Press Release|CMBS

KBRA Affirms All Classes of BERG Finance 2021 DAC

23 May 2024   |   London


KBRA affirms all of its outstanding ratings of BERG Finance 2021 DAC, a CMBS transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decrease in the KLTV from the prior review and from securitisation. However, the magnitude of the change does not warrant rating changes at this time.

At closing, the transaction collateral consisted of two non-crossed, limited recourse, first lien mortgage loans: Big Mountain and Sirocco. The €148.3 million Big Mountain loan was secured by the borrowers’ freehold interests in a portfolio of 24 offices and one industrial asset located in the Netherlands and France. The loan was repaid in full and the related proceeds were applied against the outstanding notes’ balance at the July 2022 NPD. The €150.8 million Sirocco loan was secured by the borrowers’ freehold interests in four office properties located across Austria (46.5% ALA), Netherlands (21.9%), Finland (15.9%), and Germany (15.6%). Since closing, three properties have repaid at a release premium of 119.0% of the relevant ALA which, along with scheduled amortisation, has resulted in the Sirocco loan paying down 67.3% to €49.4 million as of the current review. The last remaining property is the Austria property (“Peak Vienna”), a 31-storey office building located in Vienna, Austria.

KBRA analysed the cash flow for the remaining property utilising information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of €4.3 million and KBRA value of €71.4 million (€1,777 per sqm). The resulting in-trust KLTV is 69.2%, lower than 77.0% at last review and 96.1% as at securitisation. KBRA maintains a KPO of Perform on the Sirocco loan.

To access rating and relevant documents, click here.

Click here to view the report.



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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at

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

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.


Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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