KBRA Upgrades Two Ratings and Affirms All Other Ratings for FREMF 2015-K50
17 Apr 2024 | New York
KBRA upgrades the ratings of two classes and affirms all other outstanding ratings for FREMF 2015-K50, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA's last ratings change in August 2022. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.
As of the March 2024 remittance period, none of the loans are specially serviced or delinquent; however, KBRA identified four K-LOCs (1.7% of the pool balance), none of which are within the top 10 nor have an estimated loss.
The transaction's WA KLTV is 82.3%, compared to 93.5% at KBRA's last ratings change in August 2022 and 116.3% at securitization. The KDSC is 2.07x, compared to 1.73x at KBRA's last ratings change and 1.52x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA+ (sf) from AA (sf)
- Class C to A+ (sf) from A (sf)
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