KBRA Affirms All Ratings for BBCMS 2023-C19
12 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for BBCMS 2023-C19, an $848.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in overall pool performance since securitization including loans which transferred to special servicing and were identified as K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2024 remittance period, there are five specially serviced assets (10.1% of the pool balance). KBRA identified seven loans (11.8%) as K-LOCs, including the specially serviced assets. These include:
One of the top 10 loans:
- 2 Executive (3rd largest, 6.4%)
The remaining six K-LOCs do not have estimated losses and represent 5.3% of the pool balance.
The transaction's WA KLTV is 91.5%, compared to 90.4% at securitization. The WA KDSC is 1.60x, compared to 1.61x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.