Benchmark 2020-B17 Mortgage Trust Certificates Assigned Ratings

  • Benchmark 2020-B17 Mortgage Trust's issuance is a CMBS securitization backed by 35 commercial mortgage loans, secured by the fee and leasehold interests in 160 properties across 32 states.
  • We assigned our ratings to the class A-1, A-2, A-4, A-5, A-SB, X-A, and A-S certificates.
  • The ratings reflect our view of the credit support provided by the transaction's structure, our view of the underlying collateral's economics, and the trustee-provided liquidity, among other factors.
 
NEW YORK (S&P Global Ratings) March 24, 2020--S&P Global Ratings today 
assigned its ratings to Benchmark 2020-B17 Mortgage Trust's commercial 
mortgage pass-through certificates (see list).

The certificate issuance is a CMBS securitization backed by 35 commercial 
mortgage loans with an aggregate principal balance of $943.376 million 
($825.433 million of offered certificates), secured by the fee and leasehold 
interests in 160 properties across 32 states.

The ratings reflect our view of the credit support provided by the 
transaction's structure, our view of the underlying collateral's economics, 
the trustee-provided liquidity, the diversification of the collateral pool, 
and our overall qualitative assessment of the transaction, among other 
factors.

S&P Global Ratings acknowledges a high degree of uncertainty about the rate of 
spread and peak of the coronavirus outbreak. Some government authorities 
estimate the pandemic will peak in June or August, and we are using this 
assumption in assessing the economic and credit implications. We believe 
measures to contain COVID-19 have pushed the global economy into recession and 
could hurt employment levels and commercial real estate markets (see "COVID-19 
Macroeconomic Update: The Global Recession Is Here And Now" and "COVID-19 
Credit Update: The Sudden Economic Stop Will Bring Intense Credit Pressure," 
published March 17, 2020). As the situation evolves, we will update our 
assumptions and estimates accordingly. 
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