KBRA Downgrades Two Ratings to D (sf) Following Realization of Principal Losses and Withdraws Three Ratings for CGCMT 2014-GC25

KBRA downgrades the ratings of the Class E and F certificates to D (sf) from C (sf) for CGCMT 2014-GC25, a $54.7 million CMBS conduit transaction, following realized losses incurred from the resolution of the Bank of America Plaza asset ($110.0 million in-trust loan balance at issuance) as reflected in the July 2026 remittance report. The asset consists of a 1.4 million sf Class-A office building in Downtown Los Angeles, California. The loan was liquidated for net proceeds totaling $61.6 million that were allocated to the trust; liquidation expenses totaled $2.9 million, resulting in a loss of $48.4 million (44.0% loss severity of original balance), all of which was applied to the transaction's remaining certificate balance.

According to the July 2026 remittance report, cumulative principal losses on the transaction totaled $55.2 million. Following the liquidation of the Bank of America Plaza asset, the principal losses reduced Classes F and G to zero and Class E was reduced to $10.1 million (60.0% of the original certificate balance). KBRA also withdraws the ratings of Classes B, C, and PEZ after principal recoveries were distributed to them and reduced their balances to zero.

Details concerning the rating downgrades are as follows:

Details concerning the withdrawn ratings are as follows:

KBRA's other outstanding rating for the transaction is unchanged at this time.

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as, the magnitude and extent of interest shortfalls, if any,on the certificates.

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