Press Release|CMBS
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KBRA Downgrades All Ratings for River Green Finance 2020 DAC

3 Jul 2026   |   London

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KBRA UK (KBRA) downgrades the ratings of four classes of River Green Finance 2020 DAC, a CMBS single-borrower transaction. We also remove the ratings from Watch Downgrade where they were placed in April 2026. The rating actions follow the receipt of the most recent valuation for the collateral property, which was disclosed in the regulatory information service (RIS) notice dated 29 May 2026.

The downgrades are the result of a continued decline in KNCF and value since our last review in 2025; the updated appraised value which was significantly lower than the prior value; the loan’s continued status as a specially serviced loan; and the Loan Event of Default following non-payment and failure to extend the loan at the April 2026 loan maturity date. KBRA also considered tenant rollover risk related to the collateral property’s only remaining tenant, Atos, which is in arrears on a portion of its service charge and building maintenance expenses.

The loan is collateralised by River Ouest, a seven-story office building and adjacent two-story service/amenity building located in the commune of Bezons, France, within the Val-d’Oise department. The property is five kilometres north of La Défense and 18 kilometres northwest of central Paris. As of the April 2026 IPD, the total outstanding debt balance was €162.2 million (€2,523 per sqm), down 10.4% since the last review (€180.9 million) and down 17.3% from issuance (€196.2 million), due to paydown from a combination of the cash sweep and the €10.0 million lease restructure deposit relating to the Atos lease.

The loan transferred to special servicing on 15 January 2024 after the borrower did not exercise the loan’s second extension option and did not pay all amounts due. The loan was subsequently restructured on 7 August 2024, with the maturity date extended to 15 April 2026 and an option to extend for another year to 15 April 2027. The special servicer determined that a Loan Event of Default had occurred on the loan maturity date of 15 April 2026 after the borrower did not exercise the extension option and failed to repay all amounts due. As of the April IPD, a renewable standstill remained in place and the loan continued to perform, with all interest due paid in full.

KBRA analysed the cash flow for the property using information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of €8.7 million and a KBRA value of €104.9 million (€1,632 per sqm). The resulting in-trust KLTV is 154.6%, up from 75.9% at securitisation. KBRA maintains its KBRA Loan of Concern (K-LOC) designation due to its status with the special servicer and concerns surrounding the collateral property’s tenant.Details concerning the classes with rating changes are as follows:

Class A to BB+ (sf) from BBB (sf) DN

Class B to B- (sf) from BB (sf) DN

Class C to CCC (sf) from B- (sf) DN

Class D to CC (sf) from CCC (sf) DN

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

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. Kroll Bond Rating Agency UK is located at 1st Floor, Marble Arch House, 66 Seymour Street, London W1H 5BT, England.

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