KBRA Affirms All Ratings for WFCM 2020-C55
14 Feb 2025 | New York
KBRA affirms all of its outstanding ratings of WFCM 2020-C55, a $937.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since KBRA’s last ratings change in February 2024.
As of the January 2025 remittance report, there is one specially serviced loan (2.1% of the pool balance), which is 90+ days delinquent. KBRA identified nine K-LOCs (16.7%) including the special serviced loan. Of the K-LOCs, four (10.8%) have estimated losses. These include two top 10 loans:
- 650 Madison Avenue (3rd largest, 4.3% of the pool balance, 17.5% estimated loss severity)
- One Stockton (8th largest, 3.2%, 56.9%)
Two other K-LOCs have estimated losses:
- Delta Hotels by Marriott - Detroit Metro Airport (2.1%, 97.6%)
- Waterside Center 3200 (1.2%, 14.1%)
The remaining five K-LOCs do not have estimated losses and represent 5.9% of the pool.
Excluding K-LOCs with estimated losses, the transaction's WA KLTV is 96.9%, compared to 96.1% at the last ratings change in February 2024 and 99.0% at issuance. The WA KDSC is 2.08x, compared to 2.12x at the last ratings change and 2.11x at issuance.
To access ratings and relevant documents, click here.
Click here to view the report.