DBRS Morningstar Changes Two Class Trends and Confirms All Ashford Hospitality Trust 2018-ASHF Classes
Class A to
Class B to AA (sf)
Class C to A (sf)
Class X-EXT to BBB (high) (sf)
Class D to BBB (sf)
Class E to BB (sf)
Class F to B (low) (sf)
With this review, DBRS Morningstar has changed the E and F category trends from stable to negative to reflect the overall improvement in the performance of the underlying portfolio as it begins to rebound to pre-pandemic levels, according to the latest financial reports and STR. All remaining classes carry stable trends.
The loan is secured by the borrower’s fee simple interest in 17 properties (representing 67.8% of the allocated loan amount (ALA)), combined rights and leasehold interests in four properties (27.0% of ALA) and a ground lease to a property (5.3% of ALA) in Ashford Highland Hospitality’s portfolio which consists of one luxury hotel and 22 full-service, select-service hotels , limited service and extended stay, totaling 5,785 keys. Properties are across 12 states and the
The loan sponsor is
The interest-only (IO) loan, created in
The loan was transferred to the special service in
According to the first quarter 2022 financial statements, the portfolio reported a net cash flow (NCF) of
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
No environmental, social and governance (ESG) factors had a material or relevant effect on the credit analysis.
A description of how DBRS Morningstar considers ESG factors in the DBRS Morningstar Analytical Framework is available in DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/ research/396929.
The X-EXT class is an IO certificate that refers to a single rated slice or multiple rated slices. The IO rating reflects the lowest rated applicable benchmark obligation tranche adjusted up one notch if senior in the cascade.
All ratings are subject to monitoring, which could result in ratings being upgraded, downgraded, revised, confirmed or discontinued by DBRS Morningstar.
DBRS Morningstar provides updated analysis and in-depth commentary on the DBRS Viewpoint platform for this transaction.
The DBRS Viewpoint platform provides additional information about this transaction and the underlying loans, including DBRS Morningstar metrics, commentary, servicing agent reported cash flow, and other performance-related data. For free access to this content, please register with the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com.
All figures are in
The primary methodology is the North American CMBS Monitoring Methodology (
Related regulatory information pursuant to National Instrument 25-101 Designated Rating Organizations is incorporated by reference and can be found by clicking the link under Related Documents or by contacting us at [email protected]
The rated entity or its related entities participated in the rating process for this rating metric. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the relevant appendix for more information on the sensitivity of the assumptions used in the rating process.
For more information on this credit or this industry, visit www.dbrsmorningstar.com or contact us at [email protected]
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Date Issued Debt Rated Rating Trend Action Attributesi
US = Lead Analyst based in the USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU approved
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Unsolicited participation without access
Unsolicited Non Participating
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class A AAA(sf) Stb Confirmed CA
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class B AA (sf) Stb Confirmed CA
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class C A (sf) Stb Confirmed CA
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class X-EXT BBB (high) (sf) Stb Confirmed CA
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class D BBB (sf) Stb Confirmed CA
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class E BB (sf) Stb Trend Change, Confirmed CA
10-Aug-22Commercial Mortgage Pass-Through Certificates, Series 2018-ASHF, Class F B (low) (sf) Stb Trend Change, Confirmed CA
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