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  Title	Moody's Ratings downgrades five classes of COMM 2014-UBS5
  ID	7547183
  External ID	7606981209
  Author	Unknown
  Published Date	March 6, 2025, 8:35 p.m.
  Summary	Approximately $172.7 million of structured securities affected New York, March 06, 2025 -- Moody's Ratings, (Moody's) has downgraded the ratings on five classes in COMM 2014-UBS5 Mortgage Trust, Comme
  Tags	press-release
  URL	https://ratings.moodys.com/ratings-news/438635
  Sentiment	Negative: 0.87195    Neutral: 0.08782    Positive: 0.04023
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  Content ID	4852429
  Key	d8b8d99d-a3ac-4d1c-82d3-7aeaef616823
  Content	Approximately $172.7 million of structured securities affected New York, March 06, 2025 -- Moody's Ratings, (Moody's) has downgraded the ratings on five classes in COMM 2014-UBS5 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2014-UBS5 as follows: Cl. A-M, Downgraded to Aa3 (sf); previously on Oct 30, 2024 Affirmed Aa1 (sf) Cl. B, Downgraded to Baa1 (sf); previously on Oct 30, 2024 Downgraded to A2 (sf) Cl. C, Downgraded to B1 (sf); previously on Oct 30, 2024 Downgraded to Ba2 (sf) Cl. PEZ, Downgraded to Ba1 (sf); previously on Oct 30, 2024 Downgraded to Baa2 (sf) Cl. X-B-1*, Downgraded to Baa1 (sf); previously on Oct 30, 2024 Downgraded to A2 (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The ratings on the P&I classes, Cl. A-M, Cl. B and Cl. C, were downgraded due to interest shortfall risks and the potential for higher expected losses from the significant exposure to specially serviced loans. Eight loans, representing 74% of the pool balance, are in special servicing and we identified two additional troubled loans (24% of the pool) with either distressed occupancy or cash flow performance. Seven of the specially serviced and troubled loans (75% of the pool) are secured by office properties which were unable to pay off at their initial maturity or anticipated repayment dates (ARD), of which the three largest (Summit Rancho Bernardo, State Farm Portfolio and Quakerbridge), representing 46% of the pool, have significant single tenant concentrations. Furthermore, two specially serviced loans (16% of the pool) have already been deemed non-recoverable as of the February 2025 remittance statement. All the remaining loans have now passed their initial maturity dates or anticipated repayment dates and the risk of interest shortfalls and potential for higher losses may increase if the outstanding loans become further delinquent or are unable to pay off at their extended or final maturity dates. The rating on the IO Class (Cl. X-B-1) was downgraded due to a decline in the credit quality of its referenced classes. The rating on the exchangeable class (Cl. PEZ) was downgraded based on a decline in the credit quality of its referenced exchangeable classes. Our rating action reflects a base expected loss of 34.0% of the current pooled balance, compared to 31.6% at our last review. Moody's base expected loss plus realized losses is now 11.9% of the original pooled balance, compared to 11.6% 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, 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 rating all classes except interest-only classes was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025 and available at https://ratings.moodys.com/rmc-documents/436529. The methodologies used in rating interest-only classes were "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025 and available at https://ratings.moodys.com/rmc-documents/436529 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in April 2024 and available at https://ratings.moodys.com/rmc-documents/418262. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of these methodologies. Our analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 74% of the pool is in special servicing and we have identified additional troubled loans representing 24% of the pool. In this approach, we determine a probability of default for each specially serviced and troubled loan that it expects 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 and troubled loans to the most junior classes and the recovery as a pay down of principal to the most senior classes. DEAL PERFORMANCE As of the February 12, 2025 distribution date, the transaction's aggregate certificate balance has decreased by 77% to $320 million from $1.42 billion at securitization. The certificates are collateralized by 11 mortgage loans and all remaining loans are either in special servicing or have passed their original maturity dates. 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 nine, the same as at our last review. As of the February 2025 remittance report, loans representing 44% were current or within their grace period on their debt service payments, and 56% were past maturity, foreclosure or real estate owned (REO). Three loans, constituting 26% 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 our ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance. Four loans have been liquidated from the pool, contributing to an aggregate realized loss of $59.9 million (for an average loss severity of 76%). Eight loans, constituting 74% of the pool, are currently in special servicing. The largest specially serviced loan is the Summit Rancho Bernardo Loan ($55.7 million -- 17.4% of the pool), which is secured by a five-story, 196,734 square feet (SF) Class A office property located within the Rancho San Bernardo master-planned community in San Diego, California. The asset is also encumbered with $10.0 million of mezzanine debt. The property was formerly 100% leased to Nokia, a subsidiary of Microsoft Corporation, through August 2020, however, in May 2017 Nokia elected to exercise its early-termination rights and paid a $13.3 million termination fee. As of October 2024, the property was fully leased to Apple, Inc., with a lease expiration in January 2028. The loan has amortized 13.0% since securitization and as of June 2024, the NOI DSCR was 1.85X based on amortizing payments and a fixed interest rate of 4.4%. The loan transferred to special servicing in September 2024 as it failed to pay off at its September 2024 maturity date. The borrower and lender executed a loan