Forty-Five ‘D (sf)’ Ratings On 24 U.S. CMBS Transactions Discontinued

CENTENNIAL (S&P Global Ratings) April 15, 2019--S&P Global Ratings today 
discontinued its 'D (sf)' ratings on 45 classes of commercial mortgage 
pass-through certificates from 24 U.S. commercial mortgage-backed securities 
(CMBS) transactions (see list).

We discontinued these ratings according to our surveillance and withdrawal 
policy. We had previously lowered the ratings on these classes to 'D (sf)' 
because of principal losses and/or accumulated interest shortfalls that we 
believed would remain outstanding for an extended period of time. We view a 
subsequent upgrade to a rating higher than 'D (sf)' to be unlikely under the 
relevant criteria for the classes within this review.
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