Press Release|CMBS
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KBRA Withdraws Ratings on 40 Classes from 24 Transactions

11 Feb 2026   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related December 2025 remittance report with respect to the CSAIL 2015-C3 transaction and the related January 2026 remittance reports with respect to the remainder of the transactions did not reflect any accumulated interest shortfalls or principal writedowns. KBRA’s ratings are updated as follows:

  • BBCMS 2024-5C29, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2020-B22, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2021-B24, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CFCRE 2016-C3, Class B from 'AA- (sf)' to 'WR (sf)'
  • CGCMT 2016-GC37, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-P3, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • COMM 2016-DC2, Class A-5 from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class F from 'BB- (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class G from 'B- (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class X-F from 'BB- (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class X-G from 'B- (sf)' to 'WR (sf)'
  • CSMC 2016-NXSR, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • CSMC 2016-NXSR, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K53, Class B from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2016-K53, Class C from 'AA- (sf)' to 'WR (sf)'
  • FREMF 2016-K54, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K54, Class X1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K54, Class X2-A from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C24, Class C from 'A- (sf)' to 'WR (sf)'
  • MSBAM 2015-C24, Class D from 'BBB- (sf)' to 'WR (sf)'
  • MSBAM 2015-C24, Class E from 'BB- (sf)' to 'WR (sf)'
  • MSBAM 2015-C24, Class F from 'B- (sf)' to 'WR (sf)'
  • MSBAM 2015-C25, Class C from 'A- (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class B from 'AA- (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class C from 'A- (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class B from 'AA- (sf)' to 'WR (sf)'
  • MSBAM 2016-C31, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • MSWF 2023-2, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS4, Class D from 'BB (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class B from 'AA- (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2017-C39, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2021-C59, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • WFRBS 2013-C11, Class B from 'AA+ (sf)' to 'WR (sf)'
  • WFRBS 2013-C11, Class C from 'A (sf)' to 'WR (sf)'

Disclosures

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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