KBRA Affirms All Outstanding Ratings for MSBAM 2015-C22
27 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for MSBAM 2015-C22, a $890.4 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 September 2022.
As of the September 2024 remittance period, there are two specially serviced assets (4.8% of the pool balance), of which one is matured non-performing (4.6%) and the other (0.2%) is in foreclosure. KBRA identified nine K-LOCs (18.7%), including the specially serviced assets. Of the K-LOCs, four (10.2%) have estimated losses. These include two of the top 10 loans (13.5%):
- Waterfront at Port Chester (2nd largest, 9.0% of pool balance, 47.6% estimated loss severity)
- Hilton Houston Westchase (5th largest, 4.6%, 92.6%)
Two other K-LOCs have estimated losses:
- ASRC Federal Building (1.0%, 29.4%)
- Rite Aid - Lansdale, PA (0.2%, 29.9%)
The remaining five K-LOCs represent 4.0% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.4%, compared to 102.5% at KBRA's last ratings change in September 2022 and 105.9% at securitization. The KDSC is 1.68x, compared to 1.62x at KBRA's last ratings change and 1.73x at securitization.
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