Wells Fargo Commercial Mortgage Trust 2014-LC18 — Moody’s affirms eight classes of WFCM 2014-LC18

Rating Action: Moody’s affirms eight classes of WFCM 2014-LC18Global Credit Research – 15 Feb 2022Approximately $778 million of structured securities affectedNew York, February 15, 2022 — Moody’s Investors Service, (“Moody’s”) has affirmed the ratings on eight classes in Wells Fargo Commercial Mortgage Trust 2014-LC18 as follows:Cl. A-3, Affirmed Aaa (sf); previously on March 9, 2020 Affirmed Aaa (sf) Cl. A-4, Affirmed Aaa (sf); previously on March 9, 2020 Affirmed Aaa (sf) Cl. A-5, Affirmed Aaa (sf); previously on March 9, 2020 Affirmed Aaa (sf) Cl. A-SB, Affirmed Aaa (sf); previously on March 9, 2020 Affirmed Aaa (sf) Cl. A-S, Affirmed Aa1 (sf); previously on March 9, 2020 Affirmed Aa1 (sf)Cl. B, Affirmed Aa3 (sf); previously on March 9, 2020 Affirmed Aa3 (sf)Cl. C, Affirmed A3 (sf); previously on March 9, 2020 Affirmed A3 (sf)Cl. PEX**, Affirmed Aa3 (sf); previously on March 9, 2020 Affirmed Aa3 (sf)**Reflects Exchangeable ClassesRATINGS RATIONALEThe ratings on the seven P&I classes were affirmed because of their credit support and 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 exchange class (class PEX) was affirmed due to the credit quality of the referenced exchangeable classes.Moody’s rating action reflects a base expected loss of 6.5% of the current pooled balance, compared to 4.8% at Moody’s last review. Moody’s base expected loss plus realized losses is now 5.9% of the original pooled balance, compared to 4.2% 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 ACTIONThe principal methodology used in rating all classes except exchangeable 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. Please see the list of ratings at the top of this announcement to identify which classes are 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 18, 2022 distribution date, the transaction’s aggregate certificate balance has decreased by 18% to $931 million from $1.1 billion at securitization. The certificates are collateralized by 87 mortgage loans ranging in size from less than 1% to 9% of the pool, with the top ten loans (excluding defeasance) constituting 40% of the pool. Twelve loans, constituting 9% of the pool, have defeased and are secured by US government securities. The pool contains ten low leverage cooperative loans, constituting 3.7% of the pool balance, that were too small to credit assess; however, have Moody’s leverage that is consistent with other loans previously assigned an investment grade Structured Credit Assessments.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 33, compared to 40 at Moody’s last review.As of the January 2022 remittance report, loans representing 86% were current or within their grace period on their debt service payments, 2% were beyond their grace period but less than 30 days delinquent and 3% were more than 90 days delinquent.Fourteen loans, constituting 13% of the pool, are on the master servicer’s watchlist. 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. Eight loans, constituting 16% of the pool, are currently in special servicing. Six of the specially serviced loans, representing 15% of the pool, have transferred to special servicing since March 2020.The largest specially serviced loan is the Marriot Kansas City Country Club Plaza Loan ($37.2 million — 4.0% of the pool), which is secured by a 295-room, 10-story full-service hotel, located in Kansas City, Missouri. The property was built in 1987 and renovated in 2010. Hotel amenities include an indoor pool, fitness center, business center and meeting rooms. The current franchise agreement with Marriott expires in December 2024. The loan transferred to special servicing in November 2021 due to imminent monetary default at borrower’s request in relation to the loan maturity in December 2021. The loan is paid through November 2021. The borrower and the servicer are in discussions regarding an extension of the loan. The special servicer is seeking approval for a forbearance agreement.The second largest specially serviced loan is the Hilton Garden Inn Cupertino Loan ($32.0 million — 3.4% of the pool), which is secured by a 164-room, five-story limited-service hotel, located in Cupertino, California. The hotel was built in 1997 and renovated in 2013. Amenities include a fitness center, meeting space, restaurant, swimming pool and a spa. The loan transferred to special servicing in June 2020 due to monetary default in relation to the impact of the coronavirus pandemic. The loan remains current on its debt service. The special servicer is processing the borrower’s PPP consent request and implementing cash management.The third largest specially serviced loan is the New Town Shops on Main Loan ($24.0 