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CD 2017-CD4 Mortgage Trust — Moody’s affirms eight classes of CD 2017-CD4

One loan, constituting 6.5% of the pool, has an investment-grade structured credit assessment. One loan, constituting 0.8% of the pool, has defeased and is secured by US government securities.Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Read More...

Rating Action: Moody’s affirms eight classes of CD 2017-CD4Global Credit Research – 09 Feb 2022Approximately $653.9 million of structured securities affectedNew York, February 09, 2022 — Moody’s Investors Service, (“Moody’s”) has affirmed the ratings on eight classes in CD 2017-CD4 Mortgage Trust, Commercial Pass-Through Certificates, Series 2017-C4 as follows:Cl. A-1, Affirmed Aaa (sf); previously on Apr 18, 2019 Affirmed Aaa (sf)Cl. A-2, Affirmed Aaa (sf); previously on Apr 18, 2019 Affirmed Aaa (sf)Cl. A-SB, Affirmed Aaa (sf); previously on Apr 18, 2019 Affirmed Aaa (sf)Cl. A-3, Affirmed Aaa (sf); previously on Apr 18, 2019 Affirmed Aaa (sf)Cl. A-4, Affirmed Aaa (sf); previously on Apr 18, 2019 Affirmed Aaa (sf)Cl. A-M, Affirmed Aa2 (sf); previously on Apr 18, 2019 Affirmed Aa2 (sf)Cl. X-A*, Affirmed Aa1 (sf); previously on Apr 18, 2019 Affirmed Aa1 (sf)Cl. V-A**, Affirmed Aaa (sf); previously on Apr 18, 2019 Affirmed Aaa (sf)* Reflects interest-only classes** Reflects exchangeable classesRATINGS RATIONALEThe ratings on six P&I classes were affirmed because the transaction’s key metrics, including Moody’s loan-to-value (LTV) ratio, Moody’s stressed debt service coverage ratio (DSCR) and the transaction’s Herfindahl Index (Herf), are within acceptable ranges.The rating on the IO class, Cl. X-A, was affirmed based on the credit quality of the referenced classes.The rating on the exchangeable risk retention class, Cl. V-A, was affirmed due to the credit quality of the referenced exchangeable classes.Moody’s rating action reflects a base expected loss of 5.6% of the current pooled balance, compared to 4.0% at Moody’s last review. Moody’s base expected loss plus realized losses is now 5.4% of the original pooled balance, compared to 4.0% at the last review. Moody’s provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:The performance expectations for a given variable indicate Moody’s forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral’s credit quality is stronger or weaker than Moody’s had previously expected. Additionally, significant changes in the 5-year rolling average of 10-year US Treasury rates will impact the magnitude of the interest rate adjustment and may lead to future rating actions.Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool’s share of defeasance or an improvement in pool performance.Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in rating all classes except exchangeable classes and interest-only classes was “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1258254. The principal methodology used in rating exchangeable classes was “Moody’s Approach to Rating Repackaged Securities” published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. The methodologies used in rating interest-only classes were “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1258254 and “Moody’s Approach to Rating Structured Finance Interest-Only (IO) Securities” published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *) and exchangeable classes (indicated by the **). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. DEAL PERFORMANCEAs of the January 10, 2022 distribution date, the transaction’s aggregate certificate balance has decreased by 3.1% to $872.6 million from $900.5 million at securitization. The certificates are collateralized by 47 mortgage loans ranging in size from less than 1% to 10.9% of the pool, with the top ten loans (excluding defeasance) constituting 56.3% of the pool. One loan, constituting 6.5% of the pool, has an investment-grade structured credit assessment. One loan, constituting 0.8% of the pool, has defeased and is secured by US government securities.Moody’s uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 22, the same as at Moody’s last review.As of the January 2022 remittance report, loans representing 94.4% were current or within their grace period on their debt service payments, 2.1% were between 30 — 59 days delinquent and 3.5% were 90+ days delinquent.Fourteen loans, constituting 41.1% of the pool, are on the master servicer’s watchlist, of which four loans, representing 8.1% of the pool, indicate the borrower has received loan modifications in relation to coronavirus impact on the property. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody’s ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.No loans have been liquidated from the pool, and five loans, constituting 9.9% of the pool, are currently in special servicing. Four of the specially serviced loans, representing 7.8% of the pool, have transferred to special servicing since March 2020.The largest specially serviced loan is the Key Center Cleveland ($28.3 million — 3.2% of the pool), which represents a pari passu portion of a $207.2 million mortgage loan. The loan is secured by an office tower and attached hotel located in downtown Cleveland, OH. The loan transferred to the special servicer in October 2020, due to imminent monetary default due the effect of the pandemic on the hotel component. The special servicer indicated it has finalized a management change at the hotel as well as temporary deferral of FF&E reserves. The loan has remained current or less than one month delinquent over the last ten months. The loan’s year-end 2020 NOI DSCR was 1.32X and the loan has amortized nearly 6% from securitization after its initial interest only period. Due to the performing nature this loan was included in the conduit statistics with a Moody’s LTV of 116%.The second largest specially serviced loan is the Marriott Spartanburg ($22.3 million — 2.6% of the pool), which is secured by a 247 key hotel located in Spartanburg, NC, near the campus of Wofford University. The property’s NOI annually declined prior to 2020 and the loan transferred to the special servicer in August 2020 for payment default due to effects of the pandemic. The property was re-appraised in June 2021, and the value was reduced 33% from that at securitization, however, the appraisal value remained slightly above the outstanding loan balance. The loan is last paid through its June 2020 payment