Press Release|CMBS
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KBRA Withdraws Ratings on 41 Classes from 26 Transactions

11 Mar 2026   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero.

For each class, the related February 2026 remittance reports with respect to the transactions did not reflect any accumulated interest shortfalls or principal writedowns.

KBRA’s ratings are updated as follows:

  • BANK 2021-BNK36, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BBCMS 2019-C5, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2020-B20, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2023-C7, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BX 2024-PAT, Class A from 'AAA (sf)' to 'WR (sf)'
  • BX 2024-PAT, Class B from 'AA- (sf)' to 'WR (sf)'
  • BX 2024-PAT, Class C from 'A- (sf)' to 'WR (sf)'
  • BX 2024-PAT, Class D from 'BBB (sf)' to 'WR (sf)'
  • CFCRE 2016-C3, Class C from 'A- (sf)' to 'WR (sf)'
  • CGCMT 2012-GC8, Class C from 'B- (sf)' to 'WR (sf)'
  • CGCMT 2016-P4, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-CCRE21, Class E from 'CCC (sf)' to 'WR (sf)'
  • COMM 2014-LC15, Class D from 'BBB- (sf)' to 'WR (sf)'
  • COMM 2014-UBS6, Class C from 'A- (sf)' to 'WR (sf)'
  • COMM 2014-UBS6, Class PEZ from 'A- (sf)' to 'WR (sf)'
  • COMM 2016-787S, Class A from 'AAA (sf)' to 'WR (sf)'
  • COMM 2016-787S, Class B from 'AA (sf)' to 'WR (sf)'
  • COMM 2016-787S, Class C from 'A (sf)' to 'WR (sf)'
  • COMM 2016-787S, Class D from 'BBB- (sf)' to 'WR (sf)'
  • COMM 2016-787S, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • COMM 2016-DC2, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • COMM 2016-DC2, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • CoreVest American Finance 2020-2, Class A from 'AAA (sf)' to 'WR (sf)'
  • CoreVest American Finance 2020-2, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • DBJPM 2016-C3, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K54, Class B from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2016-K54, Class C from 'A (sf)' to 'WR (sf)'
  • GSMS 2012-GCJ9, Class D from 'CCC (sf)' to 'WR (sf)'
  • GSMS 2015-GC34, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2016-GS2, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2016-GS3, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2016-C1, Class A-5 from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2016-C1, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • JPMDB 2016-C2, Class A-3A from 'AAA (sf)' to 'WR (sf)'
  • JPMDB 2016-C2, Class A-3B from 'AAA (sf)' to 'WR (sf)'
  • MSC 2021-L7, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2016-UBS9, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • VMC 2019-FL3, Class D from 'BBB- (sf)' to 'WR (sf)'
  • VMC 2019-FL3, Class E from 'B (sf)' to 'WR (sf)'
  • VMC 2019-FL3, Class F from 'CCC (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class C from 'A- (sf)' to 'WR (sf)'

Disclosures

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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