million — 2.6% of the pool), which is secured by a 248,176 square feet (SF) anchored shopping center, located in Williamsburg, Virginia. The shopping center was built in 2007 and is part of a larger 365-acre mixed-use development featuring a business park, office and retail space, single and multi-family housing, walking and biking trails linking the entire community. The shopping center is anchored by a movie theater, Barnes and Nobles and other major national retailers such as Jo-Anns, Panera Bread and Ann Taylor. The loan transferred to special servicing in November 2021 due to monetary default at borrower’s request as a result of the coronavirus pandemic. The loan is paid through November 2021. The borrower provided a relief proposal which is being reviewed by the special servicer.The remaining six specially serviced loans are secured by a mix of property types. Moody’s estimates an aggregate $40.7 million loss for the specially serviced loans (a 26.5% expected loss on average).Moody’s has also assumed a high default probability for two poorly performing loans, constituting 1% of the pool, and has estimated an aggregate loss of $2.1 million (a 23.3% expected loss) from these troubled loans.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 92% of the pool, and full or partial year 2021 operating results for 80% of the pool (excluding specially serviced and defeased loans). Moody’s weighted average conduit LTV is 99%, compared to 106% 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 15% to the most recently available net operating income (NOI). Moody’s value reflects a weighted average capitalization rate of 10.1%.Moody’s actual and stressed conduit DSCRs are 1.74X and 1.18X, respectively, compared to 1.64X and 1.07X 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 top three conduit loans represent 17.5% of the pool balance. The largest loan is the Hawaii Kai Town Center Loan ($81.9 million — 8.8% of the pool), which is secured by the borrower’s leasehold interest in a 470,000 SF mixed use property located in Honolulu, Hawaii. The property consists of ten buildings which were built at different points between 1986 and 2006. The retail component of the property is anchored by a Costco, City Mill Company, and Ross Dress for Less. The property is also encumbered by a $12.4 million mezzanine loan, held outside of the trust. Property performance has improved since securitization due to higher rental revenues. The loan had an initial five-year interest only period and recently has amortized approximately 3.4%. Moody’s LTV and stressed DSCR are 102% and 0.98X, respectively, compared to 106% and 0.95X at the last review.The second largest loan is the JW Marriott New Orleans Loan ($43.3 million — 4.7% of the pool), which is secured by the borrower’s leasehold interest in a 496 key, 30-story, full-service hotel along Canal Street in New Orleans, Louisiana. The loan represents a pari-passu portion of a $78.0 million first-mortgage loan. The property, which was built in 1984, was operated as a Le Meridien through late 2002 and was reflagged as a JW Marriott in 2003. Property performance dropped in 2018 due to lower revenue per available room (RevPAR) after improving annually since securitization. Property performance had rebounded in 2019, but in 2020 and 2021, the performance dropped again as a result of coronavirus pandemic. For the trailing twelve-month period ending November 2021, the property’s occupancy and RevPAR were 40.6% and $73.74, respectively, compared to 41.4% and $79.89 in 2020 and 84.5% and $173.35 in 2019. The loan has amortized 13% since securitization and Moody’s LTV and stressed DSCR are 115% and 1.06X, respectively, compared to 105% and 1.14X at the last review.The third largest loan is the 2900 Fairview Park Drive Loan ($37.7 million — 4.0% of the pool), which is secured by a four-story, 147,000 SF Class A office building located in Falls Church, Virginia, approximately 10 miles west of Washington D.C. The property was built in 2009 is located within the 222-acre Fairview Park master planned office and hotel campus in Northern Virginia. The property is 100% occupied a single tenant, HITT Contracting, Inc, and serves as the company’s headquarters. The loan had an initial five-year interest only period. Since the end of the interest-only period, the loan has amortized 3.3%. Moody’s LTV and stressed DSCR are 114% and 0.99X, respectively, compared to 118% and 0.96X at 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 are 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. Suzanna Sava Vice President – Senior 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 Romina Padhi 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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