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KBRA Downgrades Six Ratings and Affirms All Other Ratings for MSBAM 2016-C30

5 Sep 2025   |   New York

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KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings of MSBAM 2016-C30, a $733.2 million 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 ratings change in August 2024. The rating actions also reflect KBRA's estimated losses for five K-LOCs (21.6%) and the resulting loss adjusted C/E levels.

As of the August 2025 remittance period, there are two specially serviced assets (7.5% of the pool balance), of which one (0.6%) is REO and one (6.9%) is 30 days delinquent. KBRA identified nine K-LOCs (37.6%), including the specially serviced assets. Of the K-LOCs, five (21.6%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 2 Easton Town Center RT 75,000 10.2% N C Y Maturity 08/20/2025 - - 3 Briarwood Mall RT 70,000 9.5% N C N Occupancy 11/06/2020 $37,504 53.6% 5 Bellevue Park Corporate Center OF 50,620 6.9% Y 30+ N Specially Serviced 10/09/2023 $18,275 36.1% 12 Simon Premium Outlets RT 20,483 2.8% N C N Occupancy 03/06/2025 $3,264 15.9% 14 International Square OF 20,000 2.7% N C N Occupancy 05/09/2023 - - 18 Park Tower Long Beach OF 16,747 2.3% N C N Occupancy 06/06/2022 - - 21 West LA Office - 1950 Sawtelle Boulevard OF 12,780 1.7% N C N Occupancy 08/23/2021 $5,353 41.9% 27 Hilton Garden Inn - Newport News LO 6,090 0.8% N C N DSCR 10/09/2024 - - 41 Tinley Pointe Centre RT 4,286 0.6% Y REO N REO 02/13/2018 $3,975 92.7% Total K-LOCs $276,006 37.6% $68,371 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 81.7%, compared to 86.2% at last review and 90.7% at securitization. The KDSC is 2.51x, compared to 2.40x at last review and 2.36x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class D to B (sf) from BB (sf)
  • Class E to CCC (sf) from B- (sf)
  • Class F to CC (sf) from CCC (sf)
  • Class X-D to B (sf) from BB (sf)
  • Class X-E to CCC (sf) from B- (sf)
  • Class X-F to CC (sf) from CCC (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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.

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