa (sf); previously on Jul 25, 2017 Affirmed Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Jul 25, 2017 Affirmed Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 25, 2017 Affirmed Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 25, 2017 Affirmed Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 25, 2017 Affirmed Aaa (sf)

Cl. A-M, Affirmed Aa1 (sf); previously on Jul 25, 2017 Affirmed Aa1 (sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 25, 2017 Affirmed Aa3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

Moody's rating action reflects a base expected loss of 4.3% of the current pooled balance, compared to 4.4% at Moody's last review. Moody's base expected loss plus realized losses is now 4.1% of the original pooled balance, compared to 4.3% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in these ratings was "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in July 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology

DEAL PERFORMANCE

As of the July 12, 2018 distribution date, the transaction's aggregate certificate balance has decreased by 3.4% to $1.14 billion from $1.18 billion at securitization. The certificates are collateralized by 64 mortgage loans ranging in size from less than 1% to 10.5% of the pool, with the top ten loans (excluding defeasance) constituting 54% of the pool. Six loans, constituting 3.7% of the pool, have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 22, compared to 23 at Moody's last review.

Seven loans, constituting 8.0% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

Moody's received full year 2017 operating results for 94% of the pool, and full or partial year 2018 operating results for 79% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 109%, compared to 113% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 21% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.9%.

Moody's actual and stressed conduit DSCRs are 1.66X and 1.01X, respectively, compared to 1.60X and 0.96X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 28% of the pool balance. The largest loan is the Gateway Center Phase II Loan ($120.0 million -- 10.5% of the pool), which represents a participation interest in a $300 million mortgage loan. The loan is secured by a 602,000 square feet (SF) retail center located in Brooklyn, New York. The center is the second phase of a larger retail power center. As of March 2018, the property was 100% leased, unchanged from March 2017 and securitization. Retailers at the property include JC Penney (non-collateral), ShopRite, and Burlington Coat Factory. The loan is interest-only throughout the loan term. Moody's LTV and stressed DSCR are 114% and 0.78X, respectively, the same as at Moody's last review.

The second largest loan is the InterContinental Miami Loan ($115.0 million -- 10.1% of the pool), which is secured by a 641-key, full-service hotel in downtown Miami, Florida. The May 2018 trailing twelve months revenue per available room (RevPAR) was $175.90. Property performance dropped in 2017 primarly as a result of Food and Beverage decreasing almost 16%. The loan is interest-only throughout the loan term. Moody's LTV and stressed DSCR are 100% and 1.16X, respectively, the same as at Moody's last review.

The third largest loan is the Marriott Atlanta Airport Gateway Loan ($79.5 million -- 7.0% of the pool), which is secured by a 403-key full-service hotel located adjacent to Atlanta's Hartsfield-Jackson International Airport, in College Park, Georgia. The December 2017 RevPAR at the property was $138.42, compared with $138.08 in the prior year. Moody's LTV and stressed DSCR are 121% and 0.96X, respectively, compared to 123% and 0.95X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Paul Cognetti
AVP - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Matthew Halpern
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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