modification in November 2024 that extends the maturity date September 2025 to allow the borrower to work on securing financing. In exchange, the borrower committed cash equity to paydown the loan, as well as agreed to hyper amortization. The loan remains current on debt service payments. The second largest specially serviced loan is the Quakerbridge Loan ($42.8 million -- 13.4% of the pool), which is secured by a 425,859 SF office property located in Hamilton, New Jersey. As of June 2024, the NOI DSCR was 2.01X with 95% occupancy, compared to 1.53X and 94% as of year-end 2022, respectively. The largest tenant is the State of New Jersey, occupying 332,494 SF (78% of the net rentable area (NRA)), with a lease expiration in June 2031. The loan transferred to special servicing in September 2024 as it failed to pay off at the September 2024 maturity date. The property is generating sufficient cash flow to cover debt service, however, the property has significant tenant concentration risk. As of the February 2025 remittance statement the loan has amortized approximately 11% since securitization and was classified as performing maturity balloon. The special servicer is currently working with the borrower on a loan modification that will extend the maturity date by two years. The third largest specially serviced loan is the Town Park Ravine I, II, III Loan ($37.2 million -- 11.6% of the pool), which is secured by a portfolio of the three suburban office properties totaling 367,090 SF, located in Kennesaw, Georgia. The property's performance has declined in recent years due to lower occupancy and revenue. As of June 2024, the NOI DSCR was 1.21X and the property was 52% leased as of January 2025. The loan transferred to special servicing in September 2024 after it failed pay off at the August 2024 maturity date. The borrower indicated their intent to hand back the keys to the property and the lender is currently facilitating the transition to the receiver. The loan was last paid through its July 2024 payment date. The fourth specially serviced loan is the Harwood Center Loan ($26.4 million -- 8.2% of the pool), which represents a pari-passu portion of a $79.1 million mortgage loan. The loan is secured by a leasehold interest in a multi-tenant CBD office building containing 723,963 SF NRA of office space constructed in 1982. The loan transferred to special servicing in May 2020 for imminent monetary default and became REO in November 2021. As of November 2024, the building was 51.2% occupied and the lender was working on various renovation and upgrade projects at the property. The loan has been deemed non-recoverable and is paid through its July 2021 payment date. The remaining four specially serviced loans are secured by two office properties and two retail properties, comprising 23.1% of the pool balance. We have also assumed a high default probability for two poorly performing loans, constituting 23.7% of the pool, and have estimated an aggregate loss of $108.9 million (a 34.9% expected loss on average) from these specially serviced and troubled loans. The troubled loans are discussed in detail further below. As of the February 2025 remittance statement cumulative interest shortfalls were $8.1 million and impact up to Cl. D. We anticipate 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 non-specially serviced loans represent 26.2% of the pool balance. The largest loan is the State Farm Portfolio Loan ($47.4 million -- 14.8% of the pool), which represents a pari passu portion of a $327.6 million mortgage loan. The loan was originally secured by fee simple interests in 14 suburban office properties across 11 states (13 properties remain currently as the Tulsa property was sold and released). At securitization, all properties were 100% leased and occupied by State Farm pursuant to individual leases executed by State Farm in November 2013. All leases have a 15-year term and run until November 2028, except the leases for Greeley South property and the Greeley North property. The loan passed its anticipated repayment date ("ARD") in April 2024 and as a result, all excess cash flow after debt service is swept and applied to pay down principal. The loan has a final maturity date in April 2029. It is reported that State Farm has vacated all of the properties and offered up many of the locations for sublease. State Farm has no lease termination rights and continues to pay rent and perform its obligations under the lease. In September 2023, the loan transferred to special servicing due to non-monetary default ahead of the April 2024 maturity date. The loan was recently returned to the master servicer in January 2025 after the sale and release of the Tulsa property which resulted in a principal paydown. The loan will remain in a cash sweep through maturity with no possibility of cure. As of the February 2025 remittance, the loan was current on debt service payments and had amortized almost 15% since securitization, mainly due to the paydown from the Tulsa property sale. Given the tenancy profile, the loan may face heightened refinance risk at its final maturity, however, the loan is expected to amortize further and may further paydown if there are additional asset sales. The second largest loan is the Breakwater Hotel Loan ($28.5 million -- 8.9% of the pool), which is secured by a 99-room full-service hotel located in Miami Beach, Florida. Property performance has recovered since 2020, however, the year-end 2023 NOI remained well below the level at securitization. The loan transferred to special servicing in November 2022 due to a judgement lien being attached to the borrower but was recently transferred back to the master servicer in January 2025 after being resolved. The loan term increased by 12 months, with the maturity date in September 2025. The loan remains current on debt service payments and has amortized almost 9% since securitization. An updated appraisal from March 2024 valued the property at $40 million, a 17% decline in value since securitization but 29% above the outstanding loan balance. 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. Fred Kasimov Asst Vice President - 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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