KBRA Downgrades Seven Ratings and Affirms All Other Ratings for DBJPM 2020-C9
28 Jun 2024 | New York
KBRA downgrades the ratings of seven classes of certificates and affirms all other outstanding ratings of DBJPM 2020-C9, a $620.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization. The rating actions also reflect KBRA’s estimated losses for three K-LOCs (5.2%) and the resulting loss adjusted C/E levels.
As of the June 2024 remittance period, there is one specially serviced asset (1.9%), which is REO. KBRA identified five KLOCs (12.6%), including the specially serviced asset. Three of the K-LOCs (5.2%) have estimated losses:
- 3000 Post Oak (2.4% of the pool balance, 79.4% estimated loss severity)
- Brass Professional Center (1.9%, 42.6%)
- 7514 Wisconsin Avenue (0.8%, 17.4%)
Excluding K-LOCs with estimated losses, the transaction's WA KLTV is 86.1%, compared to 82.1% at last review and 84.9% at securitization. The WA KDSC is 3.11x, compared to 3.25x at last review and 3.20x at securitization.
Details concerning the classes with rating changes are as follows:
- Class D to BBB- (sf) from BBB+ (sf)
- Class E to BB- (sf) from BBB (sf)
- Class F to CCC (sf) from BB- (sf)
- Class G to CCC- (sf) from B- (sf)
- Class X-D to BB- (sf) from BBB (sf)
- Class X-F to CCC (sf) from BB- (sf)
- Class X-G to CCC- (sf) from B- (sf)
To access rating and relevant documents, click here.
Click here to view the report.
Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology