Benchmark 2025-B41 Mortgage Trust: rating history

← Benchmark 2025-B41 Mortgage Trust · CMBS market

Rating actions recorded in the dataset cover 16 of the deal's 19 classes. Each action shows the date the agency took the action and the date it became publicly knowable in the published rating histories, as explained in the note at the foot of this page.

Migration summary

Net notch movement sums, over the classes with at least two recorded ratings from the agency, the difference between the last and first recorded rating in notches; a positive figure means the classes ended weaker than they began.

Agency releases in the dataset

Actions by class

Class A-1

Fitch: current rating AAA

Moody's: current rating Aaa

DBRS: current rating AAA (sf) (Stb)

Class A-4

Fitch: current rating AAA

Moody's: current rating Aaa

DBRS: current rating AAA (sf) (Stb)

Class A-5

Fitch: current rating AAA

Moody's: current rating Aaa

DBRS: current rating AAA (sf) (Stb)

Class A-S

Fitch: current rating AAA

Moody's: current rating Aa1

DBRS: current rating AAA (sf) (Stb)

Class A-SB

Fitch: current rating AAA

Moody's: current rating Aaa

DBRS: current rating AAA (sf) (Stb)

Class B

Fitch: current rating AA-

DBRS: current rating AA (low) (sf) (Stb)

Class C

Fitch: current rating A-

DBRS: current rating A (sf) (Stb)

Class D

Fitch: current rating BBB

DBRS: current rating BBB (high) (sf) (Stb)

Class E

Fitch: current rating BBB-

DBRS: current rating BBB (sf) (Stb)

Class F

Fitch: current rating BB-

DBRS: current rating BB (high) (sf) (Stb)

Class G

Fitch: current rating B-

DBRS: current rating BB (low) (sf) (Stb)

Class X-A

Fitch: current rating AAA

Moody's: current rating Aaa

DBRS: current rating AAA (sf) (Stb)

Class X-B

Fitch: current rating A-

DBRS: current rating A (high) (sf) (Stb)

Class X-D

Fitch: current rating BBB-

DBRS: current rating BBB (high) (sf) (Stb)

Class X-F

Fitch: current rating BB-

DBRS: current rating BBB (low) (sf) (Stb)

Class X-G

Fitch: current rating B-

DBRS: current rating BB (sf) (Stb)

Action date is the date the agency took the rating action. Publicly knowable is the publication date of the agency's rating history file, published under SEC Rule 17g-7(b), in which the action is recorded in this dataset. The dataset holds each agency's current published history, so the publicly knowable date is the current file's date and is an upper bound on when the action first became public in this form: earlier editions of the file carried older actions sooner. Actions labeled "No action code in source" are records the agency's file carries without a rating action code, principally affirmations and outlook or watch updates; the rating shown is the rating recorded with the record. Outlook and watch states are shown as recorded after each action, so the state in force between two actions is the state shown on the earlier row.