Executive Summary
This document describes KBRA’s methodology for rating commercial mortgage backed securities (CMBS) in North America that are comprised of a single-asset and/or single-borrower (SASB), or a small pool of loans that lack diversity relative to loan count or borrower. The latter category generally includes Large Loan transactions and may also include some concentrated commercial real estate (CRE) collateralized loan obligations (CLOs). Pools that exhibit diversity relative to the aforementioned factors, such as most conduit fusion and CRE CLO transactions, are analyzed using KBRA’s North American CMBS Multi-Borrower Rating Methodology. This methodology is intended for use in both the initial rating assignment and ongoing monitoring process for securities that pay principal and interest or only principal. Securities that pay only interest are rated using our