KBRA Downgrades One Rating for COMM 2012-CCRE1
10 Jan 2025 | New York
KBRA downgrades the rating on Class F to D(sf) from C(sf) for COMM 2012-CCRE1, a $41.3 million CMBS conduit transaction. The rating downgrade is a result of realized losses of $4.0 million (28.6% of principal original class balance) allocated against the outstanding principal of Class F during the December remittance period. The realized loss follows the liquidation of one of the two remaining loans in the transaction, Philadelphia Square ($12.6 million original balance), as of the November 2024 remittance period. The loan incurred a loss of $7.7 million (61.5% estimated loss severity). The applied loss is in line with KBRA's estimated losses based on KBRA's most recent surveillance review from September 2024.
KBRA's other outstanding transaction ratings are unchanged at this time. KBRA most recently affirmed all the outstanding ratings of the transaction on September 6, 2024.
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 asset in the transaction, as well as the continuing magnitude and extent of interest shortfalls on the certificates.
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