Press Release|CMBS

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

6 Jun 2024   |   New York


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%):

  • 135 South LaSalle (largest, 15.7% of the pool balance, 70.7% estimated loss severity)
  • Selig Office Portfolio (2nd largest, 11.3%)
  • Pasadena Office Tower (4th largest, 6.3%, 15.3%)
  • Rockside Road Office Portfolio (5th largest, 4.1%, 14.9%)
  • Promenades Plaza (10th largest, 2.0%)

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:

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

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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

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: 1004616

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