Press Release|CMBS

KBRA Withdraws One Rating and Affirms All Other Ratings for MSBAM 2014-C18

26 Apr 2024   |   New York


KBRA withdraws one rating and affirms all other outstanding ratings for MSBAM 2014-C18, a $479.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in April 2021. In addition, KBRA withdraws its AAA (sf) rating on Class A-3 following the reduction of the principal balance of the rated security to zero as reflected in the transaction’s April 2024 remittance report. There were no principal losses or interest shortfalls reported on the withdrawn rated security during its life.

As of the April 2024 remittance period, there are three specially serviced assets (7.7% of the pool balance), including one REO asset (2.7%) and one asset (3.6%) in foreclosure.

KBRA has identified eight K-LOCs (41.1%), two of which (6.2%) have estimated losses. These include:

Four top 10 assets (36.1%):

  • 300 North LaSalle (largest, 17.2%)
  • Huntington Oaks Shopping Center (2nd largest, 12.6%)
  • 25 Taylor (5th largest, 3.6%, 61.9% estimated loss severity)
  • Louisiana and Mississippi Retail Portfolio (7th largest, REO, 2.7%, 38.2%)

The remaining four K-LOCs do not have estimated losses and represent 5.0% of the pool balance.

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 87.1%, compared to 103.1% at KBRA's last ratings change and 98.5% at securitization. The KDSC is 1.81x, compared to 1.62x at KBRA's last ratings change and 1.73x at securitization.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004080

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.