DBRS Morningstar Discontinues Ratings on Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP28.
ENPNewswire-July 21, 2021--DBRS Morningstar Discontinues Ratings on Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP28
(C)2021 ENPublishing - http://www.enpublishing.co.uk
Release date- 20072021 - DBRS, Inc. (DBRS Morningstar) discontinued its outstanding ratings on the Commercial Mortgage Pass-Through Certificates Series 2007-TOP28, issued by Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP28, as the trust reported a $0 balance and was terminated with the June 2021 remittance.
The remaining classes C, D, E and F incurred full or partial losses with the resolution of the remaining loan, The Charleston Town Center (Prospectus ID #3). As such, this concludes DBRS Morningstar's surveillance of this transaction.
As of the June 2021 remittance, the Charleston Town Center (Prospectus ID #3) loan was liquidated from the Trust at a loss of $91.3 million and a loss severity of 100%. The loan was in special servicing for several years as the loan sponsor, Forest City, was unable to sell the property or repay the loan at the September 2017 maturity date.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
Notes:
The principal methodology is the North American CMBS Surveillance Methodology (March 26, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information regarding structured finance rating methodologies and...
To continue reading
Request your trial