KBRA Downgrades Three Ratings and Affirms All Other Ratings for WFCM 2024-5C1
24 Jul 2026 | New York
KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding ratings for WFCM 2024-5C1, a $726.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization. The rating actions reflect KBRA's estimated losses for three K-LOCs (11.8% of the pool balance) and the resulting loss-adjusted C/E levels.
As of the July 2026 remittance period, there are two specially serviced assets (10.5%), both of which are 90+ days delinquent. KBRA identified six K-LOCs (16.0%), including the specially serviced assets. Of the K-LOCs, three (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 92.7%, compared to 91.1% at last review and 91.6% at securitization. The WA KDSC is 1.35x, compared to 1.37x at last review and 1.38x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class F to BB (sf) from BB+ (sf)
- Class G-RR to B- (sf) from BB- (sf)
- Class X-F to BB (sf) from BB+ (sf)
To access ratings and relevant documents, click here.
Click here to view the report.