KBRA Upgrades Two Ratings and Affirms All Other Ratings for CSAIL 2015-C4
10 Oct 2024 | New York
KBRA upgrades the ratings of two classes and affirms all other outstanding ratings of CSAIL 2015-C4, a $796.5 million CMBS conduit transaction. The rating actions follow a review of the transaction and reflect the deleveraging of the transaction from loan payoffs, amortization, and defeasances, as well as the positive maturity profiles of a majority of the remaining loans, all of which mature between June 2025 and November 2025.
As of the September 2024 remittance report, there is one (0.7%) specially serviced asset, which is 90+ days delinquent. KBRA identified five K-LOCs (7.2%), including the specially serviced asset, none of which have estimated losses. These include one top 10 loan:
- Aloft Hotel - Downtown Denver (6th largest, 2.4%)
The transaction's WA KLTV is 83.3%, compared to 91.2% at last review and 105.6% at securitization. The KDSC is 2.21x, compared to 1.92x at last review and 1.61x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA (sf) from AA- (sf)
- Class C to A (sf) from A- (sf)
To access rating and relevant documents, click here.
Click here to view the report.