KBRA Downgrades Six Ratings and Affirms All Other Ratings for COMM 2016-COR1
27 Jun 2025 | New York
KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings for COMM 2016-COR1, a $753.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization. The rating actions also reflect KBRA's estimated losses for six K-LOCs (16.3% of the pool balance) and the resulting loss adjusted C/E levels.
As of the June 2025 remittance period, there are two specially serviced assets (5.0% of the pool balance) both of which are in foreclosure. KBRA identified ten K-LOCs (41.8%), including the specially serviced assets. Of the K-LOCs, six (16.3%) have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 111.7%, compared to 106.4% at last review and 101.1% at securitization. The WA KDSC is 1.55x, compared to 1.59x at last review and 1.78x at securitization. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 111.7%, compared to 106.4% at last review and 101.1% at securitization. The WA KDSC is 1.55x, compared to 1.59x at last review and 1.78x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class D to B- (sf) from BB (sf)
- Class E to CCC (sf) from B- (sf)
- Class F to CC (sf) from CCC(sf)
- Class X-C to B- (sf) from BB (sf)
- Class X-E to CCC (sf) from B- (sf)
- Class X-F to CC (sf) from CCC(sf)
To access ratings and relevant documents, click here.
Click here to view the report.