KBRA Affirms All Outstanding Ratings for MSBAM 2015-C27
3 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for MSBAM 2015-C27, a $655.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance in line with KBRA's last ratings change in October 2020.
As of the September 2024 remittance period, there are two specially serviced assets (11.6%), one of which is Performing Matured Balloon (5.9%) and one of which is REO (5.7%). KBRA identified seven K-LOCs (39.6%), including the specially serviced assets. Of the K-LOCs, two (9.6%) have estimated losses.
These include two of the top 10 loans (9.6%):
- Granite 190 (5th largest, 5.7% of pool balance, 33.9% estimated loss severity)
- University West Apartments (8th largest, 3.9% of pool balance, 39.1% estimated loss severity)
The remaining five K-LOCs represent 30.0% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 97.0% as compared to 101.7% at KBRA’s last ratings change in October 2020 and 101.5% at securitization. The KDSC is 1.61x as compared to 1.52x at KBRA’s last ratings change and 1.66x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.