KBRA Downgrades Two Ratings and Affirms All Others for GSMS 2015-GC32
23 May 2025 | New York
KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for GSMS 2015-GC32, a $501.9 million CMBS conduit transaction. The downgrades follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses on five of the K-LOCs (24.3% of the pool balance). The ratings actions also consider the transaction's capital structure which has benefitted from deleveraging through loan payoffs and amortization.
As of the May 2025 remittance period, there are two specially serviced assets (5.6%), of which, one is non-performing matured (5.0%) and one (0.6%) is in foreclosure. KBRA has identified 12 K-LOCs (43.2% of the pool balance), of which five (14.1%) have estimated losses. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 91.2%, compared to 105.5% at last review and 103.4% at securitization. The WA KDSC is 1.41x, compared to 1.37x at last review and 1.68x at securitization.
Details concerning the classes with rating changes are as follows:
- Class F to B- (sf) from B (sf)
- Class G to CCC (sf) from B- (sf)
To access ratings and relevant documents, click here.
Click here to view the report.