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KBRA Downgrades Three Ratings and Affirms All Other Ratings for BBCMS 2023-C22

6 Nov 2026   |   New York

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KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding ratings for BBCMS 2023-C22, a $676.2 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in November 2025. The rating actions also reflect KBRA's estimated losses for three K-LOCs (7.8% of the pool balance) and the resulting loss adjusted C/E levels.

As of the October 2026 remittance period, there are six specially serviced assets (20.9%), including three (6.3%) in foreclosure. KBRA identified eleven loans (27.9%) as K-LOCs, including the specially serviced assets. Of the K-LOCs, three (7.8%) have estimated losses. The K-LOCs are depicted in the following table:

Loss Given Default (000s) Loss Severity 2A1-1 The Muse & Eden Pointe MF $66,000 9.8% Y C N Speically Serviced 11/10/2025 - - 10A1 Knoll Ridge Apartments MF $25,000 3.7% Y FCL N Foreclosure 06/27/2024 $11,993 48.0% 13 Chicago MOB and Parking Garage MU $22,000 3.3% Y 90+ N Speically Serviced 12/12/2025 $10,972 49.9% 15 TownePlace Suites Austin Northwest LO $19,075 2.8% N C N DSCR 05/12/2026 - - 18 Staybridge Suites Baltimore - Inner Harbor LO $15,000 2.2% N C N DSCR 01/28/2026 - - 19 GoldCoast Logistics IN $12,000 1.8% Y FCL N Foreclosure 10/30/2024 - - 20 140 Charles Street RT $10,250 1.5% Y 60+ N Speically Serviced 09/09/2025 - - 22 Westcreek II MF $5,877 0.9% Y FCL N Foreclosure 04/25/2024 $4,456 75.8% 23 Airport Business Park IN $5,478 0.8% N C N DSCR 10/24/2024 - - 26 Pine Creek Village MHC MH $4,250 0.6% N C N DSCR 10/20/2026 - - 27 Red Roof Inn San Dimas LO $3,410 0.5% N C N DSCR 05/12/2026 - - Total K-LOCs $188,339 27.9% $27,421 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 92.3%, compared to 88.8% at last review and 86.8% at securitization. The WA KDSC is 1.50x, compared to 1.53x at last review and 1.55x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class E-RR to BB (sf) from BBB (sf)
  • Class F-RR to B- (sf) from BB+ (sf)
  • Class G-RR to CCC (sf) from B (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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