The ratings on four P&I classes were affirmed due the credit support and 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 Cl. B was downgraded due to a decline in pool performance and higher anticipated losses as a result of the increased share of specially serviced loans.
Moody's rating action reflects a base expected loss of 12.7% of the current pooled balance, compared to 6.8% at Moody's last review. All six properties were vacated as a result of Bon-ton approved liquidation process.
Moody's rating action reflects a base expected loss of 7.3% of the current pooled balance compared to 5.2% at Moody's last review. The asset is encumbered with $124.2 million of subordinate B-Note financing held outside the trust as well as $66.5 million of mezzanine financing.