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DBRS Morningstar CMBS Credit Update: Spotlight on SASB Lodging and CRE CLOs

DBRS Morningstar invites you to listen to a webinar to discuss its recent announcement on its US CMBS SASB lodging portfolio and its outreach to asset managers and issuers on transitional real estate contributed to CRE CLOs. The collateral within NA CMBS transactions are expected to go through a period of stress and the long-term impact to net cash flow and values is unknown, widely depending on what type of recovery will be realized following the evolving and extended mandates in Canada and the U.S. for social distancing and shelter-in-place due to the Coronavirus Disease (COVID-19). DBRS Morningstar will discuss other areas expecting to see similar declines such as retail and event space as well as multi-family.
Recorded Apr 3 2020 54 mins
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Presented by
Erin Stafford
Presentation preview: DBRS Morningstar CMBS Credit Update: Spotlight on SASB Lodging  and CRE CLOs
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  • CMBS Webinar Series: Topical Research and Layered Risks Affecting CRE Markets Sep 30 2020 3:00 pm UTC 60 mins
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    DBRS Morningstar will host a webinar on the European Structured Finance Markets in a COVID-19 World on 24 September 2020 at 3:00 p.m. BST. The webinar will be hosted by Gordon Kerr, Senior Vice President and Head of European Structured Finance Research, in London.

    The discussion will focus on the state of the European securitisation markets. Gordon will cover the impact of the Coronavirus Disease (COVID-19) on various aspects from performance to issuance. While the European securitisation markets have held up well, the pandemic has and will continue to have an impact, and the markets are not immune.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
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    In this webinar, our analysts will discuss the updated economic backdrop and explore how the large Canadian banks are navigating the economic disruption caused by the coronavirus pandemic. We will also discuss the outlook for these banks over the near-term.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.

    The panelists will include the following:

    Michael Heydt, Senior Vice President, Global Sovereign Ratings
    Paul Bretzlaff, Senior Vice President, Canadian Structured Finance John Mackerey, Senior Vice President, Global Financial Institutions Group
    Robert Colangelo, Senior Vice President, Global Financial Institutions Group
  • Food for Thought: The Impact of the Coronavirus on Canada’s Grocers Recorded: Sep 9 2020 43 mins
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    The Coronavirus Disease (COVID-19) pandemic is having a profound impact on Canada’s economy, including the nation’s food-retail sector, as evidenced by a surge in sales, an acceleration in e-commerce penetration, as well as changing operating cost structures and investment patterns. In this webinar, DBRS Morningstar will explore the pandemic’s near and long-term effects on Canada’s food retailers and contemplate how they affect our view on credit risk in the sector.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
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    Ed Dittmer
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  • Global Events Pose Structural Challenges for the Midstream Energy Sector Recorded: Aug 12 2020 46 mins
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    Join DBRS Morningstar for a 25-minute discussion, followed by an interactive Q&A session with the audience.


    For questions regarding this event, please contact Jenn Sirisavath at +1-416-597-7456 or events@dbrsmorningstar.com.
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    Gwen Roush and David Putro
    Please join DBRS Morningstar’s CMBS team Wednesday, August 5th, for a surveillance roundtable discussing our observations around the data coming out regarding delinquency, forbearance and general stress within the CMBS market. We will highlight the areas where we are putting our focus as we monitor the sector and take rating actions, as applicable. In addition, we will cover trends we’re monitoring within the CRE CLO market, which has faced some unique challenges given the transitional nature of the collateral properties.
  • European Housing Markets in a COVID World Recorded: Jul 23 2020 41 mins
    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
    DBRS Morningstar invites you to attend a webinar on the European Housing Markets in a COVID World, on 23 July 2020 at 3 p.m. BST/4 p.m. CEST/10 a.m. EDT. The webinar will be hosted by Gordon Kerr, Senior Vice President and Head of European Structured Finance Research, in London. Gordon will be joined by Ronja Dahmen, Assistant Vice President from our European RMBS group.

    The discussion will focus on how a number of European housing markets have been affected to date as a result of the Coronavirus Disease (COVID-19) pandemic including through payment holidays, new lending, and house price changes. DBRS Morningstar will explore these elements of the market and how they are affecting and will affect housing markets in the near term.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • COVID-19 Impact on Canadian CMBS Recorded: Jul 22 2020 62 mins
    Gwen Roush
    Join DBRS Morningstar’s CMBS team for a discussion on how the coronavirus pandemic is affecting Canadian CMBS loan performance. Gwen Roush and others from the CMBS credit team will share insights on the state of the Canadian commercial real estate market and the challenges it presently faces, and will discuss the analysis underway to identify areas of increased risk for the Canadian CMBS transactions rated by DBRS Morningstar.
  • Credit Views on the Oil and Gas Sector: Recent Rating Actions Explained Recorded: Jul 16 2020 34 mins
    Victor Vallance and Ravi Rai
    The global spread of Coronavirus Disease (COVID-19) had a significant negative impact on crude oil markets and refined product margins. In late March 2020, DBRS Morningstar placed all its rated oil and gas issuers Under Review with Negative Implications in response to the extreme decline in prices and the heightened volatility in crude oil markets largely caused by the rapid spread of coronavirus and the concurrent crude oil price war between OPEC (led by Saudi Arabia) and Russia.
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    Hear about the process and the reasons behind the rating actions taken by DBRS Morningstar during our 25-minute webinar, which will be followed by an interactive Q&A session with the viewers.
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    Erin Stafford
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    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
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    The discussion will focus on the results of DBRS Morningstar’s annual survey of securitisation and covered bonds to market participants. Gordon will explore the results of the survey along with other insights. Normally at this time of year, the market would be recapping IMN’s annual Global ABS conference. In this webinar, we will bring you some of the insights on the markets in this virtual event.

