Press Release|CMBS
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KBRA Withdraws Ratings on 63 Classes from 29 CMBS Transactions

18 Aug 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 July 2026 remittance reports with respect to the transactions did not reflect any accumulated interest shortfalls or principal writedowns.

KBRA’s ratings are updated as follows:

  • BANK 2021-BNK37, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK 2022-BNK44, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 Trust 2024-5YR6, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BBCMS 2022-C14, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2020-B19, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2022-B32, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2022-C1, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2022-C3, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CFCRE 2016-C4, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • CFCRE 2017-C8, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • GCMT 2016-P4, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-P4, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-CCRE16, Class B from 'A (sf)' to 'WR (sf)'
  • COMM 2016-COR1 Mortgage Trust, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2019-C17, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • DBJPM 2016-C3, Class A-5 from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class A from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class B from 'AA- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class C from 'A- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class D from 'BBB+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class E1 from 'BBB (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class E2 from 'BBB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class F1 from 'BB (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class F2 from 'BB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class G from 'B+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class H1 from 'B (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR3, Class H2 from 'B- (sf)' to 'WR (sf)'
  • GSMS 2016-GS4, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2019-GSA1, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • JPMCC 2012-C8, Class G from 'B- (sf)' to 'WR (sf)'
  • JPMCC 2016-JP4, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2025-5C1, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class A from 'AAA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class B from 'AAA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class C from 'AA+ (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class D from 'AA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class E-1 from 'BBB+ (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class E-2 from 'BBB- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class F from 'BB- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR5, Class G from 'B- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class A from 'AAA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class B from 'AA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class C from 'A+ (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class D from 'A- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class E-1 from 'BBB+ (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class E-2 from 'BBB- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class F from 'BB- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR6, Class G from 'B- (sf)' to 'WR (sf)'
  • SGCMS 2016-C5, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class B from 'AA+ (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class C from 'A+ (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class D from 'BBB+ (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class E from 'BBB- (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class F from 'BB- (sf)' to 'WR (sf)'
  • STWD 2021-FL2, Class G from 'B- (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class D from 'BB (sf)' to 'WR (sf)'
  • WFCM 2016-C35, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C35, Class B from 'AA- (sf)' to 'WR (sf)'
  • WFCM 2016-C35, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2017-C38, Class A-SB 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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