...- Morgan Stanley Capital I Trust 2021-230P is a U.S. CMBS transaction backed by a floating-rate, interest-only mortgage loan secured by 230 Park Avenue, an office property in the Grand Central office submarket of midtown Manhattan. - We lowered our ratings on five classes from the transaction. - Since our February 2024 review, we revised and lowered our expected-case value of the collateral property because of declines in performance as well as an increase in loan exposure of $14.9 million as of the July 2024 servicer reporting package, largely due to servicer advances for real estate taxes, insurance, and loan debt service. ENGLEWOOD (S&P Global Ratings) July 19, 2024--S&P Global Ratings today lowered its ratings on five classes of commercial mortgage pass-through certificates from Morgan Stanley Capital I Trust 2021-230P, a U.S. CMBS transaction. (See ratings list.) This is a U.S. standalone (single-borrower) CMBS transaction that is backed by a floating-rate, currently unhedged, interest-only...
