KBRA Downgrades Three Ratings and Affirms All Other Ratings for COMM 2015-CCRE26
6 Sep 2024 | New York
KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding ratings of COMM 2015-CCRE26, a $914.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses from two K-LOCs (10.6% of the pool balance), both of which are within the top 10 loans. The rating action also considers the deleveraging of the transaction from loan pay-offs, amortization, and defeasance.
As of the August 2024 remittance period, there are no specially serviced or delinquent loans; however, KBRA identified five K-LOCs (26.1%). These include three top 10 loans:
- Prudential Plaza (largest, 11.7% of the pool balance)
- Hotel Lucia and Hotel Max (4th largest, 6.2%, 59.1% estimated loss severity)
- Rosetree Corporate Center (8th largest, 4.4%, 24.5%)
The remaining two K-LOCs do not have estimated losses and represent 3.9% of the pool.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 94.8%, compared to 97.0% at last review and 104.9% at securitization. The KDSC is 1.66x, compared to 1.68x at last review and 1.60x at issuance.
Details concerning the classes with ratings changes are as follows:
- Class E to BB (sf) from BB+ (sf)
- Class F to B (sf) from BB (sf)
- Class G to CCC (sf) from B- (sf)
To access rating and relevant documents, click here.
Click here to view the report.