Wells Fargo Commercial Mortgage Trust 2019-C50 -- Moody's affirms eight classes of WFCM 2019-C50

Rating Action: Moody's affirms eight classes of WFCM 2019-C50Global Credit Research - 02 Mar 2021Approximately $713.5 million of structured securities affectedNew York, March 02, 2021 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on eight classes in Wells Fargo Commercial Mortgage Trust 2019-C50, Commercial Mortgage Pass-Through Certificates, Series 2019-C50 as follows:Cl. A-1, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)Cl. A-2, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)Cl. A-3, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)Cl. A-SB, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)Cl. A-4, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)Cl. A-5, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)Cl. A-S, Affirmed Aa2 (sf); previously on May 14, 2019 Definitive Rating Assigned Aa2 (sf)Cl. X-A*, Affirmed Aaa (sf); previously on May 14, 2019 Definitive Rating Assigned Aaa (sf)* Reflects interest-only classesRATINGS RATIONALEThe 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.The rating on the IO class was affirmed based on the credit quality of the referenced classes.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 8.8% of the current pooled balance, compared to 5.5% at securitization. Moody's base expected loss plus realized losses is now 8.6% 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 RATINGSThe 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 ACTIONThe 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 PERFORMANCEAs of the February 18, 2021 distribution date, the transaction's aggregate certificate balance has decreased by 3% to $909.3 million from $938.0 million at securitization. The certificates are collateralized by 63 mortgage loans ranging in size from less than 1% to 5% of the pool, with the top ten loans (excluding defeasance) constituting 36% of the pool. Two loans, constituting 6% of the pool, have investment-grade structured credit assessments.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 42, compared to 43 at securitization.As of the February 2021 remittance report, loans representing 86% were current or within their grace period on their debt service payments, 5% were beyond their grace period but less than 30 days delinquent and 9% were beyond 90 days delinquent.Sixteen loans, constituting 26% of the pool, are on the master servicer's watchlist, of which one loan, representing 2% of the pool, indicate the borrower has requested relief in relation to coronavirus impact on the property. 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. Six loans, constituting 13% of the pool, are currently in special servicing and all of the specially serviced loans have transferred to special servicing since March 2020.The largest specially serviced loan is the Great Wolf Lodge Southern California Loan ($35.0 million -- 3.8% of the pool), which represents a pari-passu portion of a $150 million loan. The property is also encumbered with a $20 million B note. The loan is secured by the borrower's fee simple interest in a 603-guestroom, full-service waterpark hotel located in Garden Grove, California. The waterpark includes water slides, splash pads, play pool, thrill rides, surf simulator and a large wave pool. Other amenities at the hotel include a fitness center, a movie theater, dining, miniature golf, arcade and a 30,000 square foot (SF) conference venue. The loan transferred to special servicing in June 2020 as a result of imminent monetary default due to the coronavirus pandemic. The borrower requested a forbearance, which was executed to use reserves to pay debt service, operating expenses, deferral of the FF&E payments through 2020. As of February 2021, the property has been closed since March 2020 due to the coronavirus related restrictions. As of February 2021, the loan is current on its debt payments. Due to property's historical performance, this loan was included in the conduit statistics.The second largest specially serviced loan is the Ohio Hotel Portfolio Loan ($34.7 million -- 3.8% of the pool), which is secured by the borrower's fee simple interest in three hospitality properties in Ohio -- The Springhill Suites Beavercreek (Springhill Suites), The Holiday Inn Express & Suites Dayton South (HIX Dayton) and the Holiday Inn West Chester (Holiday Inn). The Springhill Suites is subject to a franchise agreement with Marriott expiring in 2033, while the two Holiday Inn assets are subject to individual franchise agreements with IHG expiring in 2035 and 2036. Springhill Suites is a 118-room select-service hotel located in Beavercreek, OH. As of August 2020, trailing twelve-month (TTM) occupancy, ADR and RevPAR were 53.5%, $107.69 and $57.67, respectively, compared to 79.5%, $118.98 and $94.57 as of TTM August 2019. The HIX Dayton is a 111-room limited-service hotel located in Dayton South along I-675, one of the region's primary highways. As of August 2020, TTM occupancy, ADR and RevPAR were 58.1%, $94.87 and $55.17, respectively, compared to 73.6%, $105.70 and $77.79 as of TTM August 2019. The Holiday Inn is a 130-room full-service hotel located in West Chester, OH (Cincinnati North). As of August 2020, TTM occupancy, ADR and RevPAR were 54.6%, $105.02 and $57.34, respectively, compared to 73.3%, $116.88 and $85.67 as of TTM August 2019. The loan transferred to special servicing in May 2020 for imminent monetary default as a result of the coronavirus pandemic. The borrower and third-party consultant have signed the pre-negotiation letter and provided the requested due diligence and the special servicer sent the borrower proposed settlement terms. The special servicer is dual-tracking settlement discussions and enforcement of lender's rights.The third largest specially serviced loan is the InnVite Hospitality Portfolio Loan ($20.4 million -- 2.2% of the pool), which is secured by five hospitality properties in Ohio, including two Best Western Plus, one Hampton Inn, one Super 8 and one Quality Inn & Suites. The hotels were built between 1986 and 2002 and have received renovations between 2014 and 2017. The