Press Release|CMBS

KBRA Affirms All Ratings for MSC 2020-CNP

1 May 2024   |   New York


KBRA affirms its outstanding ratings for MSC 2020-CNP, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

The collateral for the transaction is comprised of a $330.0 million portion of a $550.0 million non-recourse, first lien mortgage loan. The mortgage loan is collateralized by the borrower’s fee simple interest in City National Plaza, a 2.5 million sf, Class-A office property located in downtown Los Angeles that was built in 1971 and renovated in 2018. The sponsor of the borrower is Fifth Street Properties, LLC, a joint venture controlled by CalPERS (99.7%) and CommonWealth Pacific, LLC (0.3%). There is no separate recourse carve-out guarantor, and in the event a recourse exception is triggered under the loan documents, the borrower is the sole party available to satisfy the recourse-related obligations. Commonwealth Partners Management Services, LP, an affiliate of the sponsor, serves as the property manager.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $60.4 million and a KBRA value of $732.3 million ($291 per sf). The resulting in-trust KLTV is 75.1%, compared to 74.5% at last review and 74.4% at securitization. KBRA maintains a KPO of Perform for the loan.

To access rating and relevant documents, click here.

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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: 1004128

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