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KBRA Affirms All Ratings for MSBAM 2015-C27

3 Oct 2025   |   New York

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KBRA affirms all of its outstanding ratings for MSBAM 2015-C27, a $341.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last rating adjustments in October 2020.

As of the September 2025 remittance period, there are three specially serviced assets (38.3% of the pool balance), two of which are matured non-performing (27.5%) and one of which is REO (10.8%). KBRA identified five K-LOCs (57.2%), including the specially serviced assets. Of the K-LOCs, one (10.8%) has an estimated loss. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 1 535-545 Fifth Avenue MU $90,000 26.4% Y NPM N Non-Performing Maturity Balloon 04/29/2024 - - 2 Crowne Plaza - Hollywood, FL LO $49,312 14.5% N C Y DSCR 12/29/2023 - - 5 Granite 190 OF $36,831 10.8% Y 90+ N Specially Serviced 11/01/2022 $20,772 56.4% 16 400 South Beverly Drive OF $14,926 4.4% N C N DSCR 08/11/2021 - - 42 Walgreens - Shawnee, KS RT $3,869 1.1% Y NPM N Specially Serviced 09/23/2025 - - Total K-LOCs $194,937 57.2% $20,772 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 98.3% as compared to 99.6% at last review and 101.5% at securitization. The KDSC is 1.69x as compared to 1.61x at last review and 1.66x at securitization.

To access ratings and relevant documents, click here.

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Disclosures

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.

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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