KBRA Places the Ratings of Five Classes of COMM 2014-CCRE15 on Watch Downgrade
5 Jun 2026 | New York
KBRA places the ratings of five classes of COMM 2014-CCRE15, a CMBS conduit transaction, on Watch Downgrade (DN). The Watch placements are based on an increase in interest shortfalls and concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class B certificates. KBRA considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.
As of the May 2026 remittance period, four assets remain in the pool, all of which have been identified as K-LOCs. Two loans (41.1% of the pool) are specially serviced, both of which are REO and have been deemed non-recoverable by the servicer, which is driving interest shortfalls higher in the capital structure.
KBRA will continue to monitor the transaction and the underlying loans' performance and will seek to resolve or update the Watch Downgrade status within 90 days.
Details concerning the classes that have been placed on Watch Downgrade are as follows:
- Class B to AA (sf) DN from AA (sf)
- Class PEZ to BBB (sf) DN from BBB (sf)
- Class C to BBB (sf) DN from BBB (sf)
- Class D to BB (sf) DN from BB (sf)
- Class E to CCC (sf) DN from CCC (sf)
To access ratings and relevant documents, click here.