Ratings On 96 Classes From 30 U.S. CMBS Conduit Transactions Placed On CreditWatch Negative

We placed our ratings on 96 classes from 30 U.S. conduit CMBS deals on CreditWatch with negative implications. The CreditWatch negative placements primarily reflect the subject bonds' exposure to the adverse impact of COVID-19 on the lodging and retail sectors, and the related uncertainty about the duration of the demand disruption. NEW YORK (S&P Global Ratings) June 3, 2020--S&P Global Ratings today placed its ratings on 96 classes of commercial mortgage pass-through certificates from 30 U.S. CMBS conduit transactions on CreditWatch with negative implications (see list). In our view, the subject bonds, which are primarily speculative-grade classes (i.e., rated 'BB+ (sf)' or lower) from the CMBS 2.0 cohort (80 of the 96 affected bonds; 27 of the 30 affected deals),

...Deal name Highest pooled bond rtg on Watch Neg Large loans of concern/Other considerations GSMS 2013-GC10 ###- (sf) Empire Hotel & Retail loan ($105.9 million, 15.7%), secured by the fee simple interest in a 423 room hotel and 61,000 sq.-ft. of retail space in New York. Performance at the property has declined in recent years, with the loan's DSCR ending year-end 2018 at 0.98x and year-end 2019 at 0.91x. While the loan is not specially serviced, the borrower has not made the May 2020 debt service payment. JPMC 2010-C2 ##+ (sf) Greece Ridge Center ($63.7 million, 15.9%), Valley View Mall ($27.2 million, 6.8%), and The Shops at Sunset Place ($61.2 million, 15.2%) loans. Greece Ridge Center was transferred to special servicing in November 2019 and Valley View Mall transferred in April 2020. The Shops at Sunset Place is currently on the servicer's watchlist due to a low DSCR of 0.7x as of year-end 2019. JPMCC 2011-C3 ##+ (sf) Holyoke Mall ($182.7 million, 28.2%) and Sangertown Square ($53.7...

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