Press Release|CMBS
View PDF

KBRA Withdraws Ratings on 72 Classes from 29 Transactions

10 Apr 2026   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero.

For each class, the related February 2026 remittance report with respect to the BMO 2023-C5 and RCMT 2016-3 transactions and the related March 2026 remittance reports with respect to the remainder of the transactions did not reflect any accumulated interest shortfalls or principal writedowns.

KBRA’s ratings are updated as follows:

  • BACM 2015-UBS7, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • BANK 2024-BNK48, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2020-B18, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2021-B29, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2023-V2, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2023-C5, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class A from 'AAA (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class B from 'AAA (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class C from 'AAA (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class D from 'AA (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class E from 'A+ (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class F from 'BBB+ (sf)' to 'WR (sf)'
  • BX 2021-XL2, Class G from 'BB+ (sf)' to 'WR (sf)'
  • BX 2023-XL3, Class A from 'AAA (sf)' to 'WR (sf)'
  • BX 2023-XL3, Class B from 'AA- (sf)' to 'WR (sf)'
  • BX 2023-XL3, Class C from 'A (sf)' to 'WR (sf)'
  • BX 2023-XL3, Class D from 'BBB- (sf)' to 'WR (sf)'
  • BX 2023-XL3, Class HRR from 'BB (sf)' to 'WR (sf)'
  • CGCMT 2016-C1, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-P4, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • COMM 2013-CCRE9, Class E from 'CCC (sf)' to 'WR (sf)'
  • COMM 2014-CCRE20, Class C from 'BBB- (sf)' to 'WR (sf)'
  • COMM 2014-CCRE20, Class PEZ from 'BBB- (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class B from 'AA- (sf)' to 'WR (sf)'
  • DBJPM 2020-C9, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2017-K66, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2021-K745, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class A from 'AAA (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class B from 'AA+ (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class C from 'AA- (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class D from 'A- (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class E from 'BBB- (sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class F from 'BB-(sf)' to 'WR (sf)'
  • Greystone 2021-FL3, Class G from 'B- (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class A from 'AAA (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class B from 'AA- (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class C from 'A- (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class D from 'BBB (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class E from 'BBB- (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class F from 'BB- (sf)' to 'WR (sf)'
  • Greystone 2024-HC3, Class G from 'B- (sf)' to 'WR (sf)'
  • GSMS 2014-GC24, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2016-GS4, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2023-SHIP, Class A from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2023-SHIP, Class B from 'AA- (sf)' to 'WR (sf)'
  • GSMS 2023-SHIP, Class C from 'A- (sf)' to 'WR (sf)'
  • GSMS 2023-SHIP, Class D from 'BBB- (sf)' to 'WR (sf)'
  • JPMBB 2014-C23, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • JPMCC 2012-WLDN, Class A from 'B- (sf)' to 'WR (sf)'
  • JPMCC 2012-WLDN, Class B from 'CCC (sf)' to 'WR (sf)'
  • JPMCC 2012-WLDN, Class C from 'CC (sf)' to 'WR (sf)'
  • JPMCC 2012-WLDN, Class X-A from 'B- (sf)' to 'WR (sf)'
  • JPMCC 2012-WLDN, Class X-B from 'B- (sf)' to 'WR (sf)'
  • JPMCC 2016-JP3, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • LSTAR 2017-5, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • RCMT 2016-3, Class E from 'BBB (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class A from 'AAA (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class B from 'AA+ (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class C from 'A (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class D from 'BBB+ (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class E from 'BBB- (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class F from 'BB- (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class G from 'B- (sf)' to 'WR (sf)'
  • SREIT 2021-MFP, Class HRR from 'B- (sf)' to 'WR (sf)'
  • Tricon American Homes 2019-SFR1, Class A from 'AAA (sf)' to 'WR (sf)'
  • Tricon American Homes 2019-SFR1, Class B from 'AAA (sf)' to 'WR (sf)'
  • Tricon American Homes 2019-SFR1, Class C from 'AAA (sf)' to 'WR (sf)'
  • Tricon American Homes 2019-SFR1, Class D from 'AA+ (sf)' to 'WR (sf)'
  • Tricon American Homes 2019-SFR1, Class E from 'AA- (sf)' to 'WR (sf)'
  • UBS 2018-C12, Class A-2 from 'AAA (sf)' to 'WR (sf)'

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1014403