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Moody's Investors Service ("Moody's") downgraded its ratings for Briggs & Stratton Corporation ("Briggs & Stratton"), including the company's Corporate Family Rating ("CFR") and Probability of Default Rating to B2 and B2-PD, respectively, and the rating for its senior unsecured notes due 2020, also to B2. The company's speculative grade liquidity ("SGL") rating was downgraded to SGL-4 from SGL-3.
The ratings on nine principal and interest (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 exchangeable class, Cl. PST, was affirmed due to the credit quality of the referenced exchangeable classes. The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term.
Moody's rating action reflects a base expected loss of 4.2% of the current pooled balance, compared to 4.4% at Moody's last review. The property was previously anchored by Good Cents Grocery (23% of net rentable area (NRA)) who vacated in December 2016.
The rating on the interest only (IO) class Cl. X-1 was affirmed based on the credit quality of their referenced classes. 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.
The ratings on six principal and interest (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 6.8% of the current pooled balance, compared to 6.0% at Moody's last review. Moody's base expected loss plus realized losses is now 6.6% of the original pooled balance, compared to 5.9% at the last review.
Rating Action: Moody's affirms 13 classes of JPMCC 2014- C20. Global Credit Research- 15 Aug 2019. Approximately $624 million of structured securities affected.
Rating Action: Moody's upgrades four and affirms nine classes of WFRBS 2012- C8. Global Credit Research- 15 Aug 2019. Approximately $906.8 million of structured securities affected.
The ratings on the principal and interest (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 1.8% of the current pooled balance, essentially the same as at Moody's last review. Moody's base expected loss plus realized losses is now 1.4% of the original pooled balance, compared to 1.1% at the last review.
Rating Action: Moody's affirms twelve classes of WFCM 2013- LC12. Global Credit Research- 05 Aug 2019. Approximately $1.1 billion of structured securities affected.
Furthermore, the transaction has a significant exposure to Class B regional malls with a total of five loans representing 35% of the pooled loan balance. Moody's rating action reflects a base expected loss of 8.1% of the current pooled balance, compared to 4.6% at Moody's last review.
Rating Action: Moody's affirms eight and downgrades one class of COMM 2013- CCRE12. Global Credit Research- 29 Jul 2019. Approximately $877 million of structured securities affected.
The ratings on two principal and interest (P&I) classes, Cl. B and Cl. C, were upgraded primarily due to an increase in credit support resulting from loan paydowns and amortization, as well as an increase in defeasance. Moody's rating action reflects a base expected loss of 3.3% of the current pooled balance, compared to 2.8% at Moody's last review.
Rating Action: Moody's affirms seven and downgrades two classes of WFCM 2010- C1. Global Credit Research- 15 Jul 2019. Approximately $568.7 million of structured securities affected.
Moody's rating action reflects a base expected loss of 7.1% of the current pooled balance, compared to 5.2% at Moody's last 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.
Rating Action: Moody's affirms ten classes of UBSCM 2012- C1. Global Credit Research- 15 Jul 2019. Approximately $1.04 billion of structured securities affected.
The ratings on three principal and interest (P&I) classes were upgraded primarily due to Moody's expectation of additional increases in credit support resulting from the payoff of loans approaching maturity that are well positioned for refinance. The ratings on four 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 0.1% of the current pooled balance, the same as at Moody's last review.
Rating Action: Moody's affirms ten classes of WFRBS 2012- C9. Global Credit Research- 01 Jul 2019. Approximately $731 million of structured securities affected.
The ratings on eight 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 4.5% of the current pooled balance, compared to 2.6% at Moody's last review. Moody's base expected loss plus realized losses is now 3.7% of the original pooled balance, compared to 2.5% at the last review.
The rating on Cl. B was upgraded based on an increase in credit support resulting from loan paydowns and amortization as well as a significant increase in defeasance. The deal has paid down 6.7% since Moody's last review and defeasance increased to 18.0% of the current pool balance from 0% at the last review. The ratings on nine principal and interest (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.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Lands' End, Inc. New York, June 24, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Lands' End, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Rating Action: Moody's affirms ten and downgrades two classes of COMM 2013- CCRE7. Global Credit Research- 21 Jun 2019. Approximately $566 million of structured securities affected.
Rating Action: Moody's affirms seven classes of GSMS 2015- GC32. Global Credit Research- 19 Jun 2019. Approximately $725.5 million of structured securities affected.