KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2017-K66
21 Feb 2025 | New York
KBRA upgrades the ratings of one class and affirms all other outstanding ratings for FREMF 2017-K66, a $1.2 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an overall improvement in credit metrics since KBRA's last ratings change. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.
As of the January 2025 remittance period, there are no delinquent or specially serviced loans. However, two loans (2.0% of the pool balance) have been identified as a K-LOCs, one of which (0.2%) has an estimated loss, that includes:
One with an estimated loss:
- Park Manor (0.2%, 31.9% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 84.8%, compared to 89.4% at the last ratings change and 115.2% at securitization. The KDSC is 1.99x, compared to 1.84x at the last ratings change and 1.44x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA+ (sf) from AA (sf)
To access ratings and relevant documents, click here.
Click here to view the report.