KBRA Affirms All Ratings for WFCM 2018-C48
6 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for WFCM 2018-C48, a $738.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in estimated losses on two K-LOCs (9.4% of the pool balance) since last review. However, the magnitude of the increase does not warrant ratings adjustments at this time. In addition, the transaction’s capital structure, particularly the senior part of the stack, has benefitted from deleveraging from loan payoffs, amortization, and defeasance.
As of the November 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified six K-LOCs (14.5%). These include:
Two top 10 loans:
- Riverworks (3rd largest, 5.2%, 16.6% estimated loss severity)
- 1000 Windward Concourse (4th largest, 4.1%, 9.2%)
The remaining five K-LOCs do not have estimated losses and represent 5.1% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 96.2%, compared to 98.1% at last review and 99.9% at securitization. The WA KDSC is 1.72x, compared to 1.70x at last review and 1.66x at securitization.
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