KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2020-K104
24 Jan 2025 | New York
KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for FREMF 2020-K104, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction,which has exhibited an improvement in pool performance since issuance.
As of the December 2024 remittance period, there is one specially serviced loan (0.8% of the pool balance) and zero delinquent loans. KBRA identified two K-LOCs (4.0% of the pool balance), of which The Connection At Auburn (3.1%) has an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 108.0%, compared to 111.3% at last review and 124.3% at securitization. The WA KDSC is 1.57x, compared to 1.53x at last review and 1.37x at securitization.
Details concerning the classes with ratings changes are as follows:
Class A-M to AA- (sf) from A+ (sf)
Class B to A- (sf) from BBB+ (sf)
Class C to BBB (sf) from BBB- (sf)
To access ratings and relevant documents, click here.
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