KBRA Places the Ratings of Seven Classes of GSMS 2015-GC30 on Watch Downgrade

KBRA places the ratings of seven classes of GSMS 2015-GC30, a CMBS conduit transaction, on Watch Downgrade (DN).

The Watch placements are based on increased realized losses following the special servicer’s request to the master servicer for a trust-level holdback, which was reflected in the May 2025 remittance report. Additionally, the trust has experienced an increase in interest shortfalls and, in some cases, in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class B certificates. KBRA considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the specially serviced assets.

As of the June 2025 remittance period, there are six specially serviced assets (76.5% of the pool balance), of which two (19.9%) are in foreclosure and four (56.6%) are matured non-performing. KBRA identified eleven assets as K-LOCs (93.3%), including the specially serviced assets.

KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

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