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Rating Action:

Moody's affirms seven CMBS Classes of CSAIL 2018-CX12

04 Nov 2020

Approximately $531 million of structured securities affected

New York, November 04, 2020 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on seven classes in CSAIL 2018-CX12 Commercial Mortgage Trust, Commercial Mortgage Pass Through Certificates, Series 2018-CX12:

Cl. A-1, Affirmed Aaa (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-S, Affirmed Aa2 (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aa2 (sf)

Cl. X-A*, Affirmed Aa1 (sf); previously on Aug 22, 2018 Definitive Rating Assigned Aa1 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on the six 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.

The rating on the IO class, Cl. X-A, was affirmed based on the credit quality of its referenced class.

The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Our analysis has considered the effect on the performance of commercial real estate from the current weak US economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous, and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Moody's rating action reflects a base expected loss of 6.1% of the current pooled balance. Moody's base expected loss plus realized losses is now 6.0% of the original pooled balance. 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 rating all classes except interest-only classes was "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778. The methodologies used in rating interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the October 15, 2020 distribution date, the transaction's aggregate certificate balance has decreased by 1.0% to $665.6 million from $672.6 million at securitization. The certificates are collateralized by 41 mortgage loans ranging in size from less than 1% to 9.6% of the pool, with the top ten loans (excluding defeasance) constituting 63.7% of the pool. Three loans, constituting 23.4% of the pool, have an investment-grade structured credit assessment.

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 20, unchanged from securitization.

As of the October 2020 remittance report, loans representing 96.1% were current or within their grace period on their debt service payments, 1.3% were 60 to 89 days delinquent, and 2.6% were 90 + days delinquent or in foreclosure.

In total there are 18 loans, constituting 37.6% of the pool, that currently 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.

No loans have been liquidated from the pool and there have been no realized losses to the trust. Four loans, constituting 9.5% of the pool, are currently in special servicing, all of which transferred to special servicing since June 2020.

The largest specially serviced loan is the SIXTY Hotel Beverly Hills ($40.0 million -- 6.0% of the pool), which is secured by a 118-unit luxury full-service hotel located in Los Angeles, CA. The hotel was originally constructed in 1963, and extensively renovated in 2016 and is well-located within the heart of Beverly Hills approximately 0.3 miles east of Rodeo Drive. The property reported a year-to-date September 2019 NOI DSCR of 2.63X, however, the property's occupancy and revenue per available room (RevPAR) have been severely impacted by the coronavirus pandemic. The property did not generate enough cash flow during the second quarter of 2020 to cover operating expenses. As a result, the loan transferred to special servicing in September 2020 for payment default. As of the August remittance statement the loan was paid through its June 2020 payment. The special servicer is currently negotiating resolution strategies with the Borrower. Due to the historical performance and asset quality, the loan was included as part of the conduit statistics with a Moody's LTV of 120% and the loan is interest only for its entire term.

The second largest specially serviced loan is the Galveston Hotel Portfolio, ($14.0 million -- 2.1% of the pool) which is secured by the borrower's fee simple interest in a dual-branded hotel totaling 173 rooms and located in Galveston, Texas. The brands include a Courtyard by Marriott and TownePlace Suites which were constructed in 2013. Through year-end 2019 the property had already experienced a significant decline in performance from securitization due to both lower RevPAR and higher operating expenses. As a result of the coronavirus pandemic the asset's performance continued to decline in 2020. Through the first quarter of 2020 the property did not generate enough revenue to cover its operating expenses. Furthermore, one of the market's major demand driver is the leisure cruise industry which has also experienced a significant decline in demand. The loan transferred to special servicing in June 2020 and is last paid through its March 2020 payment date.

The remaining two specially serviced loans each represent less than 1.0% of the pool and are secured by two hotel properties. Both properties had outperformed expectation at securitization through year-end 2019 but have been significantly impacted by the coronavirus pandemic.

Moody's has also assumed a high default probability for one poorly performing loan, constituting 1.3% of the pool, which is secured by a neighborhood retail center located in Pompano Beach, FL. The loan is anchored by a Planet Fitness (42% of the NRA) and includes other local service-oriented tenants. The borrower was initially provided payment relief and was able to use reserve account balances to pay debt service for April, May and June, however, the loan is now delinquent and as of the October remittance the loan was last paid though its July 2020 payment date.

Moody's has included the SIXTY Hotel Beverly Hills loan in the conduit statistics with a Moody's LTV of 120% and has estimated an aggregate $9.4 million loss (30.0% on average) for the remaining specially serviced and troubled loans.

Moody's received full year 2019 operating results for 99% of the pool, and partial year 2020 operating results for 96% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 120%, compared to 119% at Moody's securitization. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced (other than the SIXTY Hotel Beverly Hills) and troubled loans. Moody's value reflects a weighted average capitalization rate of 10.2%.

