KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2017-K65
21 Feb 2025 | New York
KBRA upgrades the rating of one class of certificates and affirms all other outstanding ratings for FREMF 2017-K65, a $1.2 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction,which has exhibited a continued improvement in pool performance since KBRA's last ratings change in February 2024. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.
As of the January 2025 remittance period, none of the loans are specially serviced or delinquent. However, KBRA identified four K-LOCs (2.8% of the pool balance), none of which have estimated losses.
The transaction's WA KLTV is 83.3%, compared to 89.8% at the last ratings change and 115.6% at securitization. The WA KDSC is 1.75x, compared to 1.67x at the last ratings change and 1.34x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA+ (sf) from AA (sf)
To access ratings and relevant documents, click here.
Click here to view the report.