KBRA Upgrades Two Ratings and Affirms All Other Ratings for FREMF 2017-K67
21 Feb 2025 | New York
KBRA upgrades the ratings of two classes and affirms all other outstanding ratings of FREMF 2017-K67, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited a continued improvement in pool performance since KBRA's last ratings change in February 2024. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.
As of the January 2025 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified one K-LOC (1.5% of the pool balance), which is not within the top 10 nor does it have an estimated loss.
The transaction's WA KLTV is 87.8%, compared to 91.6% at KBRA's last ratings change in February 2024, and 115.8% at securitization. The KDSC is 1.87x, compared to 1.83x at KBRA's last ratings change, and 1.47x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA- (sf) from A+ (sf)
- Class C to A (sf) from A- (sf)
To access ratings and relevant documents, click here.
Click here to view the report.