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  Title	Moody's Ratings affirms one and downgrades five classes of COMM 2014-CCRE14
  ID	6336696
  External ID	7506053953
  Author	Unknown
  Published Date	Jan. 29, 2025, 12:21 a.m.
  Summary	Approximately $190.8 million of structured securities affected New York, January 28, 2025 -- Moody's Ratings, (Moody's) has affirmed the rating on one class and downgraded the ratings on five classes
  Tags	press-release
  URL	https://ratings.moodys.com/ratings-news/436295
  Sentiment	Negative: 0.82046    Neutral: 0.07431    Positive: 0.10523
  Relevance	0.01622

• Content Details

  Content ID	3905262
  Key	c10c8669-42d4-4bdc-b067-53d78c49fa6b
  Content	Approximately $190.8 million of structured securities affected New York, January 28, 2025 -- Moody's Ratings, (Moody's) has affirmed the rating on one class and downgraded the ratings on five classes in COMM 2014-CCRE14 Mortgage Trust, Commercial Pass-Through Certificates, Series 2014-CCRE14 as follows: Cl. B, Downgraded to Baa2 (sf); previously on Mar 22, 2024 Downgraded to Baa1 (sf) Cl. C, Downgraded to B1 (sf); previously on Mar 22, 2024 Downgraded to Ba1 (sf) Cl. D, Downgraded to Caa2 (sf); previously on Mar 22, 2024 Downgraded to B3 (sf) Cl. E, Downgraded to C (sf); previously on Mar 22, 2024 Affirmed Caa3 (sf) Cl. F, Affirmed C (sf); previously on Mar 22, 2024 Affirmed C (sf) Cl. PEZ, Downgraded to Ba2 (sf); previously on Mar 22, 2024 Downgraded to Baa3 (sf) RATINGS RATIONALE The ratings on four P&I classes were downgraded due to increased risk of interest shortfalls and potential for expected losses driven primarily by the loans in special servicing. Six loans, representing 52.7% of the pool are in special servicing and have passed their original maturity dates. As of the January 2025 remittance, four of the specially serviced loans (40% of the pool) have incurred appraisal reductions (ARA) greater than 20% of their respective loan balance and have been deemed non-recoverable by the master servicer causing interest shortfalls to impact up to Cl. C. The ratings on one P&I class, Cl. F, was affirmed because the ratings are consistent with expected recovery of principal and interest from specially and troubled loans, as well as losses from previously liquidated loans. The rating on the exchangeable class, Cl. PEZ, was downgraded due to the decline in the credit quality of its referenced classes resulting from principal paydowns of higher quality reference classes. Cl. PEZ originally referenced Classes Cl. AM, Cl. B and Cl. C, however, Cl. A-M has previously been paid off in full. Our rating action reflects a base expected loss of 32.2% of the current pooled balance, compared to 19.5% at our last review. Our base expected loss plus realized losses is now 7.5% of the original pooled balance, compared to 5.7% at the last review. We provide 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 our 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 we 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 ACTION The principal methodology used in these ratings was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in July 2024 and available at https://ratings.moodys.com/rmc-documents/424776. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology. Our analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 53% of the pool is in special servicing. In this approach, we determine a probability of default for each specially serviced loan that we expect will generate a loss and estimates a loss given default based on a review of broker's opinions of value (if available), other information from the special servicer, available market data and our internal data. The loss given default for each loan also takes into consideration repayment of servicer advances to date, estimated future advances and closing costs. Translating the probability of default and loss given default into an expected loss estimate, we then apply the aggregate loss from specially serviced loans to the most junior class(es) and the recovery as a pay down of principal to the most senior class(es). DEAL PERFORMANCE As of the January 10, 2025 distribution date, the transaction's aggregate certificate balance has decreased by 85.4% to $201.2 million from $1.38 billion at securitization. The certificates are collateralized by 5 mortgage loans ranging in size from less than 1% to 47.3% of the pool. We use 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 4, unchanged from our last review. As of the January 2025 remittance report, all remaining loans are in special servicing and have passed their original maturity dates. Three loans representing over 40.1% of the pool were deemed non-recoverable by the Master Servicer. Seven loans have been liquidated from the pool, contributing to an aggregate realized loss of $38.6 million (for an average loss severity of 63.1%). The largest specially serviced loan largest specially serviced loan is the 175 West Jackson Loan ($35.8 million – 17.8% of the pool), which represents a pari passu portion of a $250 million mortgage loan. The loan is secured by a Class A, 22-story office building totaling 1.45 million square feet (SF) and located within the CBD of Chicago, Illinois. Property performance has declined steadily since 2015, with occupancy declining to 59% in September 2024 from 86% in 2015, and the year-end 2023 NOI was 56% lower than in 2013. The loan transferred to special servicing in November 2021, and as of the January 2025 remittance statement was last paid through its March 2023 payment date. The most recent appraisal from March 2024 was 71% below the value at securitization and the master servicer has recognized an appraisal reduction on the loan. This loan has been deemed non-recoverable by the master servicer. Per the special servicer commentary, a receiver has been appointed and the property is being marketed for sale and/or Deed-In-Lieu. We expect a significant loss from this loan. The second largest specially serviced loan is the 149 New Montgomery Loan ($21 million – 10.4% of the pool), which is secured by a 69,000 SF mixed-use property located in San Francisco, California, built in 1907 and most recently renovated 1999. The loan transferred to special servicing in June 2023 for imminent maturity default, ahead of the November 2023 maturity date. Property performance has deteriorated since 2020 as a result of decline in occupancy. As of March 2024, the