Rating Action: Moody’s affirms nine classes of COMM 2014-UBS3Global Credit Research – 29 Mar 2022Approximately $710 million of structured securities affectedNew York, March 29, 2022 — Moody’s Investors Service, (“Moody’s”) has affirmed the ratings on nine classes in COMM 2014-UBS3 Mortgage Trust, as follows:Cl. A-3, Affirmed Aaa (sf); previously on Sep 6, 2019 Affirmed Aaa (sf)Cl. A-4, Affirmed Aaa (sf); previously on Sep 6, 2019 Affirmed Aaa (sf)Cl. A-SB, Affirmed Aaa (sf); previously on Sep 6, 2019 Affirmed Aaa (sf)Cl. A-M, Affirmed Aaa (sf); previously on Sep 6, 2019 Affirmed Aaa (sf)Cl. B, Affirmed Aa3 (sf); previously on Sep 6, 2019 Affirmed Aa3 (sf)Cl. C, Affirmed A3 (sf); previously on Sep 6, 2019 Affirmed A3 (sf)Cl. X-A*, Affirmed Aaa (sf); previously on Sep 6, 2019 Affirmed Aaa (sf)Cl. X-B*, Affirmed A2 (sf); previously on Sep 6, 2019 Affirmed A2 (sf)Cl. PEZ**, Affirmed A1 (sf); previously on Sep 6, 2019 Affirmed A1 (sf)* Reflects Interest Only Classes** Reflects Exchangeable ClassesRATINGS RATIONALEThe ratings on the six P&I classes were affirmed because the transaction’s key metrics, including Moody’s loan-to-value (LTV) ratio, Moody’s stressed debt service coverage ratio (DSCR) and the transaction’s Herfindahl Index (Herf), are within acceptable ranges.The rating on the two IO classes were affirmed based on the credit quality of the referenced classes.The rating on the exchangeable class was affirmed based on the credit quality of the referenced exchangeable classes.Moody’s rating action reflects a base expected loss of 4.3% of the current pooled balance, compared to 5.2% at Moody’s last review. Moody’s base expected loss plus realized losses is now 4.9% of the original pooled balance, compared to 4.6% at the last review. Moody’s provides 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 Moody’s 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 Moody’s had previously expected.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 ACTIONThe principal methodologies used in rating all classes except exchangeable classes and interest-only classes were “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1258254 and “Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology” published November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1250766. The principal methodology used in rating exchangeable classes was “Moody’s Approach to Rating Repackaged Securities” published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. The methodologies used in rating interest-only classes were “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1258254, “Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology” published November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1250766 and “Moody’s Approach to Rating Structured Finance Interest-Only (IO) Securities” published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *) and exchangeable classes (indicated by the **). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. DEAL PERFORMANCEAs of the March 11, 2022 distribution date, the transaction’s aggregate certificate balance has decreased by 19.9% to $846.3 million from $1.05 billion at securitization. The certificates are collateralized by 41 mortgage loans ranging in size from less than 1% to 12.4% of the pool, with the top ten loans (excluding defeasance) constituting 67.5% of the pool. Eleven loans, constituting 14.1% of the pool, have defeased and are secured by US government securities.Moody’s uses 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 12, compared to 15 at Moody’s last review.Five loans, constituting 14.8% 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 Moody’s ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.One loan has been liquidated from the pool, resulting in an aggregate realized loss of $15.5 million (for an average loss severity of 53%). Three loans, constituting 6.7% of the pool, are currently in special servicing.The largest specially serviced loan is the 1100 Superior Avenue Loan ($47.4 million 5.6% of the pool), which is secured by a 576,766 square feet (SF) 22-story Class A office tower in Cleveland, Ohio. The loan transferred to special servicing in June 2021 due to payment default. The borrower indicated that they could no longer maintain debt service payments due to declines in occupancy. As of January 2022, the property was 80% leased. In August 2021, an updated appraisal indicated a value of $32.1 million, which is a 54% decline in value since securitization. The loan entered foreclosure in November 2021 and the borrower indicated they would hand over the property to the lender. The court approved the receiver in February 2022, and the lender shall move forward through the foreclosure process.The second largest specially serviced loan is the Courtyard by Marriott Hartford Manchester Loan ($6.1million 0.7% of the pool), which is secured by a 90-room limited-service hotel located in Manchester, Connecticut. In June 2020, this loan transferred to special servicing due to payment default related to COVID-19. The lender and borrower came to terms on a modification, and a consent agreement was executed. In August 2020, an updated appraisal indicated a value that is a 37% decline in value since securitization. An updated appraisal in February 2022 indicated a value above the securitized value and significantly higher than the August 2020 valuation. As of the March 2022 remittance, this loan was brought current. Since securitization, this loan has amortized by 11.0%. The lender and borrower have come to terms with a loan modification and are actively working towards a resolution.The third largest specially serviced loan is the Shoppes at Carol Stream Loan ($3.1 million 0.4% of the pool), which is secured by a 21,153 SF convenience center built located in Carol Stream, Illinois. The loan transferred to special servicing in February 2021 due to payment default. The loan is in foreclosure and a court appointed receiver is in control of the