Press Release|CMBS

KBRA Affirms All Ratings for ACM 2016-1

12 Apr 2024   |   New York

Contacts

KBRA affirms ratings for all classes of ACM 2016-1, a $58.6 million small balance commercial transaction. The affirmations follow a surveillance review of the transaction which has benefited from increases in credit enhancement levels due to deleveraging from amortization and loan payoffs. Since securitization, 57 loans have paid off (68.6% of the original pool balance), including seven loans (7.2%) since KBRA's last rating action in April 2023. Rating changes are not warranted at this time due in part to a lack of updated financial reporting.

As of the March 2024 remittance period, there are no delinquent or specially serviced loans. KBRA identified one K-LOC, 100 West 72nd St Assoc LLC (3rd largest, 6.8%), which does not have an estimated loss.

The transaction’s WA KLTV is 55.3% compared to 57.6% at last review and 74.6% at securitization. The KDSC is 2.02x compared to 2.08x at last review and 1.82x at securitization.

To access rating 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) 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: 1003870

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