properties range in size from 59 to 127 rooms and combined total 468 rooms. All of the properties are located in Ohio: three in the Dayton, OH and two in the Columbus, OH. The loan transferred to special servicing in May 2020 due to payment default as a result of the coronavirus pandemic. The special servicer is in discussion with the borrower and is evaluating next steps.The remaining three specially serviced loans are secured by a mix of property types. Moody's estimates an aggregate $26 million loss for the specially serviced loans, excluding the Great Wolf Lodge Southern California Loan (31.1% expected loss on average).The credit risk of loans is determined primarily by two factors: 1) Moody's assessment of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessment of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan's amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.Moody's received full year 2019 operating results for 93% of the pool, and full or partial year 2020 operating results for 79% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 118%, compared to 116% at securitization. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced (other than the Great Wolf Lodge Southern California Loan which was included in the conduit statistics) and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 13% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 10%.Moody's actual and stressed conduit DSCRs are 1.43X and 0.94X, respectively, compared to 1.48X and 0.97X 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 loan with a structured credit assessment is The Colonnade Office Complex Loan ($28.0 million -- 3.1% of the pool), which represents a pari-passu portion of a $105 million loan. The property is also encumbered with a $118 million B note and a $17 million mezzanine loan. The loan is secured by the borrower's fee simple interest in three Class A office buildings, totaling 1,080,180 SF located in Addison, Texas. The three buildings are Colonnade I, Colonnade II and Colonnade III and are connected by vaulted glass atrium and a parking garage. Amenities include a fitness center, business center, bank, food court, coffee kiosk, conference center, storage and a full-time security. Since 2013, the sponsor spent approximately $32.5 million in capital improvements, tenant improvements, leasing commissions and other costs. As of September 2020, the property was 82% leased, compared to 84% in December 2019 and 91% at securitization. Moody's structured credit assessment and stressed DSCR are baa2 (sca.pd) and 1.63X, respectively, compared to a3 (sca.pd) and 1.76X at securitization.The second loan with a structured credit assessment is the Great Value Storage Portfolio Loan ($25.0 million -- 2.7% of the pool), which represents a pari-passu portion of a $110 million loan. The property is also encumbered with $185 million of mezzanine debt. The loan is secured by the borrower's fee interests in 64 self-storage properties located across 10 states. Collectively, they offer 30,811 rentable storage units totaling 4,103,764 SF. The units include climate control units, non-climate control units and other office/warehouse/retail storage units. As of March 2020, the properties were 71% occupied, compared to 87% at securitization. Moody's structured credit assessment and stressed DSCR are aa1 (sca.pd) and 1.97X, respectively, unchanged since securitization.The top three conduit loans represent 12.4% of the pool balance. The largest loan is the Crown Center Office Park Loan ($43.5 million -- 4.8% of the pool), which is secured by the borrower's fee simple interest in an office park comprising of five, Class B office buildings totaling 341,965 SF. The office park is located in Fort Lauderdale, Florida, approximately 14 miles north of Fort Lauderdale-Hollywood International Airport. As of December 2020, the property was 86% occupied, compared to 82% in December 2019 and 86% at securitization. Moody's LTV and stressed DSCR are 153% and 0.73X, unchanged since securitization.The second largest loan is the Goodyear Portfolio Loan ($34.5 million -- 3.8% of the pool), which represents a pari-passu portion of a $50.5 million loan. The property is also encumbered with a $9.9 million B note. The loan is secured by the borrower's fee simple interest in four industrial and office properties, located in Akron, Ohio, approximately four miles from the Central Business District and 40 miles south of Cleveland, Ohio. The properties are comprised of 9 buildings and serve as Goodyear Tire and Rubber Company Global and North American headquarters campus. The portfolio is 100% occupied by Goodyear Tire and Rubber Company with lease expiration in April 2038. Moody's value incorporates a lit/dark analysis due to the single tenant exposure. Moody's LTV and stressed DSCR are 116% and 1.42X, unchanged since securitization.The third largest loan is the Hilton at University Place Loan ($34.1 million -- 3.8% of the pool), which is represents a pari-passu portion of a $44.8 million loan. The loan is secured by the borrower's fee simple interest in a 393-guestroom, full-service hotel located in Charlotte, North Carolina. The hotel is located across the street from the University of North Carolina campus and nine miles northeast of downtown Charlotte. The sponsor invested approximately $19.6 million for renovations between 2006 and 2018. Amenities include event space, 24-hour fitness center, outdoor swimming pool, business center and a shuttle to the college campus. As of September 2020, TTM occupancy, ADR and RevPAR were 43.8%, $126.72 and $55.50, respectively, compared to 711.5%, $140.87 and $100.72 as of TTM September 2019. Moody's LTV and stressed DSCR are 128% and 0.93X, compared to 112% and 1.06X at securitization.REGULATORY DISCLOSURESFor 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_1243406.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.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK 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. Suzanna Sava Vice President - Senior Analyst Structured Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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