Press Release|CMBS
View PDF

KBRA Assigns Ratings to PTCM Re-REMIC Trust 2026-FRR2

8 Jun 2026   |   New York

Contacts

KBRA is pleased to announce the assignment of ratings to six classes of PTCM Re-REMIC Trust 2026-FRR2. PTCM Re-REMIC Trust 2026-FRR2 is a re-securitization of four principal-only (PO) and eight interest-only (IO) certificates (the collateral securities) from four separate fixed-rate Freddie Mac K-Series multifamily securitizations: FREMF 2022-K146, FREMF 2021-K133, FREMF 2020-K114, and FREMF 2016-K1502 (the underlying trusts). The collateral securities for this re-securitization consist of the most subordinate principal-only class and two interest-only certificates from each underlying trust. Of the four underlying trusts, KBRA provided ratings for the certificates of FREMF 2022-K146 (Group 4) and FREMF 2021-K133 (Group 3).

The re-securitization trust issued four separate groups totaling 24 certificates and a residual interest, with each group corresponding to one underlying trust. Of the 24 classes of trust certificates within the four groups, nine are entitled to principal only payments and 15 are entitled to principal and interest payments. Additionally, the Class CK114 and DK114 certificates maybe exchanged for the Class CD114 certificates. Cash flow from each group of collateral securities will be used to make payments to the corresponding group of trust certificates in sequential order, after required allocations for trust expenses and fees. Each group of certificates is only entitled to distributions from amounts received with respect to the collateral securities from the underlying trust related to that group and is not entitled to amounts received by the trust with respect to any other group. With respect to each group, any losses which impact the collateral securities will in turn be borne by the re-securitization trust certificates in reverse sequential order.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

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: 1015423