Press Release|CMBS
View PDF

KBRA Downgrades Four Ratings and Affirms All Other Ratings for BBCMS 2022-C14

30 Jan 2026   |   New York

Contacts

KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for BBCMS 2022-C14, an $898.2 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last review.

As of the January 2026 remittance period, there are three specially serviced assets (13.1% of the pool balance), comprising two loans in foreclosure (12.3%) and one loan that is over 90 days delinquent (0.8%). KBRA identified 11 K-LOCs (25.1%), including the specially serviced assets. Of the K-LOCs, four (14.9%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 3A2 1100 & 820 First Street NE OF $60,000 6.7% Y 30+ N Foreclosure 06/02/2025 $26,646 44.4% 5 Chicago Crossed Portfolio IN $50,105 5.6% Y 90+ N Foreclosure 11/24/2024 $9,250 18.5% 8 Singer Bronx Multifamily Portfolio MF $39,000 4.3% N 30+ N Recent Delinquency 01/23/2026 - - 13A1 The Hallmark OF $20,257 2.3% N C N Lease Rollover 03/26/2024 - - 18 Nine + Eighteen Apartments MF $17,400 1.9% N C N DSCR 03/27/2024 $2,918 16.8% 27 340 Clifton Place MF $10,000 1.1% N C N Recent Delinquency 04/10/2025 - - 34 A-Affordable Storage - Waxahachie SS $7,246 0.8% Y 90+ N Delinquent 06/26/2025 - - 41 Comfort Suites - Florence LO $6,378 0.7% N C N DSCR 05/31/2025 $478 7.5% 46 Walgreens - Waldorf RT $5,250 0.6% N C N Tenant Issues 05/29/2024 - - 49 3480 Boston Road RT $5,000 0.6% N C N Tenant Issues 01/26/2026 - - 51 Walgreens - Fairlawn RT $4,840 0.5% N C N Recent Delinquency 06/20/2024 - - Total K-LOCs $225,476 25.1% $39,292 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

The transaction’s WA KLTV is 90.3%, compared to 91.9% at last review and 98.7% at securitization. The KDSC is 2.38x, compared to 2.51x at last review, and 2.39x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class F-RR to BB (sf) from BBB- (sf)
  • Class G-RR to B- (sf) from BB+ (sf)
  • Class H-RR to CCC (sf) from BB- (sf)
  • Class J-RR to CC (sf) from B (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: 1013300