Press Release|CMBS
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KBRA Upgrades 21 Ratings, Downgrades Eight Ratings and Affirms All Other Ratings on 12 CoreVest American Finance SFR Transactions

14 Nov 2025   |   New York

Contacts

KBRA recently completed a surveillance review of the 12 outstanding KBRA-rated multi-borrower, single-family rental (SFR) securitizations issued by CoreVest American Finance (CAF) between 2018 and 2022. These transactions are collectively comprised of 107 securities with a total outstanding principal balance of $1.5 billion. Of these, 86 securities with an aggregate principal balance of $1.3 billion are rated by KBRA. The surveillance review resulted in the upgrade of ratings of 21 classes ($316.9 million) across seven deals, the downgrade of eight ratings ($55.9 million) in four deals, and the affirmation of the ratings of 57 classes ($973.1 million).

The affirmations took into consideration the stability in the class subordination levels, along with the continued performance of the underlying collateral. The upgrades were largely driven by meaningful increases in the subordination level for each class, primarily owing to loan payoffs, with consideration also given to deleveraging of the underlying loans as a result of amortization and estimated home price appreciation, as well as property cash flow trends. The downgrades are a result of increased specially serviced or delinquent assets, as well as a degradation in credit support due to increased estimated losses from K-LOCs. The actions and analysis on all 12 CoreVest securitizations are detailed in the associated CoreVest SFR Comprehensive Surveillance Supplemental Report.

Details concerning the classes with upgrades are as follows:

  • CAF 2018-2 Class C to AAA (sf) from AA+ (sf)
  • CAF 2018-2 Class D to AA (sf) from A (sf)
  • CAF 2019-1 Class E to AAA (sf) from AA+ (sf)
  • CAF 2019-2 Class C to AAA (sf) from AA+ (sf)
  • CAF 2019-2 Class D to AA (sf) from A+ (sf)
  • CAF 2019-2 Class E to A- (sf) from BBB (sf)
  • CAF 2019-2 Class F to BB+ (sf) from BB- (sf)
  • CAF 2019-2 Class G to B+ (sf) from B- (sf)
  • CAF 2019-3 Class B to AAA (sf) from AA+ (sf)
  • CAF 2020-1 Class B to AAA (sf) from AA+ (sf)
  • CAF 2020-1 Class C to AA (sf) from A+ (sf)
  • CAF 2020-1 Class D to A- (sf) from BBB+ (sf)
  • CAF 2020-1 Class E to BBB- (sf) from BB+ (sf)
  • CAF 2020-1 Class F to BB (sf) from BB- (sf)
  • CAF 2020-1 Class G to B+ (sf) from B (sf)
  • CAF 2020-2 Class C to AAA (sf) from AA+ (sf)
  • CAF 2020-2 Class D to AA (sf) from A+ (sf)
  • CAF 2020-2 Class E to A (sf) from A- (sf)
  • CAF 2020-4 Class B to AAA (sf) from AA (sf)
  • CAF 2020-4 Class C to AA (sf) from A- (sf)
  • CAF 2020-4 Class D to A- (sf) from BBB (sf)

Details concerning the classes with downgrades are as follows:

  • CAF 2021-1 Class F to B (sf) from BB (sf)
  • CAF 2021-1 Class G to CCC (sf) from B- (sf)
  • CAF 2021-2 Class F to BB- (sf) from BB (sf)
  • CAF 2021-2 Class G to B- (sf) from B (sf)
  • CAF 2021-3 Class F to BB- (sf) from BB (sf)
  • CAF 2021-3 Class G to B- (sf) from B (sf)
  • CAF 2022-1 Class F to BB- (sf) from BB (sf)
  • CAF 2022-1 Class G to B- (sf) from B (sf)

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Related Publications

Methodologies

Disclosures

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 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.

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