Press Release|CMBS

KBRA Downgrades Ratings for Six Classes and Affirms All Other Ratings for GSMS 2014-GC22

1 May 2024   |   New York


KBRA downgrades the rating of six classes of certificates and affirms all other outstanding ratings for GSMS 2014-GC22, a $538.0 million conduit transaction. The rating actions follow a surveillance review of the transaction, which has had an increase in estimated losses for six K-LOCs (45.9% of the pool balance) since KBRA's last ratings adjustment in May 2023. The rating actions also consider the risk that interest shortfalls may increase and rise up the capital structure as the special servicer works to resolve the transaction's specially serviced loans.

As of the April 2024 remittance report, there are five specially serviced assets (59.9%), of which two are REO (17.6%) and one is 90+ days delinquent (3.3%).

KBRA identified 11 K-LOCs (70.6%), including seven top 10 loans:

  • Maine Mall (largest, 20.4% of the pool balance, 46.2% estimated loss severity)
  • Selig Portfolio (2nd largest, 18.6%)
  • EpiCentre (3rd largest, 15.8%, 58.9%)
  • Maccabees Center (5th largest, 3.3%, 17.8%)
  • College Towers (6th largest, 2.5%, 46.3%)
  • Bluegrass Corporate Center (7th largest, 2.3%)
  • One New Hampshire (10th largest, 2.1%, 23.5%)

One other K-LOC has an estimated loss (1.8%):

  • Westwood Plaza (1.8%, 56.7%)

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.5% as compared to 92.1% at last review and 103.1% at issuance. The KDSC is 1.57x as compared to 1.28x at last review and 1.59x at issuance.

Details concerning the classes that have been downgraded are as follows:

  • Class B AA- (sf) to A (sf)
  • Class C BBB- (sf) to B- (sf)
  • Class D CCC (sf) to C (sf)
  • Class E CC (sf) to C ( sf)
  • Class PEZ BBB- (sf) to B- (sf)
  • Class X-C CC (sf) to C (sf)

To access rating and relevant documents, click here.

Click here to view the report.

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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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004104

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