Press Release|CMBS
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KBRA Affirms All Ratings for Benchmark 2020-IG1

30 Jan 2026   |   New York

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KBRA affirms all outstanding ratings for Benchmark 2020-IG1, a CMBS transaction collateralized by 13 non-controlling pari passu participations of fixed rate loans, with an aggregate in-trust balance of $658.4 million. The rating actions follow a surveillance review of the transaction, which has exhibited performance generally in line with KBRA’s last ratings change in January 2025.

As of the January 2026 remittance period, two loans are specially serviced (12.6% of the pool balance), one of which is in foreclosure (6.8%) and the other (5.8%) is pending return to the master servicer. KBRA identified four K-LOCs (28.5%), two (14.2%) of which have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 6A2 805 Third Avenue OF $55,000 8.4% N C Y Occupancy 06/24/2020 $19,857 36.1% 9 181 West Madison OF $50,000 7.6% N C N Occupancy 11/02/2021 - - 10A4 Parkmerced MF $45,000 6.8% Y NPM N Foreclosure 01/20/2023 - - 13 650 Madison Avenue MU $37,900 5.8% Y C N Occupancy 01/05/2024 $13,088 34.5% Total K-LOCs $187,900 28.5% $32,945 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K- LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with losses, the transaction’s in-trust WA KLTV is 80.8%, a change from 77.9% at last ratings change in January 2025 and 65.3% at securitization. The KDSC is 3.78x, a change from 3.79x at KBRA’s last ratings change and 3.96x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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