Moody's actual and stressed conduit DSCRs are 1.43X and 0.92X, respectively, compared to 1.45X and 0.94X at securitization. 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 largest loan with a structured credit assessment asset is the 20 Times Square Loan ($64 million - 9.6% of the pool), which represents a pari passu interest in a $265 million senior mortgage loan. The property is also encumbered with $485.0 million of B-note and $150.0 million of mezzanine debt. The loan is secured by the borrower's fee simple interest in a 16,066 SF parcel of land located along Seventh Avenue and West 47th Street in Times Square, New York, NY. The non-collateral improvements above the property are encumbered with a 99-year ground lease with an initial ground rent of $29.25 million per annum, subject to a 2.0% annual increases in years 1- 5 and 2.75% annual increase thereafter. The non-collateral property consists of 74,820 SF of retail space, 18,000 SF of digital signage on 7th avenue and the 452-room hotel. While hotel and retail properties in Times Square have been significantly impacted by the coronavirus pandemic, the loan benefits from its ground lease priority and in the event of default of the ground lease, ownership of the improvements would revert to the borrower (ground lessor) and serve as collateral for the loan. Moody's structured credit assessment is aaa (sca.pd).

The second structured credit assessment loan is the Aventura Mall loan ($50 million -- 7.5% of the pool) which represents a pari passu portion of a $1.4 billion senior mortgage. The total debt also includes a $343.3 million of junior notes. The property is the largest mall in the state of Florida and contains five anchors (Macy's, Bloomingdale's, Macy's Men's and Home, J. C. Penney and Nordstrom). The collateral for the loan totals 1.2 million SF and includes the J. C. Penney anchor space and the pad sites ground leased to the other four. The property benefits from a large mix of luxury and mass market tenants that appeal to a wide variety of shoppers. The loan is interest only for its entire term and had 2.05X NOI DSCR as of year-end 2019. As of the June 2020 rent roll, the property was 96.3% leased. The loan has remained current through the October 2020 remittance statement. Moody's structured credit assessment and stressed DSCR are aa3 (sca.pd) and 1.10X, respectively, compared to a3 (sca.pd) and 0.99X at securitization.

The third structured credit assessment loan is the Queens Place loan ($42 million -- 6.3% of the pool), which is secured by a fee simple condominium interest in a 223,068 SF component of a 448,068 SF power center located in Elmhurst, NY. The property benefits from its strong historical occupancy and its location at the intersection between Queens Boulevard and Exit 19 of the Long Island Expressway (1-495). The collateral for the loan consists of the first through third floors of the primary five-story structure (219,654 SF), a freestanding single-tenant retail building (3,414 SF), and a six-story parking garage. As of the June 2020 rent roll, the property was 93.4% leased which was in line with occupancy at securitization. The property's major tenants include Macy's Furniture Gallery (30% of collateral NRA); Best Buy (25% of NRA) and DSW Shoe Warehouse Inc (16% of NRA). Through year-end 2019 the property's performance decline marginally since securitization as a result of lower rental revenues. The total debt also includes a $58.0 million of B-note and $10.0 million of mezzanine debt. Moody's structured credit assessment and stressed DSCR on the senior debt are baa2 (sca.pd) and 1.50X, respectively.

The top three conduit loans represent 21.6% of the pool balance. The largest loan is the Hilton Clearwater Beach Resort & Spa ($60.7 million -- 9.1% of the pool), which represents a pari passu portion of a $128.1 million senior mortgage loan. The loan is secured by the borrower's leasehold interest in a 416 guestroom, full-service hotel located in Clearwater Beach, FL. Through year-end 2019 the property had outperformed expectations from securitization and had an actual NOI DSCR of 2.15X. However, the property performance has been impacted by the coronavirus pandemic and the NOI DSCR declined to 1.33X for the trailing twelve-month period ending June 2020. The property benefits from its oceanfront location, direct beach access and ocean views on Clearwater beach. The loan has amortized approximately 3.1% since securitization and remains current as of the October 2020 remittance date. Moody's LTV and stressed DSCR are 112% and 1.06X, respectively.

The second largest loan is the Riverfront Plaza ($44.6 million -- 6.7% of the pool), which represents a pari passu portion of a $141.7 million senior mortgage loan. The property is also encumbered with $25 million of mezzanine debt. The loan is secured by two, 21-story office towers totaling 949,875 SF and located in the central business district ("CBD") of Richmond, VA. Collateral for the loan also includes a five-story parking garage containing 2,172 parking spaces. The two largest tenants include Hunton & Williams LLP (27.6% of the NRA, lease expiration in June 2025) and BB&T Bank (14.9% of the NRA, lease expiration in August 2025). As of March 2020, the property was 87% leased, compared to 86% in June 2019 and 83% at securitization. The loan benefits from amortization and has amortized approximately 2.6% since securitization. Moody's LTV and stressed DSCR are 128% and 0.82X, respectively, compared to 132% and 0.80X at securitization.

The third largest loan is the Lakewood Plaza Loan ($38.2 million -- 5.7% of the pool), The Lakewood Plaza loan is secured by the borrower's fee simple interest in a grocery-anchored retail center located in Lakewood, NJ. The grocery anchor, Gourmet Glatt (37% of the NRA), operates on a sub-lease from ShopRite that was extended through February 2025. Property performance has been stable since securitization and the property was 100% leased as of June 2020 compared to 94% at securitization. Moody's LTV and stressed DSCR are 132.0% and 0.78X, respectively, essentially the same as at securitization.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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.

Ashton Khan
Associate Lead 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
VP - Senior Credit Officer
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.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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