KBRA Affirms All Ratings for BANK 2020-BNK27
13 Jun 2025 | New York
KBRA affirms all of its outstanding ratings for BANK 2020-BNK27, a $615.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization including five loans in the top ten loans (29.1% of the pool balance) that have a KPO of Underperform, two of which (11.1%) are also identified as K-LOCs. However, the magnitude of the changes does not warrant rating adjustments at this time.
As of the May 2025 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified four K-LOCs (13.3%). Of the K-LOCs, one loan (7.3%) has an estimated loss. The K-LOCs are depicted in the table below:
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 88.4%, compared to 87.8% at last review and 86.1% at securitization. The KDSC is 3.67x, compared to 3.67x at last review and 3.36x at securitization.
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