Press Release|CMBS

KBRA Withdraws All Outstanding Ratings on BXMT 2020-FL3

22 Oct 2025   |   New York

Contacts

KBRA withdraws its outstanding ratings for all classes of the BXMT 2020-FL3 transaction, a commercial real estate collateralized loan obligation (CRE CLO) securitization, following the reduction of the principal balance of the rated securities to zero as reflected in the transaction’s October 2025 remittance report. The notes were redeemed by the issuer in an optional redemption of the securities pursuant to section 9.3 of the Indenture. Notice was provided on October 2, 2025, with a redemption date of October 20, 2025.

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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.

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: 1011898