KBRA Affirms All Ratings for CGCMT 2015-P1

KBRA affirms all of its outstanding ratings for CGCMT 2015-P1, a $941.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization including the addition of loans which are identified as K-LOCs with estimated losses. However, the transaction has benefited across the capital stack from increased certificate C/E levels due to loan payoffs and amortization (14.1% of the original pool balance), and defeasances (24.8% of the pool balance).

As of the June 2024 remittance period, there is one loan (10.1% of the pool balance) that is 30+ days delinquent; however, no loans are specially serviced. KBRA identified four K-LOCs (18.7%), of which two (16.1%) have estimated losses. The K-LOCs include:

Two of the top 10 non-defeased loans (16.1%):

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 89.2%, compared to 103.9% at last review and 101.4% at issuance. The KDSC is 1.69x, compared to 1.67x at last review and 1.82x at issuance.

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