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 There were no principal losses or interest shortfalls reported on the withdrawn rated security during its life.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.