property was 71% leased, unchanged from year-end 2022, compared to 87% in December 2021 and 100% at securitization. The most recent appraisal from August 2024 was 52% below the value at securitization and the master servicer has recognized an appraisal reduction on the loan. The borrower and special servicer have signed a PNL and the borrower had requested a loan modification. The special servicer is pursuing foreclosure after the borrower denied the special servicer approved terms. As of the January 2025 remittance, the loan was last paid through the December 2023 payment date and the loan has been deemed non-recoverable by the master servicer. The third largest specially serviced loan is the 16530 Ventura Boulevard Loan ($17.7 million – 8.7% of the pool), which is secured by a 157,000 SF office building located in Encino, California. The loan transferred to special servicing in November 2023, ahead of the January 2024 maturity date as the borrower indicated they needed additional time to secure refinancing. Occupancy was 42% in March 2024, compared to 43% in December 2021, 52% in December 2020, and 85% at securitization. The most recent appraisal value from September 2024 is 86% below the value at securitization and the master servicer has recognized an appraisal reduction on the loan. The special servicer will appoint a receiver and initiate foreclosure proceedings. As of the January 2025 remittance, the loan was last paid through November 2023 and the loan has been deemed non-recoverable by the master servicer. The fourth largest loan in special servicing is the La Terraza San Diego Loan ($13.5 million – 6.7% of the pool), which is secured by a 78,000 SF, Class A office building in Escondido, California. The loan transferred to special servicing in November 2023 due to borrower-declared imminent monetary default ahead of the December 2023 maturity date. The largest tenant, Wells Fargo Bank (34.4% of NRA), vacated at lease expiration in February 2024. The special servicer and borrower executed a forbearance agreement in December 2024 and are in discussions to modify the loan. As of the January 2025 remittance, the loan was last paid through the December 2024 payment date. The fifth largest loan in special servicing is the Perryville Corporate Park Loan ($11.7 million – 5.8% of the pool), which is secured by a 288,280 SF, Class A office building in Hampton, New Jersey. The loan transferred to special servicing in September 2023 due to borrower-declared imminent monetary default, ahead of the November 2023 maturity date. The largest tenant, Celidex Therapeutics (11.6% of NRA), has a lease expiration in July 2025 and is expected to vacate at the end of the term. The special servicer and borrower executed a forbearance agreement in December 2024, and the loan was extended through November 2025As of the January 2025 remittance, the loan was last paid through the December 2024 payment date. The sixth largest loan in special servicing the Flint Creek Crossing Loan ($6.6 million – 3.3% of the pool), which is secured by a 40,000 SF office property located in Barrington, Illinois, a suburb northwest of Chicago. The loan transferred to special servicing in March 2024 as it did not pay off at the January 2024 maturity date. The borrower has signed a PNL and is actively marketing the property for sale. As of the January 2025 remittance date, the loan was last paid through the February 2024 payment date and has been deemed non-recoverable by the master servicer. Moody's estimates an aggregate $64.8 million loss for the specially serviced loans (61.2% expected loss on average). As of the January 2025 remittance statement cumulative interest shortfalls were $9.2 million. Moody's anticipates interest shortfalls will continue because of the exposure to specially serviced loans and/or modified loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal entitlement reductions (ASERs), loan modifications and extraordinary trust expenses. The only loan not in special servicing is the 625 Madison Avenue loan ($95.3 million – 47.3% of the pool), which represents a pari-passu portion of a $168.9 million first mortgage loan. The loan was originally secured by the fee interest in a 0.81-acre parcel of land located at 625 Madison Avenue between East 58th and East 59th Street in New York City. However, the loan transferred to special servicing in July 2023 due to imminent default and subsequently the mezzanine lender foreclosed on the equity collateral. Furthermore, a modification agreement was executed in December 2023 which involved, among other items, the termination of the ground lease, a completion and carry guaranty as well as a $25 million principal paydown. The senior loan is the only debt currently on the property as the mezzanine loan was extinguished through the UCC foreclosure sale. This loan was returned to the Master Servicer in November 2024 as a corrected loan after receiving a loan modification. As of January 2025 remittance, this loan was current on P&I payments and has amortized by 13.4% since securitization. Based on the value of the collateral and the executed modification, we do not anticipate a loss on the mortgage loan REGULATORY DISCLOSURES For 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 on https://ratings.moodys.com/rating-definitions. 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. For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions. For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating. For provisional ratings, the Credit Rating 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. Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process. These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. The Global Scale Credit Rating(s) discussed in this Credit Rating Announcement was(were) issued by one of Moody's affiliates outside the EU and UK and is(are) endorsed for use in the EU and UK in accordance with the EU and UK CRA Regulation. Please see https://ratings.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 issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Ashton Khan Associate Lead Analyst Romina Padhi Associate Managing Director 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 © 2025 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 OR OTHERWISE MADE AVAILABLE BY MOODY’S (COLLECTIVELY, “MATERIALS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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