KBRA Affirms All Ratings for FREMF 2015-K46
23 May 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2015-K46, 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 affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA's last ratings change in August 2022. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the April 2024 remittance period, there are no delinquent or specially serviced loans. However, there are two loans (1.5% of the total pool balance) that have been identified as K-LOCs, neither of which are within the top 10 nor have an estimated loss.
The transaction’s WA KLTV is 82.0%, compared to 93.6% at KBRA's last ratings change and 118.6% at securitization. The KDSC is 2.30x, compared to 2.01x at KBRA's last ratings change and 1.52x at securitization.
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