Press Release|CMBS
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KBRA Withdraws Ratings on 53 Classes from 25 Transactions

8 Jul 2025   |   New York

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KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related May 2025 remittance report with the respect to the FREMF 2015-K47 transaction and the June 2025 remittance reports with respect to the remainder of the transactions did not reflect any accumulated interest shortfalls or principal writedowns. KBRA’s ratings are updated as follows:

  • BACM 2015-UBS7, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • BANK 2020-BNK27, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK 2021-BNK31, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BB-UBS Trust 2012-TFT, Class A from ‘A (sf)' to 'WR (sf)'
  • BB-UBS Trust 2012-TFT, Class TE from 'B- (sf)' to 'WR (sf)'
  • BB-UBS Trust 2012-TFT, Class X-A from 'A (sf)' to 'WR (sf)'
  • BBCMS 2024-5C27, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2024-C10, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2013-GC17, Class D from 'B- (sf)' to 'WR (sf)'
  • CGCMT 2013-GC17, Class E from 'CCC(sf)' to 'WR (sf)'
  • CGCMT 2013-GC17, Class F, from 'CC (sf)' to 'WR (sf)'
  • COMM 2015-CCRE22, Class A-5, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE26, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC21, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC21, Class A-M, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC21, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC23, Class XP-A, from ‘AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C2, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K47, Class A-2, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K47, Class B from 'AA+(sf)' to 'WR (sf)'
  • FREMF 2015-K47, Class X1, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K47, Class X2-A, from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2015-C30, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • JPMDB 2020-COR7, Class A-2, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C25, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C25, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-MS1, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-MS1, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class A, from 'AAA (sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class B, from 'AAA (sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class C, from 'AA (sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class D, from 'A (sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class E, from 'BBB (sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class F, from 'BB(sf)' to 'WR (sf)'
  • NCMF 2022-MFP, Class G, from 'B- (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class A, from 'AAA (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class B, from 'AA- (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class C, from 'A- (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class D, from 'BBB (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class E, from 'BBB- (sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class F, from 'BB-(sf)' to 'WR (sf)'
  • RCMF 2022-FL10, Class G, from 'B- (sf)' to 'WR (sf)'
  • RR 2015-1, Class B, from 'BBB- (sf)' to 'WR (sf)'
  • RR 2015-1, Class C, from 'B+ (sf)' to 'WR (sf)'
  • RR 2015-1, Class AB, from 'BBB- (sf)' to 'WR (sf)'
  • RR 2015-1, Class BC, from 'B+ (sf)' to 'WR (sf)'
  • RR 2015-1, Class AC, from 'B+ (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class A-SB, from 'AAA (sf)' to 'WR (sf)'

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.

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