Press Release|CMBS

KBRA Affirms All Ratings for BBCMS 2023-C20

10 Jul 2024   |   New York


KBRA affirms all of its outstanding ratings for BBCMS 2023-C20, an $824.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.

As of the June 2024 remittance period, there is one specially serviced asset (1.6% of the pool balance). KBRA identified the specially serviced asset as a K-LOC, the loan is not within the Top 10 nor does it have an estimated loss.

The transaction's WA KLTV is 82.2%, compared to 82.4% at securitization. The WA KDSC is 1.74x, which is unchanged from securitization.

To access rating and relevant documents, click here.

Click here to view the report.

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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

About KBRA

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.

Doc ID: 1005053

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