KBRA Downgrades One Rating and Withdraws Three Ratings for COMM 2014-CCRE21

KBRA downgrades one rating and withdraws three ratings for COMM 2014-CCRE21, a $67.7 million CMBS conduit transaction that is collateralized by seven remaining loans. The rating downgrade is based on the realized principal loss incurred by Class H during the December 2024 remittance period. In addition, the rating withdrawals on Classes X-C, X-D, and X-E are done in accordance with KBRA’s Methodology for Rating Interest-Only Certificates as the transaction has 10 or fewer loans remaining following payoffs received during the December 2024 remittance period.

Class H incurred a $516,443 loss this month as certificate interest paid was paid from principal collections.

KBRA's other outstanding transaction ratings are unchanged at this time. KBRA most recently affirmed all the current outstanding ratings in November 1, 2024. 

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining asset in the transaction, as well as the continuing magnitude and extent of interest shortfalls on the certificates.

Details concerning the classes with rating changes are as follows:

To access ratings and relevant documents, click here.

Related Publication

Methodologies