Press Release|CMBS
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KBRA Withdraws Ratings on 6 Interest-Only Classes from 2 Transactions

6 Aug 2025   |   New York

Contacts

KBRA withdraws its ratings on six interest-only (IO) classes from two transactions in accordance with KBRA’s Methodology for Rating Interest-Only Certificates in CMBS Transactions. As of the July 2025 remittance reports each of the transactions had 10 or fewer loans remaining. There were no interest shortfalls reported on the withdrawn rated securities during their life.

The transactions and details of the withdrawn classes are as follows:

  • JPMBB 2014-C26, Class X-B, from AAA (sf) to WR (sf)
  • JPMBB 2014-C26, Class X-C, from AAA (sf) to WR (sf)
  • JPMBB 2014-C26, Class X-D, from B (sf) to WR (sf)
  • JPMBB 2014-C26, Class X-E, from CC (sf) to WR (sf)
  • JPMBB 2014-C26, Class X-F, from C (sf) to WR (sf)
  • GSMS 2015-GC32, Class X-D, from BBB- (sf) to WR (sf)

Methodologies

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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