Press Release|CMBS

KBRA Assigns Preliminary Ratings to BAMLL Re-REMIC Trust 2024-FRR2

27 Mar 2024   |   New York


KBRA is pleased to announce the assignment of preliminary ratings to four classes of BAMLL Re-REMIC Trust 2024-FRR2. BAMLL Re-REMIC Trust 2024-FRR2 is a re-securitization of the Class D (principal-only) and Class X2-A and X2-B (interest-only) certificates from the FREMF 2017-K65 securitization (the underlying trust). FREMF 2017-K65 is a ten-year, fixed-rate KBRA-rated securitization which is now 80 months seasoned. The Class D underlying collateral is the most subordinate principal class of the underlying trust. The Class X2-A underlying collateral has a notional balance equal to the aggregate outstanding principal balance of the Class A-1 and Class A-2 certificates of the underlying trust and the Class X2-B has a notional balance equal to the aggregate outstanding principal balance of the Class A-M, Class B, Class C and Class D certificates of the underlying trust. Both the Class X2-A and Class X2-B are paid at the top of the waterfall in the underlying transaction.

The re-securitization trust will issue seven classes of certificates and an RR Interest, six of which are entitled to distributions of principal and interest, one of which is entitled to any investment income on, or any remaining funds in, the expense reserve account, and one class is a residual interest. Cash flow from the collateral certificates will be used to make payments to the Class A, B, C, D and E certificates (the non-risk retention re-securitization trust certificates) in sequential order, after required allocations for trust expenses and fees. Any losses which impact the Class D underlying certificates will in turn be borne by the non-risk retention re-securitization trust certificates in reverse sequential order. The non-risk retention certificates and the RR Interest will be paid pro rata and share losses pro rata.

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: 1003718

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