Press Release|CMBS
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KBRA Affirms All Ratings for KCM 2020-S3

12 Sep 2025   |   New York

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KBRA affirms all of its outstanding ratings for Key Commercial Mortgage Trust (KCM) 2020-S3, a $226.9 million CMBS small balance transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the August 2025 remittance period, there are no delinquent or specially serviced loans. Two loans (1.9% of the pool balance) have been identified as K-LOCs, neither of which have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 23 Crofton Commerce Center OF $3,068 1.4% N C N DSCR 02/12/2023 - - 49 Salisbury Road Office OF $1,127 0.5% N C N Occupancy 06/07/2023 - - Total K-LOCs $4,195 1.9% $0 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

The transaction’s WA KLTV is 91.3%, compared to 92.9% at last review and 107.0% at securitization. The KDSC is 1.74x, unchanged from last review and compared to 1.55x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011283