KBRA Places the All Outstanding Ratings of GSMS 2015-GC28 on Watch Downgrade

KBRA places all three outstanding ratings of GSMS 2015-GC28, a CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and, in some cases, in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class D certificates. KBRA also considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.

As of the May 2025 remittance period, there are five specially serviced assets remaining in the pool, including one (19.3% of the pool balance) in foreclosure. Four (80.7%) of the remaining assets are matured non-performing. KBRA identified all five assets as K-LOCs.

KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

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