KBRA Downgrades Four Ratings and Affirms All Other Ratings for Benchmark 2021-B30
10 Oct 2025 | New York
KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for Benchmark 2021-B30, a $942.5 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization. The rating actions also reflect KBRA's estimated losses for one K-LOC (6.9% of the pool balance) and the resulting loss adjusted C/E levels.
As of the September 2025 remittance period, there are two delinquent loans (10.3% of the pool balance) and three specially serviced assets (10.8%). KBRA identified five K-LOCs (13.3%), including the specially serviced assets, one of which (6.9%) has an estimated loss. The K-LOCs are depicted in the table below:
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 102.0%, compared to 107.6% at the last review and 101.3%at securitization. The WA KDSC is 2.38x compared to 2.31x at the last review and 2.43x at securitization.
Details concerning the ratings adjustments are as follows:
- Class F to B- (sf) from BB- (sf)
- Class G to CCC (sf) from B- (sf)
- Class X-F to B- (sf) from BB- (sf)
- Class X-G to CCC (sf) from B- (sf)
To access ratings and relevant documents, click here.
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