KBRA Upgrades One Rating and Affirms All Other Ratings for WFCM 2015-P2
6 Dec 2024 | New York
Kroll Bond Rating Agency (KBRA) upgrades the ratings of one class of certificates and affirms all other outstanding ratings for WFCM 2015-P2, a $699.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has benefitted from deleveraging from loan payoffs, amortization and defeasance particularly the senior portion of the capital structure. In addition, the refinance profile of a majority of the remaining loans is favorable.
As of the November 2024 remittance period, there is one specially serviced asset (2.2% of the pool balance) which is 90 + days delinquent and has been deemed non-recoverable. KBRA identified four K-LOCs (14.2%), including the specially serviced asset. This includes:
One top 10 loan (9.6%):
- Empire Mall (Largest, 9.6%, 29.8% estimated loss severity)
One additional K-LOC has an estimated loss:
- Columbine Place (11th largest, 2.2%, 85.3% estimated loss severity)
The remaining two K-LOCs do not have estimated losses and represent 2.4% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 92.2% as compared to 98.5% at last review and 103.6% at issuance. The KDSC is 1.65x as compared to 1.55x at last review and 1.56x at issuance.
Details concerning the class with a ratings change are as follows:
- Class B to AA (sf) from AA- (sf)
To access ratings and relevant documents, click here.
Click here to view the report.