KBRA Downgrades Three Ratings and Affirms All Other Ratings for Benchmark 2021-B27
30 May 2025 | New York
KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding classes of Benchmark 2021-B27, a $1.1 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last review. The rating actions also reflect KBRA’s estimated losses for ten K-LOCs (21.5%) and the resulting loss adjusted C/E levels.
As of the May 2025 remittance period, there are three specially serviced loans (11.2%), of which two (5.7%) are in foreclosure. KBRA has identified ten loans (21.5%) as K-LOCs, four of which (12.5%) have estimated losses. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.7%, compared to 98.9% at last review and 99.4% at securitization. The KDSC is 2.48x, compared to 2.52x at last review and 2.51x at securitization.
Details concerning the classes with rating changes are as follows:
- Class G to B (sf) from BB (sf)
- Class J-RR to B- (sf) from B+ (sf)
- Class X-G to B (sf) from BB (sf)
To access ratings and relevant documents, click here.
Click here to view the report.