Press Release|CMBS
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KBRA Withdraws Ratings on 10 Interest-Only Classes from 7 Transactions

19 Dec 2025   |   New York

Contacts

KBRA withdraws its ratings on 10 interest-only (IO) classes from 7 transactions in accordance with KBRA’s Methodology for Rating Interest-Only Certificates in CMBS Transactions. As of the November 2025 remittance reports each of the transactions had 10 or fewer loans remaining. The Class X2-B of the FREMF 2015-K49 transaction and Class X-D of the CSAIL 2015-C3 transaction both reported de minimis interest shortfalls. There were no interest shortfalls reported on any of the other withdrawn rated securities during their life.

The transactions and details of the withdrawn classes are as follows:

  • FREMF 2018-K732, Class X2-B from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K733, Class X2-B from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K47, Class X2-B from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K49, Class X2-B from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class X-D from 'CCC (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class X-E from 'C (sf)' to 'WR (sf)'
  • JPMBB 2015-C31, Class X-D from 'CC (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class X-B from 'AAA (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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