Press Release|CMBS
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KBRA Places All Ratings of River Green Finance 2020 DAC on Watch Downgrade

16 Apr 2026   |   London

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KBRA UK (KBRA) places the ratings of all outstanding classes of River Green Finance 2020 DAC, a €174.4 million CMBS single borrower transaction, on Watch Downgrade (DN). The Watch placements are primarily driven by the Special Servicer determining that a Loan Event of Default has occurred, following the borrower’s decision not to extend the loan and failure to pay all amounts due at the 15 April 2026 maturity. The Special Servicer has granted a temporary two-weekly renewable standstill, is in discussions with the borrower, and expects to receive a finalised valuation of the property in the next two weeks.

The CMBS transaction is backed by €174.4 million of limited recourse debt secured by River Ouest, a property comprising a seven-story office building and an adjacent two-story service and amenity building with a total area of 64,278 sqm, located in Bezons, France, in the Val-d’Oise department. The asset is approximately five kilometres north of La Défense and 18 kilometres northwest of central Paris.

The loan was previously transferred to special servicing following the January 2024 maturity default and was subsequently restructured in August 2024, extending the loan maturity to 15 April 2026 (the initial termination date). A further extension to April 2027 (the extended termination date) was subject to the following conditions: (i) no loan default continuing or arising as a result of the extension, (ii) no continuing LTV breach, and (iii) hedging being in place for the period from the initial termination date to the extended termination date. The LTV covenant was waived until April 2026.

As per the January 2026 investor report, the reported LTV was 125.42%, compared with the 67.15% LTV covenant at transaction closing, and hedging is in place until April 2027 at a 5.00% cap rate.

The only remaining tenant in the collateral property is Atos S.E (Atos), a French multinational IT services and consulting company that occupies 82.8% of the collateral property by area. The company completed its financial restructuring in December 2024. According to the January 2026 investor report, 100% of rent due from Atos continued to be collected; however, lease restructuring discussions were unsuccessful and arrears of approximately €2.5 million remained outstanding, primarily relating to service charges.

KBRA will continue to monitor the transaction and the underlying loan’s performance and will seek to resolve the Watch Downgrade within 90 days.

Details concerning the Watch Downgrades are as follows:

  • Class A to BBB (sf) DN from BBB (sf)
  • Class B to BB (sf) DN from BB (sf)
  • Class C to B- (sf) DN from B- (sf)
  • Class D to CCC (sf) DN from CCC (sf)

To access ratings and relevant documents, click here.

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Disclosures

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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

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. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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