KBRA Affirms All Ratings for WFCM 2018-C46
16 Jul 2025 | New York
KBRA affirms all of its outstanding ratings for WFCM 2018-C46, a $543.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in August 2021.
As of the June 2025 remittance period, there are two specially serviced assets (5.4% of the pool balance), one of which (3.7%) is in foreclosure and one (1.7%) is REO. KBRA identified six K-LOCs (22.4%), including the specially serviced assets, three of which (11.8%) have estimated losses. The K-LOCs are depicted in the table below.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 94.5%, compared to 114.1% at KBRA's last ratings change and 99.6% at securitization. The KDSC is 1.64x, compared to 1.43x at KBRA's last ratings change and 1.64x at securitization.
To access ratings and relevant documents, click here.
Click here to view the report.