KBRA Downgrades Three Ratings of COMM 2013-CCRE12 to D (sf) Following Realization of Principal Losses

KBRA downgrades the ratings of the Class B, C, and PEZ certificates from C (sf) to D (sf) for COMM 2013-CCRE12, an $87.3 million conduit CMBS transaction, following realized losses taken against its outstanding principal balance resulting from the resolution of the 175 West Jackson asset ($150.0 million trust balance at securitization) as reflected in the February 2026 remittance report. The loan was resolved with a loss of $134.2 million (89.5% loss severity of original balance). The loss was generally in line with KBRA's expectations as reflected in the October 2025 surveillance review. Realized losses were allocated to the Class C and D certificates, which were reduced to zero, and to the Class B and PEZ certificates.

Details concerning the classes with ratings changes are as follows:

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the likelihood of ultimate payment of principal and accrued interest on the rated securities. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.

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