date and the special servicer indicated they continue to discuss terms of payment relief and other remedies.The third largest specially serviced loan is the Hamilton Crossing ($18.4 million — 2.1% of the pool), which represents a pari passu portion of $50.8 million mortgage loan. The loan is secured by a six building office development located in Carmel, IN, 15 miles north of Indianapolis. The loan transferred to the special servicer in June 2019, due to imminent monetary default as a result of major tenants vacating the property. The original guarantor of the loan passed away in January 2021, and the servicer is finalizing documentation for a replacement guarantor. As of January 2022, the loan was 30 days delinquent, and the servicer was continuing to monitor property performance.The remaining two specially serviced loans are secured by retail and hotel properties. Moody’s has also assumed a high default probability for one poorly performing loan, the Malibu Office loan (1.3% of the pool). The loan is secured by a 18,600 SF office property in Malibu, CA, occupied by a single tenant who has recently been unable to pay their base rent in full causing the actual NOI to be negative in through the first quarter of 2021.Moody’s estimates an aggregate $19.3 million loss for the troubled and four smallest specially serviced loans (27.6% expected loss on average).The credit risk of loans is determined primarily by two factors: 1) Moody’s assessment of the probability of default, which is largely driven by each loan’s DSCR, and 2) Moody’s assessment of the severity of loss upon a default, which is largely driven by each loan’s loan-to-value ratio, referred to as the Moody’s LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan’s amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.Moody’s received full year 2020 operating results for 98% of the pool, and full or partial year 2021 operating results for 90% of the pool (excluding specially serviced and defeased loans). Moody’s weighted average conduit LTV is 113%, compared to 114% at Moody’s last review. Moody’s conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody’s net cash flow (NCF) reflects a weighted average haircut of 16.7% to the most recently available net operating income (NOI), excluding hotel properties that had significantly depressed NOI in 2020/2021. Moody’s value reflects a weighted average capitalization rate of 9.8%.Moody’s actual and stressed conduit DSCRs are 1.50X and 0.95X, respectively, compared to 1.52X and 0.95X at the last review. Moody’s actual DSCR is based on Moody’s NCF and the loan’s actual debt service. Moody’s stressed DSCR is based on Moody’s NCF and a 9.25% stress rate the agency applied to the loan balance.The loan with a structured credit assessment is the Hilton Hawaiian Village Loan ($56.6 million — 6.5% of the pool), which is secured by the borrower’s fee and leasehold interest in the Hilton Hawaiian Village property. The loan represents a pari-passu portion of a $697 million senior mortgage loan. The property is also encumbered with a $578 million subordinate B-note, for a total debt amount of $1.275 billion. The property is situated on 22 beachfront acres overlooking Waikiki Beach in Hawaii. The resort features 2,860 guest rooms spread over five towers, including 20 food and beverage outlets, 150,000 SF of meeting space across three conference centers and 130,000 SF of leased retail space. The hotel closed between April and December 2020 as a result of the pandemic, and the property’s revenues were insufficient to cover its operating expenses in 2020 and parts of 2021. However, the property had exhibited strong performance through year-end 2019 with annual increases in revenue and NOI since securitization. The loan is interest only throughout its term and Moody’s structured credit assessment is aa3 (sca.pd).The top three conduit loans represent 26.7% of the pool balance. The largest loan is the 95 Morton Street Loan ($95 million — 10.9% of the pool), which is secured by an 8 story, 217,000 SF office property located in the West Village neighborhood of Manhattan. The largest tenant is PayPal, which occupies 55% of the property through October 2027. Occupancy declined from 100% at securitization to 79% as of September 2021, due to a tenant vacating. However, it was recently reported a new tenant signed a lease for 75,000 square feet which would cause the occupancy to rebound to close to 100%. The property is also encumbered with a $77 million Mezzanine loan. The loan is interest only for its entire term and matures in April 2022. Moody’s LTV and stressed DSCR are 104% and 0.95X, respectively, same as at the last review.The second largest loan is the Moffet Place Google Loan ($75 million — 8.6% of the pool), which represents a pari passu portion of a $185 million whole loan. The loan is secured by a 314,000 SF class A office building, located within the Moffet Place development in Sunnyvale, CA. The property is fully occupied by Google under a lease through November 2028. The property is also encumbered with a $40 million Mezzanine loan. Due to the single tenant exposure, Moody’s utilized a lit/dark analysis. Moody’s LTV and stressed DSCR are 129% and 0.78X, respectively, same as at the last review.The third largest loan is the Midwest Embassy Suites Portfolio Loan ($63.1 million — 7.2% of the pool), which is secured by a portfolio of three Embassy Suites hotels in OH and KY. The hotels are all outside major cities (Cleveland, Columbus, Cincinnati) and total 783 keys. The loan was granted COVID related relief after experiencing an occupancy of 33% during 2020. Occupancy had increased to 50% as of September 2021 and the NOI DSCR was 1.02X through September 2021 compared to negative NOI in 2020. The property has remained current and has amortized 3% after its initial interest only period. Moody’s LTV and stressed DSCR are 128% and 0.92X, respectively, compared to 93% and 1.27X at the last review.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody’s estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody’s did not use any stress scenario simulations in its analysis.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Kyle Austin Gray Associate Lead Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Matthew Halpern VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR 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. 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