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KBRA Downgrades Nine Ratings, Affirms One Rating, and Withdraws Two Ratings for COMM 2015-CCRE22

22 Aug 2025   |   New York

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KBRA downgrades the ratings of nine classes and affirms the rating of one class for COMM 2015-CCRE22, a $305.7 million CMBS transaction. In addition, KBRA withdraws the ratings of two classes following the reduction of their respective principal and notional balances to zero, as reflected in the August 2025 remittance report. Simultaneously, KBRA also removes all classes from Watch Downgrade (DN), where they were placed on May 27, 2025. The rating actions follow a surveillance review of the transaction, which has experienced an increase in interest shortfalls and an increase in nonrecoverable loans since the last review. Interest shortfalls are affecting all remaining classes and are likely to continue accumulating as the servicer works toward resolving specially serviced assets.

As of the August 2025 remittance period, there are 10 specially serviced loans (67.4%), including three loans in foreclosure (22.2%), six non-performing matured balloon loans (22.6%), and one performing matured balloon loan (22.5%). KBRA identified 11 K-LOCs (87.0%), including the specially serviced assets. Of the K-LOCs, five loans (51.0%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 9 One Riverway OF 68,794 22.5% Y PM Y SS Feb-19 $24,524 35.6% 11 100 West 57th Street MU 60,000 19.6% N C N Tenant Issues Feb-25 - - 12 UnitedHealth Group HQ OF 46,898 15.3% Y FCL N Foreclosure May-23 $36,051 76.9% 23 One Shoreline Plaza OF 19,240 6.3% Y NPMB N SS May-23 $6,692 34.8% 29 205 West Randolph OF 16,663 5.5% Y FCL N Foreclosure Jun-20 $11,428 68.6% 31 Liberty View OF 12,588 4.1% Y NPMB N SS Jan-25 - - 32 Town Square Plaza RT 11,555 3.8% Y NPMB N SS Jan-25 - - 35 New Mexico Portfolio RT 9,347 3.1% Y NPMB Y SS Mar-20 - - 24 1424 K Street Northwest OF 8,739 2.9% Y NPMB N SS Mar-20 - - 44 Atrium I OF 7,697 2.5% Y NPMB N SS Jan-23 - - 51 Standard Bank & Trust HQ OF 4,437 1.5% Y FCL N Foreclosure Apr-25 $1,587 35.8% Total K-LOCs $265,958 87.0% $80,282 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. SS Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1 KBRA Estimated 2
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 106.5%, compared to 105.2% at KBRA's last ratings change in August 2024 and 108.7% at KBRA's previous ratings change August 2023. The KDSC is 1.51x, compared to 1.59x at KBRA's last ratings change and 1.55x at KBRA's previous ratings change.

Details concerning the classes with ratings changes are as follows:

  • Class B to BBB- (sf) from AA- (sf) DN
  • Class PEZ to BB- (sf) from A- (sf) DN
  • Class C to BB- (sf) from A- (sf) DN
  • Class D to B- (sf) from BB (sf) DN
  • Class E to CCC (sf) from B (sf) DN
  • Class F to CC (sf) from CCC (sf) DN
  • Class G to C (sf) from CC (sf) DN
  • Class X-C to B- (sf) from BB (sf) DN
  • Class X-D to CC (sf) from CCC (sf) DN

Details concerning the rating affirmation is as follows:

  • Class X-B at AAA (sf)

Details concerning the classes with ratings withdrawn:

  • Class A-M to WR from AAA (sf) DN
  • Class X-A to WR from AAA (sf) DN

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

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.

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 U.S. 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. 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.

Doc ID: 1010875

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