KBRA Withdraws One Rating and Affirms All Other Ratings for COMM 2014-CCRE21

KBRA withdraws the rating of one class and affirms all other outstanding ratings for COMM2014-CCRE21, a $224.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction,which has exhibited a slight worsening in pool performance compared to KBRA's last ratings change in November 2023. Although the transaction has benefitted from increased certificate C/E levels at the top of the capital structure due to deleveraging from loan payoffs, this is offset by an increase in estimated losses for three K-LOCs (37.1% of the pool balance) and an increase in realized losses and accumulated interest shortfalls; however, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the October 2024 remittance period, there are three specially serviced assets (37.1%), of which one (21.0%) is REO and another (9.9%) is 90+ days delinquent. KBRA identified three loans (37.1%) as K-LOCs. This includes three of the top 10 loans (17.8%):

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 69.7%, compared to 89.0% at KBRA’s last ratings change in November 2023 and 103.9% at securitization. The KDSC is 1.54x, compared to 1.79x at KBRA’s last ratings change and 1.70x at securitization.

Details concerning the class with a rating change are as follows:

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies