World Credit score Analysis – 04 Dec 2020
New York, December 04, 2020 — Moody’s Buyers Service, (“Moody’s”) introduced immediately that the proposed removing of Wells Fargo Bank, Nationwide Affiliation, because the particular servicer and appointment of Greystone Servicing Firm LLC because the successor particular servicer for GS Mortgage Securities Belief 2015-GS1 (“GSMS 2015-GS1″) pursuant to the provisions of the Pooling and Servicing Settlement of GS Mortgage Securities Belief 2015-GS1 (the “PSA”) by the Controlling Class Consultant beneath the PSA wouldn’t, in and of itself and as of this cut-off date, end in a discount, placement on overview for doable downgrade or withdrawal of Moody’s present rankings of GS Mortgage Securities Belief 2015-GS1 (the “Affected Lead Transaction”) and two US conduit CMBS transactions beneath that maintain the serviced companion loans (the “Serviced Companion loan Transactions”). The proposed switch will exclude the non-serviced companion loans held by the Affected Lead Transaction.
AFFECTED LEAD TRANSACTION
SERVICED COMPANION loan TRANSACTIONS
Citigroup Industrial Mortgage Belief 2015-GC35
Citigroup Industrial Mortgage Belief 2016-GC36
The methodologies utilized in monitoring the rankings are “Strategy to Score US and Canadian Conduit/Fusion CMBS” revealed in September 2020, “Moody’s Strategy to Score Massive loan and Single Asset/Single Borrower CMBS” revealed in September 2020, and “Moody’s Strategy to Score Structured Finance Curiosity-Solely (IO) Securities” revealed in February 2019. Please see the Score Methodologies web page on www.moodys.com for a replica of those methodologies.
Moody’s opinion addresses solely the credit score impression related to the proposed switch of particular servicing rights, and Moody’s shouldn’t be expressing any opinion as as to if the proposed switch of particular servicing rights has, or may have, different non-credit associated results that may have detrimental impression on the pursuits of the holders or rated obligations and/or counterparties.
This publication doesn’t announce a credit standing motion. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion info and score historical past.
Kevin Li Asst Vice President - Analyst Structured Finance Group Moody's Buyers Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Consumer Service: 1 212 553 1653 Romina Padhi VP - Senior Credit score Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Consumer Service: 1 212 553 1653 Releasing Workplace: Moody's Buyers Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Consumer Service: 1 212 553 1653
© 2020 Moody’s Company, Moody’s Buyers Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR price VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-(BA)SED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
MOODY’S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All info contained herein is obtained by MOODY’S from sources believed by it to be correct and dependable. Due to the opportunity of human or mechanical error in addition to different components, nevertheless, all info contained herein is supplied “AS IS” with out guarantee of any variety. MOODY’S adopts all obligatory measures in order that the data it makes use of in assigning a credit standing is of enough high quality and from sources MOODY’S considers to be dependable together with, when acceptable, impartial third-party sources. Nevertheless, MOODY’S shouldn’t be an auditor and can’t in each occasion independently confirm or validate info acquired within the score course of or in making ready its Publications.
To the extent permitted by regulation, MOODY’S and its administrators, officers, staff, brokers, representatives, licensors and suppliers disclaim legal responsibility to any individual or entity for any oblique, particular, consequential, or incidental losses or damages in anyway arising from or in reference to the data contained herein or the usage of or incapability to make use of any such info, even when MOODY’S or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers is suggested prematurely of the opportunity of such losses or damages, together with however not restricted to: (a) any lack of current or potential earnings or (b) any loss or harm arising the place the related monetary instrument shouldn’t be the topic of a selected credit standing assigned by MOODY’S.
To the extent permitted by regulation, MOODY’S and its administrators, officers, staff, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages prompted to any individual or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or another kind of legal responsibility that, for the avoidance of doubt, by regulation can’t be excluded) on the a part of, or any contingency inside or past the management of, MOODY’S or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers, arising from or in reference to the data contained herein or the usage of or incapability to make use of any such info.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Buyers Service, Inc., a wholly-owned credit standing company subsidiary of Moody’s Company (“MCO”), hereby discloses that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most well-liked stock rated by Moody’s Buyers Service, Inc. have, previous to task of any credit standing, agreed to pay to Moody’s Buyers Service, Inc. for credit score rankings opinions and companies rendered by it charges starting from $1,000 to roughly $2,700,000. MCO and Moody’s traders Service additionally keep insurance policies and procedures to handle the independence of Moody’s Buyers Service credit score rankings and credit standing processes. Info relating to sure affiliations that may exist between administrators of MCO and rated entities, and between entities who maintain credit score rankings from Moody’s Buyers Service and have additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is posted yearly at www.moodys.com beneath the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”
Extra phrases for Australia solely: Any publication into Australia of this doc is pursuant to the Australian Monetary Providers License of MOODY’S affiliate, Moody’s Buyers Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is meant to be supplied solely to “wholesale purchasers” inside the which means of part 761G of the Firms Act 2001. By persevering with to entry this doc from inside Australia, you characterize to MOODY’S that you’re, or are accessing the doc as a consultant of, a “wholesale shopper” and that neither you nor the entity you characterize will immediately or not directly disseminate this doc or its contents to “retail purchasers” inside the which means of part 761G of the Firms Act 2001. MOODY’S credit standing is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any type of safety that’s out there to retail traders.
Extra phrases for Japan solely: Moody’s Japan Okay.Okay. (“MJKK”) is a wholly-owned credit standing company subsidiary of Moody’s Group Japan G.Okay., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan Okay.Okay. (“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ shouldn’t be a Nationally Acknowledged Statistical Score Group (“NRSRO”). Due to this fact, credit score rankings assigned by MSFJ are Non-NRSRO Credit score Rankings. Non-NRSRO Credit score Rankings are assigned by an entity that isn’t a NRSRO and, consequently, the rated obligation won’t qualify for sure kinds of remedy beneath U.S. legal guidelines. MJKK and MSFJ are credit standing companies registered with the Japan Monetary Providers Company and their registration numbers are FSA Commissioner (Rankings) No. 2 and three respectively.
MJKK or MSFJ (as relevant) hereby disclose that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most well-liked stock rated by MJKK or MSFJ (as relevant) have, previous to task of any credit standing, agreed to pay to MJKK or MSFJ (as relevant) for credit score rankings opinions and companies rendered by it charges starting from JPY125,000 to roughly JPY250,000,000.
MJKK and MSFJ additionally keep insurance policies and procedures to handle Japanese regulatory necessities.