Press Release|CMBS
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KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2016-K56

21 Mar 2025   |   New York

Contacts

KBRA upgrades the ratings of one class and affirms all other outstanding ratings for FREMF 2016-K56, a $1.0 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited a slight improvement in pool performance since KBRA’s last ratings change in March 2024. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.

As of the February 2025 remittance period, there are no delinquent or specially serviced loans, and no loans have been identified as K-LOCs.

The transaction's WA KLTV is 80.3%, compared to 81.4% at KBRA's last ratings change and 112.9% at securitization. The KDSC is 1.95x, compared to 1.90x at KBRA's last ratings change and 1.44x at securitization.

Details concerning the class with a ratings change are as follows:

  • Class C to AA- (sf) from A+ (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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: 1008733

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