Press Release|CMBS
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KBRA Withdraws Ratings on 47 Classes from 28 CMBS Transactions

13 Oct 2026   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero.

For each class, the related September 2026 remittance reports with respect to the transactions did not reflect any accumulated interest shortfalls or principal writedowns other than a $13,440,321 loss on the Class F Certificates of the MSBAM 2014-C18 transaction.

KBRA’s ratings are updated as follows:

  • BANK 2021-BNK36, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • BANK 2022-BNK40, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 2023-5YR1, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 2023-5YR1, Class A-2-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 2023-5YR1, Class A-2-2 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 2023-5YR1, Class A-2-X1 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 2023-5YR1, Class A-2-X2 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2023-B38, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2023-V3, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2023-5C1, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2023-C4, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CD 2016-CD2, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2017-P7, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class A from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class B from 'AA- (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class C from 'A- (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class D from 'BBB+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class E1 from 'BBB (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class E2 from 'BBB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class F1 from 'BB+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class F2 from 'BB (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class G from 'BB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class H1 from 'BB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2021-SFR2, Class H2 from 'B+ (sf)' to 'WR (sf)'
  • FIVE 2023-V1, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K58, Class B from 'AA (sf)' to 'WR (sf)'
  • FREMF 2016-K58, Class C from 'A- (sf)' to 'WR (sf)'
  • FREMF 2017-K65, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2017-K70, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K76, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2016-GS3, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2017-GS6, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • JPMCC 2016-JP4, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • JPMDB 2017-C5, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2013-C12, Class C from 'A (sf)' to 'WR (sf)'
  • MSBAM 2013-C12, Class PST from 'A (sf)' to 'WR (sf)'
  • MSBAM 2014-C18, Class E from 'CCC (sf)' to 'WR (sf)'
  • MSBAM 2014-C18, Class F from 'D (sf)' to 'WR (sf)'
  • MSC 2016-UBS12, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • MSC 2021-L5, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • UBS 2017-C2, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • UBS 2017-C3, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS2, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class D from 'BBB- (sf)' to 'WR (sf)'
  • WFCM 2016-LC24, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-LC24, Class B from 'AA- (sf)' to 'WR (sf)'
  • WFCM 2016-LC24, Class X-B from 'AAA (sf)' to 'WR (sf)'

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), 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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