KBRA Upgrades One Rating and Affirms All Other Outstanding Ratings for Dutch Property Finance 2022-CMBS1 B.V.
14 Mar 2025 | London
KBRA upgrades the rating of one class of notes and affirms all other outstanding ratings for Dutch Property Finance 2022-CMBS1 B.V., a CMBS multi-borrower transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in subordination levels from the prior review and from securitisation due to portfolio deleveraging from the repayment of 54 loans and scheduled amortisation. There have been no realised collateral losses since securitisation. Despite the principal paydown of the certificates the transaction has become more concentrated on the basis of loan and property count.
As of March 2025, the transaction is comprised of 11 non-recourse loans to four borrowers (each a risk group) with an aggregate balance of €26.8 million, compared to 65 loans, 26 borrowers, and €232.1 million at issuance. Each risk group may contain one or more loans to a related borrower. Loans within each risk group are cross-collateralised and cross-defaulted. The loans are currently collateralised by a portfolio of 31 properties (compared to 265 at issuance), of which 24.3% by ALA are office, 56.5% retail, and 16.0% multifamily. As a result of collateral payoffs and scheduled amortisation since closing, €205.3 million of principal proceeds were used to pay down the Class A and Class B notes, and 67.8% of the Class C notes, resulting in an increase in subordination levels for all rated classes.
KBRA utilised information obtained from the servicer from January 2025, which included an updated collateral data tape as well as property, loan, and note balances from the period. The resulting WA KLTV is 79.9%, compared to 80.6% at last review and 77.8% at securitisation.
Details concerning the classes with rating changes are as follows:
- Class C to AAA (sf) from AA (sf)
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