KBRA Downgrades Eight Ratings and Affirms All Other Ratings for CGCMT 2015-GC31

KBRA downgrades the ratings of eight classes of certificates and affirms all other outstanding ratings of CGCMT 2015-GC31, a $637.8 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in the estimated pool losses since last review, primarily associated with the largest loan in the pool, 135 South LaSalle (15.7% of the pool balance), which is 90+ days delinquent and was determined to be non-recoverable during the April 2024 remittance period.

As of the May 2024 remittance period, there are two specially serviced assets (16.5%), including 135 South LaSalle (largest, 15.7%). KBRA identified eight K-LOCs (41.8%), including the specially serviced assets. Of the K-LOCs, three (26.1%) have estimated losses. The K-LOCs include:

Five top 10 loans (39.4%):

The remaining three K-LOCs do not have estimated losses and represent 2.4% of the pool balance.

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 100.7%, compared to 100.5% at last review and 97.8% at securitization. The KDSC is 2.06x, compared to 2.12x at last review and 2.13x at securitization.

Details concerning the classes with rating changes are as follows:

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies