Rating Action: Moody's affirms seven classes of BANK 2017-BNK8Global Credit Research – 20 Dec 2021Approximately $804 million of structured securities affectedNew York, December 20, 2021 — Moody's Investors Service, Inc. ("Moody's") has affirmed the ratings on seven classes in BANK 2017-BNK8 Commercial Mortgage Pass-Through Certificates, Series BANK 2017-BNK8 as follows:Cl. A-1, Affirmed Aaa (sf); previously on Dec 7, 2018 Affirmed Aaa (sf)Cl. A-2, Affirmed Aaa (sf); previously on Dec 7, 2018 Affirmed Aaa (sf)Cl. A-3, Affirmed Aaa (sf); previously on Dec 7, 2018 Affirmed Aaa (sf)Cl. A-4, Affirmed Aaa (sf); previously on Dec 7, 2018 Affirmed Aaa (sf)Cl. A-SB, Affirmed Aaa (sf); previously on Dec 7, 2018 Affirmed Aaa (sf)Cl. A-S, Affirmed Aa2 (sf); previously on Dec 7, 2018 Affirmed Aa2 (sf)Cl. X-A*, Affirmed Aaa (sf); previously on Dec 7, 2018 Affirmed Aaa (sf)*Reflects Interest-Only ClassRATINGS RATIONALEThe ratings on the 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 IO class was affirmed based on the credit quality of the referenced classes.Moody's rating action reflects a base expected loss of 5.9% of the current pooled balance, compared to 4.5% at Moody's last review. Moody's base expected loss plus realized losses is now 5.8% of the original pooled balance, compared to 4.5% 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 methodology used in rating all classes except interest-only classes was "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. 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 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 *). Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.DEAL PERFORMANCEAs of the November 15, 2021 distribution date, the transaction's aggregate certificate balance has decreased by 1.3% to $1.12 billion from $1.13 billion at securitization. The certificates are collateralized by 50 mortgage loans ranging in size from less than 1% to 9.9% of the pool, with the top ten loans (excluding defeasance) constituting 70.0% of the pool. Two loans, constituting 13.4% of the pool, have investment-grade structured credit assessments. The pool also contains eight low leverage cooperative loans, constituting 2.3% of the pool balance, that were too small to credit assess; however, have Moody's leverage that is consistent with other loans previously assigned an investment grade Structured Credit Assessments.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 18, the same as at Moody's last review.As of the November 2021 remittance report, all loans were current on their debt service payments.Fourteen loans, constituting 12.4% of the pool, are on the master servicer's watchlist, of which two loans, representing 7.4% of the pool, indicate the borrower has received loan modifications in relation to coronavirus impact on the property. 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.No loans have been liquidated from the pool, and as of the November 2021 remittance date one loan, the 5700 Lake Worth Road loan ($6.9 million — 0.6% of the pool), was in special servicing. The loan is secured by the fee simple interest in a 51,000 SF medical office property located in Greenacres, FL, near West Palm Beach. The loan transferred to the special servicer in June 2020 due to payment default and the borrower indicated that the largest tenant, representing 20% of the NRA, planned to vacate in early 2021. An August 2020 updated appraisal valued the property 23% lower than the value at securitization, but the value remained higher than current loan balance. The loan was previously 90+ days delinquent in September 2021, but was made current in November 2021 and returned to the master servicer in late November.Moody's assumed a high default probability for two poorly performing loans, constituting 1.3% of the pool, which includes Park Plaza II (0.9% of the pool), secured by an office property, and Crenshaw Plaza (0.4% of the pool), secured by a retail property. Both troubled loans experienced significant declines in occupancy and revenue in recent years.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 97% of the pool, and full or partial year 2021 operating results for 88% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 118%, compared to 117% 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 11.9% to the most recently available net operating income (NOI), excluding hotel properties that had significantly depressed NOI in 2020 and/or 2021. Moody's value reflects a weighted average capitalization rate of 9.7%.Moody's actual and stressed conduit DSCRs are 1.81X and 0.90X, respectively, compared to 1.83X and 0.91X 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 largest loan with a structured credit assessment is the Colorado Center Loan ($80 million — 7.2% of the pool), which represents a pari passu portion of a $298 million senior mortgage loan. The loan also includes a $252 million B-note. The loan is secured by 1.2 million SF office campus located in Santa Monica, CA. The property features high end amenities such as a full service gym, sports courts and a 3.5 acre park. Major tenants at the property include Hulu (29.8% of NRA), leased through February 2029 and Edmunds.com (16.6% of NRA) leased through January 2028. Occupancy at the property has declined from 98% in 2020 to 80% in September 2021. As a result, the annualized NOI has decreased year over year but remains in-line with expectations at securitization. One tenant, streaming provider Roku, signed a lease for 6.1% of the property beginning in April 2022. The loan is interest only for its entire term and Moody's structured credit assessment and stressed DSCR are aaa (sca.pd) and 1.67X, respectively.The second loan with a structured credit assessment is the 237 Park Avenue Loan ($70 million — 6.3% of the pool), which represents a pari passu portion of a $348 million senior mortgage loan. The loan also includes a $345.2 million B-note and $87.8 million of mezzanine debt. The loan is secured by a 21 story, 1.3 million SF office building located in Midtown Manhattan. Major tenants include New York Presbyterian leased through December 2048 and JP Morgan Chase leased through December 2025. The property was 97% occupied in June 2021, essentially the same as in December 2020. However, annualized NOI is slightly down due to an increase in expenses. Moody's structured credit assessment and stressed DSCR are a2 (sca.pd) and 1.41X, respectively.The top three conduit loans represent 27.0% of the pool balance. The largest loan is the Griffin Portfolio Loan ($110 million — 9.9% of the pool), which represents a pari passu portion of a $375 million mortgage loan. The loan is secured by a 3.7 million SF portfolio consisting of nine office properties and one industrial property across eight states. The largest tenant is Restoration Hardware, which occupies 40.5% of the portfolio NRA through August 2030. Eight of the properties are occupied by a single tenant. As of September 2021, the portfolio occupancy was 97%, the same as in December 2020. The loan is interest only for its entire term and Moody's LTV and stressed DSCR are 109% and 0.95X, respectively, same as at the last review.The second largest loan is the Park Square Loan ($100 million — 9.0% of the pool), which represents a pari passu portion of a $160 million mortgage loan. The loan is secured by a 503,000 SF office property located in Boston's Back Bay Neighborhood. The largest tenant is WeWork, occupying 27.2% of property's NRA on a lease through July 2032. Besides WeWork, the rent roll is granular, with no other tenant occupying more than 7.1% of the square footage. The property's occupancy was 87% in September 2021, compared to 89% in December 2020 and 95% at securitization. The property's NOI has declined in recent years primarily due to an increase in expenses. The loan is interest only for its entire term and Moody's LTV and stressed DSCR are 132% and 0.75X, respectively, compared to 126% and 0.79X at the last review.The third largest loan is the New School Loan ($92 million — 8.2% of the pool), which is secured by a 12 story, 140 unit (648 bed) student housing property located in the Lower East Side of New York City. The property is 100% master leased to The New School, who operates the property as a dormitory building. The master lease expires in July 2024 and has a 19-year renewal option. It is the largest of five dorms for the university, and accounts for 34% of their on campus beds. The loan is interest only for its entire term and Moody's LTV and stressed DSCR are 97% and 0.92X, respectively, compared to 92% and 0.97X at the 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. Kyle Austin Gray Associate Analyst Structured Finance Group 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 Matthew Halpern VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 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 © 2021 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 BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. 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MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). 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MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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