Fitch Ratings has assigned final ratings and Rating Outlooks to TYSN 2023-
RATING ACTIONS
Entity / Debt
Rating
Prior
TYSN 2023-CRNR
A
LT
AAAsf
New Rating
B
LT
AAsf
New Rating
AA(EXP)sf
Class RR
LT
NRsf
New Rating
NR(EXP)sf
RR Interest
LT
NRsf
New Rating
NR(EXP)sf
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VIEW ADDITIONAL RATING DETAILS
Fitch assigns final ratings and Ratings Outlooks as follows:
Fitch does not rate the following classes:
(a) Non-offered vertical risk retention interest representing approximately 5.0% of the estimated fair value of all classes.
Transaction Summary
The TYSN 2023-CRNR commercial mortgage pass-through certificates series 2023-CRNR (TYSN 2023-CRNR) represent the beneficial interest in the trust portion of a
The whole loan is evidenced by four senior pari passu promissory notes with an aggregate principal balance of
Whole loan proceeds were used by the sponsor, a joint venture between
KEY RATING DRIVERS
Low Fitch Leverage: The
Strong Sales Performance, Low Occupancy Costs: Tyson's Corner Center is one of the more dominant malls in the country. The property reports overall sales of about
Given the high sales volumes, the property's occupancy costs have historically remained moderate, with an inline tenant occupancy cost of 16.1% as of the
High Quality Retail Asset in Core Location: The property is a 1.8 million-sf, super-regional mall with over 240 retail shops, restaurants and entertainment tenants. It is well located as part of a primary retail corridor within 12.5 miles of
The sponsor is also planning an additional investment of
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Declining cash flow decreases property value and capacity to meet its debt service obligations. The table below indicates the model implied rating sensitivity to changes in one variable, Fitch net cash flow (NCF):
Original Rating: 'AAAsf'/'AAsf'
10% NCF Decline: 'AAsf'/'AA-sf'
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Improvement in cash flow increases property value and capacity to meet its debt service obligations. The table below indicates the model implied rating sensitivity to changes to the same one variable, Fitch NCF:
Original Rating: 'AAAsf'/'AAsf'
10% NCF Increase: 'AAAsf'/'AAAsf'
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS
A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix. The appendix also contains a comparison of these RW&Es to those Fitch considers typical for the asset class as detailed in the Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
Additional information is available on www.fitchratings.com
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