DBRS Morningstar Confirms All Ratings on BANK 2017-BNK6.
ENPNewswire-January 13, 2022--DBRS Morningstar Confirms All Ratings on BANK 2017-BNK6
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Release date- 12012022 - DBRS Limited (DBRS Morningstar) confirmed its ratings on the Commercial Mortgage Pass-Through Certificates, Series 2017-BNK6 issued by BANK 2017-BNK6 as follows.
Class A-2 at AAA (sf)
Class A-3 at AAA (sf)
Class A-4 at AAA (sf)
Class A-5 at AAA (sf)
Class A-S at AAA (sf)
Class A-SB at AAA (sf)
Class B at AAA (sf)
Class X-A at AAA (sf)
Class X-B at AA (high) (sf)
Class C at AA (sf)
Class X-D at A (low) (sf)
Class D at BBB (high) (sf)
Class X-E at BB (high) (sf)
Class E at BB (sf)
Class X-F at B (high) (sf)
Class F at B (sf)
All trends are Stable. The rating for Class A-1 was previously discontinued as a result of a full repayment with the December 2021 remittance.
The rating confirmations reflect the overall stable performance of the transaction since last review, despite more recent challenges that have generally been driven by the effects of the Coronavirus Disease (COVID-19) pandemic. At issuance, the transaction consisted of 72 fixed-rate loans secured by 189 commercial and multifamily properties, with a trust balance of $933.3 million. According to the December 2021 remittance report, two loans have paid in full, leaving 70 loans within the transaction. There has been a collateral reduction of 3.9% since issuance, lowering the trust balance to $897.3 million. Defeasance has been minimal, with four small loans, representing 3.6% of the pool, defeased since issuance. There have been no losses to date, with the $28.8 million unrated Class G balance at issuance unchanged as of the December 2021 remittance.
The transaction is concentrated with loans backed by retail, mixed-use, and office property types, representing 27.6%, 19.8%, and 17.1% of the current trust balance, respectively. The remaining concentrations by property type are relatively low, including lodging, which represents about 14.0% of the pool balance. According to the December 2021 remittance report, one loan is in special servicing. There are 19 loans, representing 24.4% of the current trust balance, on the servicer's watchlist. These loans are on the watchlist for a variety of reasons, including low debt service coverage ratios (DSCRs), low occupancy, and tenant rollover concerns. However, the primary drivers are retail and hospitality properties, which continue to suffer from sustained downward pressure on operational performance, stemming from ongoing disruptions related to the pandemic. Where applicable, DBRS...
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