property.Moody’s has also assumed a high default probability for one poorly performing loan, constituting 0.5% of the pool, and has estimated an aggregate loss of $24.9 million (a 45.2% expected loss on average) from these troubled loans and the specially serviced loans.The largest troubled loan is the Fairfield Inn & Suites by Marriott Loan ($4.5 million 0.5% of the pool), which is secured by an 81-unit limited-service hotel built in 1998 renovated in 2009 located in Streetsboro, Ohio. In March 2017, this loan transferred to special servicing due to payment default, and the loan was returned to the master servicer as a corrected loan in October 2018.The credit risk of loans is determined primarily by two factors: 1) Moody’s assessment of the probability of default, which is largely driven by each loan’s DSCR, and 2) Moody’s assessment of the severity of loss upon a default, which is largely driven by each loan’s loan-to-value ratio, referred to as the Moody’s LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan’s amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.Moody’s received full year 2020 operating results for 94% of the pool, and partial year 2021 operating results for 100% of the pool (excluding specially serviced and defeased loans). Moody’s weighted average conduit LTV is 115%, compared to 110% at Moody’s last review. Moody’s conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody’s net cash flow (NCF) reflects a weighted average haircut of 20.2% to the most recently available net operating income (NOI). Moody’s value reflects a weighted average capitalization rate of 9.8%.Moody’s actual and stressed conduit DSCRs are 1.48X and 0.94X, respectively, compared to 1.41X and 0.94X at the last review. Moody’s actual DSCR is based on Moody’s NCF and the loan’s actual debt service. Moody’s stressed DSCR is based on Moody’s NCF and a 9.25% stress rate the agency applied to the loan balance.The top three conduit loans represent 35% of the pool balance. The largest loan is the Bronx Terminal Market Loan ($105.0 million 12.4% of the pool), which represents a pari passu portion of $380.0 million mortgage loan. The loan is secured by the borrower’s leasehold interest in a 912,333 SF anchored retail power center located in Bronx, New York. The center is of Class A quality and anchored by Target, BJs and Home Depot. The property is subject to a ground lease which expires in September 2055. The fourth largest tenant, Toys “R” Us / Babies “R” Us closed following its bankruptcy in 2018. In the spring of 2019 Food Bazaar Supermarket backfilled the former Toys R Us space. As of December 2021, the property was 99% leased, the same as at the last review and securitization. The property benefits from strong population demographics, its proximity to mass transit and has frontage along the Major Deegan Expressway. Moody’s LTV and stressed DSCR are 108% and 0.80X, respectively, the same as at last review.The second largest loan is the State Farm Portfolio Loan ($100.0 million — 11.8% of the pool), which represents a pari-passu interest in a $383.5 million mortgage loan. There is also $86 million of mezzanine financing. The loan is collateralized by fee simple interests in 14 suburban office properties. All the State Farm Portfolio properties are 100% leased and occupied by State Farm pursuant to individual leases executed by State Farm in November 2013. Each lease has a 15-year term, except the Greeley South property and the Greeley North property, which have a 10-year term and 5-year term, respectively. The 14 properties are located across 11 states, with no single market accounting for more than 15% of the portfolio’s gross leasable area (GLA). The loan is structured with an Anticipated Repayment Date (“ARD”) structure, whereby if the loan is not repaid in full by April 6, 2024, all excess cash flow after debt service will be swept and applied to pay down principal. Given the financial strength of the State Farm tenant and the hyper-amortizing ARD feature of the loan structure, there is a high probability that the loan will be of lower leverage at the tenant’s lease maturity date in November 2028, even if the tenant elected to vacate its premises. Moody’s used a lit/dark analysis in determining the value for the loan collateral to account for the single tenant exposure. Moody’s LTV and stressed DSCR are 152% and 0.89X respectively compared to 133% and 0.89X, at last review.The third largest loan is the Equitable Plaza Loan ($91 million — 10.8% of the pool), which is secured by a 32-story, Class B office building located in the Koreatown neighborhood of Los Angeles, California. The property was 66% as of June 2021 compared to 83% in December 2018, and 87% in September 2017. The largest tenant, The County of Los Angeles (10% of NRA) vacated during 2018, however, a number of new leases were signed during that year, largely offsetting the decline in occupancy. The loan was interest-only for the first five years of the ten-year loan term. As of the March 2022 remittance, this loan was current on P&I payments, and has amortized by 4.2% since securitization. There is actively a hard lockbox in place with a springing cash management due to the NOI DSCR falling below 1.20X. Moody’s LTV and stressed DSCR are 122% and 0.89X respectively, compared to 109% and 0.92X, at last review.REGULATORY DISCLOSURESFor 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 at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.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.Moody’s did not use any stress scenario simulations in its analysis.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this 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. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.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 ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Ashton Khan Associate Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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