Press Release|CMBS

KBRA Downgrades Two Ratings and Affirms All Other Ratings for GSMS 2015-GC30

26 Apr 2024   |   New York


KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for GSMS 2015-GC30, a $960.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction which has an increase in KBRA's estimated losses including the Bank of America Plaza K-LOC (4th largest, 4.6% of the pool balance). The rating action also considers the deleveraging of the pool from loan payoffs, amortization and defeasance.

As of the April 2024 remittance period, there are two specially serviced loans (4.9%), of which, one (4.6%) is 90+ days delinquent and one (0.3%) is REO. KBRA identified nine loans as K-LOCs (13.4%), including the specially serviced assets, three of which (5.5%) have estimated losses. These include:

Three of the top 10 loans (9.1%):

  • Bank of America Plaza (4th largest, 4.6% of pool balance, 57.6% estimated loss severity)
  • Hilton Scotts Valley (7th largest, 2.3%)
  • Northern Lights Shopping Center (8th largest, 2.1%)

Two additional K-LOCs (0.9%) have estimated losses:

  • Shops of Walterboro (0.6%, 12.5%)
  • Northside Indy Medical Center (0.3%, 68.0%)

The remaining five K-LOCs do not have estimated losses and represent 3.4% of the pool balance.

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 100.4%, compared to 105.6% at last review and 99.7% at securitization. The KDSC is 1.65x, compared to 1.64x at last review and 2.13x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class E to B (sf) from BB (sf)
  • Class F to CCC (sf) from B (sf)

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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: 1004087

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