Press Release|CMBS
View PDF

KBRA Places the Ratings of Five Classes of JPMBB 2015-C31 on Watch Downgrade

12 Nov 2025   |   New York

Contacts

KBRA places the ratings of five classes of JPMBB 2015-C31, a CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class B certificates. KBRA considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.

As of the October 2025 remittance period, seven assets remain in the pool, six of which (95.1% of pool balance) have been identified as K-LOCs. Of the remaining assets, two (40.4%) are in foreclosure and two (33.8%) are matured non-performing. Sunbelt Portfolio (25.4%) and Highland Landmark I (15.0%) were deemed as non-recoverable by the servicer in August 2025, which is driving interest shortfalls higher in the capital structure. Additionally, Civic Opera Building (32.4%) was deemed non-recoverable in March 2024.

KBRA will continue to monitor the transaction and the underlying loans' performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes that have been placed on Watch are as follows:

  • Class B to BBB (sf) DN from BBB (sf)
  • Class C to CCC (sf) DN from CCC (sf)
  • Class EC to CCC (sf) DN from CCC (sf)
  • Class D to CC (sf) DN from CC (sf)
  • Class X-D to CC (sf) DN from CC (sf)

To access ratings and relevant documents, click here.

Related Publication

Methodologies

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.

Doc ID: 1012126