KBRA Affirms All Ratings for COMM 2017-COR2
30 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for COMM 2017-COR2, an $836.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization, including nine loans (27.2% of the pool balance) which have been identified as K-LOCs. The transaction has also benefited across the capital stack due to loan payoffs and amortization, however, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the August 2024 remittance period, there are no specially serviced loans, however, there is one loan (1.7%) which is 30+ days delinquent. KBRA identified nine K-LOCs (27.2%), including the delinquent loan, of which, two (6.9%) have estimated losses. These include:
- AHIP Northeast Portfolio II (2nd largest, 6.7%)
- Grand Hyatt Seattle (3rd largest, 6.0%)
- Renaissance Seattle (4th largest, 6.0%, 17.3% estimated loss severity)
One additional K-LOC (0.9%) has an estimated loss:
- Rampart Village Center (0.9%, 19.3% estimated loss severity)
The remaining five K-LOCS do not have estimated losses and represent 7.6% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 109.7%, compared to 108.4% at last review and 101.4% at securitization. The WA KDSC is 1.62x, compared to 1.73x at last review and 1.78x at securitization.
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