    If you haven’t completed the survey yet, you can do so by clicking on this link: https://www.surveymonkey.com/r/SFandCB_20.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
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    Rich Carlson
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    Robert Colangelo
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    In this webinar, our analysts will discuss the updated economic scenarios that are used in credit analysis. They will also explore the impact the economic disruption is having on the overall credit fundamentals of the large Canadian banks and will discuss the outlook for these banks over the remainder of the year and into next year.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • Chugging along: Canadian Railways and the Coronavirus Recorded: Jun 17 2020 42 mins
    Robert Streda and Amaury Baudouin
    Although a great deal of uncertainty remains related to the severity and duration of the current coronavirus pandemic, Canadian railways have shed some colour on their plans for the rest of 2020 and beyond, and on their ability to weather the current economic fallout from the coronavirus. No industry is immune from the coronavirus and the associated disruptions to the economy and the railway industry, often seen as a reflection of the broader economy, is no exception. DBRS Morningstar views the Canadian railways as more adequately prepared and robust enough to weather the impact of much lower volumes versus its U.S. counterparts. This is due to some differentiating factors and a competitive advantage, which suggest that rating changes for Canadian railways will not likely occur unless the economic scenario worsens considerably from DBRS Morningstar’s base case assumptions.

    The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • Present and Future of European Non-performing Loan Disposal and Performance Recorded: Jun 11 2020 47 mins
    Gordon Kerr, Senior Vice President, Head Structured Finance Research, DBRS Morningstar
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    This time last year the industry was getting ready for Structured Finance’s most attended event in Europe: Information Management Network’s Global ABS conference. Given that the event has been cancelled this year, DBRS Morningstar would like you to attend our high-level webinar on the state of European NPLs with presentations from our Sovereign, Banking, and Structured Finance teams. The webinar will focus on the importance of NPLs, their disposal and performance for European debt markets before and during the coronavirus pandemic economic crisis, and the NPL outlook for the future.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
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    Erin Stafford
    DBRS Morningstar invites you to join our CMBS team for its next Webinar, taking place on Wednesday, June 10th at 11:00 EDT. The webinar will expand upon thoughts discussed in some of the research pieces the CMBS team has recently published. Topics covered will include how the coronavirus pandemic is impacting property types, markets, and business, as well as how long-term secular changes in the choices people make with respect to where they choose to live, work, and shop could further change the real estate landscape.

    The webinar will conclude highlighting relevant DBRS Morningstar’s Viewpoint features.
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    Andrew Lin
    DBRS Morningstar invites you to join a 40-minute discussion on the impact that the COVID-19 pandemic has had on global transportation infrastructure. During the webinar, senior analysts from the DBRS Morningstar Infrastructure Fiance team will focus on the pandemic’s impact on traffic volumes of toll roads, airports and container ports.
    The analysts will also present their outlook on the three sectors over the coming months and years. From a credit perspective, the analysts will summarize key business risks and financial ratios that DBRS Morningstar uses when rating companies and projects in these sectors, and will present case studies on some of the key issuers that they work with.
    The webinar will be followed by an interactive question-and-answer session.
  • DBRS Morningstar CMBS Webinar Series: Q&A with the NA CMBS Credit Team Recorded: May 27 2020 64 mins
    Erin Stafford
    DBRS Morningstar invites you to join our commercial mortgage-backed securities (CMBS) team for its next webinar, taking place on Wednesday, May 27 at 11:30am (EDT), which will follow a question and answer format. The conversation between Erin Stafford, Managing Director of North American CMBS, and other CMBS senior staff members will address questions and discussions we have been engaged in across the CMBS industry as the Coronavirus Disease (COVID-19) pandemic rapidly grew into a global crisis.

    Some of the questions DBRS Morningstar will address include:
    -- What are the similarities and differences between this and the Great Recession of 2008–09?
    -- How is DBRS Morningstar looking at new deals differently?
    -- Is the CMBS team considering methodology adjustments?
    -- Other than retail and hotel properties, what other property types are challenged by or benefit from the crisis?
    -- Will gateway markets fair better than secondary markets, or worse?
    -- What will the impact on commercial real estate be should this crisis lead to long-term secular changes in choices people make with respect to where they choose to live, work, shop, etc.?
    -- What does the new day-to-day look like during the coronavirus pandemic? Where is the CMBS team spending its time?
    -- When will DBRS Morningstar start to downgrade CMBS ratings? Does DBRS Morningstar take into consideration time tranching?
    -- How is DBRS Morningstar approaching sovereign ratings at this time?
    -- How is DBRS Morningstar managing recent remittance data from the servicers?
  • Coronavirus Update - European Credits' Rating Actions and Outlook Recorded: May 14 2020 43 mins
    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
    tbd
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On July 2, 2019, Morningstar, Inc. completed its acquisition of DBRS. Combining DBRS' strong market presence in Canada, Europe, and the U.S. with Morningstar Credit Ratings' U.S. footprint has expanded global asset class coverage and provided investors with an enhanced platform featuring thought leadership, analysis and research. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together as DBRS Morningstar, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 3,000 issuers and 60,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. Visit us at learn/dbrsmorningstar.

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  • Title: DBRS Morningstar CMBS Credit Update: Spotlight on SASB Lodging and CRE CLOs
  • Live at: Apr 3 2020 3:00 pm
  • Presented by: Erin Stafford
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