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KBRA Downgrades Four Ratings and Affirms All Other Ratings for DBJPM 2020-C9

17 Jun 2025   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for DBJPM 2020-C9, a $584.5 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since last ratings change in June 2024. The rating actions also reflect KBRA’s estimated losses for four K-LOCs (8.9%) and the resulting loss adjusted C/E levels.

As of the May 2025 remittance period, there are two specially serviced assets (4.6%), of which one (2.0%) is REO. KBRA identified five K-LOCs (16.1%), including the specially serviced assets. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 12 420 Taylor Street OF $25,819 4.4% N C N Tenant Issues 12/11/2023 - - 15 333 South Wabash OF $20,000 3.4% N C N DSCR 03/29/2024 $5,354 26.8% 17 Weaverville Publix Plaza RT $16,515 2.8% N C N Tenant Issues 03/13/2025 - - 18 3000 Post Oak OF $15,000 2.6% Y PM N Matured-Performing 08/05/2022 $13,787 91.9% 21 Brass Professional Center OF $11,760 2.0% Y 90+ N REO 05/11/2023 $8,787 74.7% 26 7514 Wisconsin Avenue MU $5,069 0.9% N C N Occupancy 11/08/2022 $869 17.1% Total K-LOCs $94,163 16.1% $28,798 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 K-LOCs with estimated losses, the transaction's WA KLTV is 85.5%, compared to 86.1% at KBRA's last ratings change and 84.9% at securitization. The WA KDSC is 3.05x, compared to 3.11x at KBRA's last ratings change and 3.20x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class E to B (sf) from BB- (sf)
  • Class G to CC (sf) from CCC- (sf)
  • Class X-D to B (sf) from BB- (sf)
  • Class X-G to CC (sf) from CCC- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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.

Doc ID: 1009959

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