Press Release|CMBS

KBRA Downgrades One Rating for COMM 2012-CCRE1

10 Jan 2025   |   New York

Contacts

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.

To access ratings and relevant documents, click here.

Related Publication

Methodologies

Disclosures

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1007490

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