Mortgage – No antagonistic score affect on six US conduit business mortgage backed securities following the proposed switch of particular servicing rights of CGCMT 2016-GC36
Announcement: Moody’s: No antagonistic score affect on six US conduit business mortgage backed securities following the proposed switch of particular servicing rights of CGCMT 2016-GC36
World Credit score Analysis – 04 Dec 2020
New York, December 04, 2020 — Moody’s Buyers Service (“Moody’s”) introduced right now that the proposed elimination of Wells Fargo Bank, Nationwide Affiliation, because the particular servicer and appointment of Greystone Servicing Firm LLC because the successor particular servicer for Citigroup Industrial Mortgage Belief 2016-GC36 (“CGCMT 2016-GC36”) pursuant to the provisions of the Pooling and Servicing Settlement of Citigroup Industrial Mortgage Belief 2016-GC36 (the “PSA”) by the Controlling Class Consultant underneath the PSA wouldn’t, in and of itself and as of this cut-off date, lead to a discount, placement on assessment for potential downgrade or withdrawal of Moody’s present scores of Citigroup Industrial Mortgage Belief 2016-GC36 (the “Affected Lead Transaction”) and 5 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
Citigroup Industrial Mortgage Belief 2016-GC36
SERVICED COMPANION loan TRANSACTIONS
Citigroup Industrial Mortgage Belief 2016-P3
Citigroup Industrial Mortgage Belief 2016-GC37
Citigroup Industrial Mortgage Belief 2016-C1
JPMBB Industrial Mortgage Securities Belief 2016-C1
Citigroup Industrial Mortgage Belief 2016-P4
The methodologies utilized in monitoring the scores are “Method to Ranking US and Canadian Conduit/Fusion CMBS” revealed in September 2020 and “Moody’s Method to Ranking Structured Finance Curiosity-Solely (IO) Securities” revealed in February 2019. Please see the Ranking Methodologies web page on www.moodys.com for a replica of those methodologies.
Moody’s opinion addresses solely the credit score affect related to the proposed switch of particular servicing rights, and Moody’s will not be expressing any opinion as as to whether the proposed switch of particular servicing rights has, or may have, different non-credit associated results that may have detrimental affect 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 scores referenced on this publication, please see the scores tab on the issuer/entity web page on www.moodys.com for probably 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 Shopper Service: 1 212 553 1653 Romina Padhi VP - Senior Credit score Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Shopper 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 Shopper 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 potential of human or mechanical error in addition to different components, nevertheless, all info contained herein is supplied “AS IS” with out guarantee of any type. MOODY’S adopts all vital measures in order that the knowledge it makes use of in assigning a credit standing is of adequate high quality and from sources MOODY’S considers to be dependable together with, when applicable, unbiased third-party sources. Nonetheless, MOODY’S will not be an auditor and can’t in each occasion independently confirm or validate info acquired within the score course of or in getting ready its Publications.
To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility to any particular person or entity for any oblique, particular, consequential, or incidental losses or damages in anyway arising from or in reference to the knowledge contained herein or the usage of or incapacity to make use of any such info, even when MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors or suppliers is suggested prematurely of the potential of such losses or damages, together with however not restricted to: (a) any lack of current or potential income or (b) any loss or injury arising the place the related monetary instrument will not be the topic of a selected credit standing assigned by MOODY’S.
To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages precipitated to any particular person or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or some other sort of legal responsibility that, for the avoidance of doubt, by legislation 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, workers, brokers, representatives, licensors or suppliers, arising from or in reference to the knowledge contained herein or the usage of or incapacity 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 almost all 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 scores opinions and companies rendered by it charges starting from $1,000 to roughly $2,700,000. MCO and Moody’s buyers Service additionally preserve insurance policies and procedures to handle the independence of Moody’s Buyers Service credit score scores and credit standing processes. Data relating to sure affiliations that may exist between administrators of MCO and rated entities, and between entities who maintain credit score scores 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 underneath the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”
Further 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 shoppers” throughout the which means of part 761G of the Companies 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 consumer” and that neither you nor the entity you characterize will straight or not directly disseminate this doc or its contents to “retail shoppers” throughout the which means of part 761G of the Companies 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 accessible to retail buyers.
Further phrases for Japan solely: Moody’s Japan Ok.Ok. (“MJKK”) is a wholly-owned credit standing company subsidiary of Moody’s Group Japan G.Ok., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan Ok.Ok. (“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ will not be a Nationally Acknowledged Statistical Ranking Group (“NRSRO”). Due to this fact, credit score scores assigned by MSFJ are Non-NRSRO Credit score Rankings. Non-NRSRO Credit score Rankings are assigned by an entity that’s not a NRSRO and, consequently, the rated obligation won’t qualify for sure kinds of remedy underneath U.S. legal guidelines. MJKK and MSFJ are credit standing businesses 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 almost all 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 scores opinions and companies rendered by it charges starting from JPY125,000 to roughly JPY250,000,000.
MJKK and MSFJ additionally preserve insurance policies and procedures to handle Japanese regulatory necessities.