Press Release|CMBS

KBRA Affirms All Ratings for BBCMS 2016-ETC

31 May 2024   |   New York


KBRA affirms all of its outstanding ratings for BBCMS 2016-ETC, a $512.5 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in credit metrics since securitization, primarily due to an increase in KBRA’s capitalization rate. However, the magnitude of the change in KBRA value and KLTV does not warrant rating changes at this time.

The transaction collateral consists of a 1.3 million sf portion of Easton Town Center, a 1.8 million sf super-regional open-air retail center with 204,672 sf of second floor office space located in Columbus, Ohio, approximately 10 miles north of the city’s CBD. The trust collateral consists of two senior A-notes totaling $150.0 million and two subordinate B-notes totaling $362.5 million, together representing a $512.5 million portion of a $700.0 million ($537 per sf) interest-only, first lien mortgage loan secured by the borrower’s fee simple interest. The whole mortgage loan is represented by six pari passu A-notes totaling $337.5 million and the two subordinate B-notes. The sponsors of the borrower are Bath & Body Works Inc. and certain principals of The Georgetown Company.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $49.2 million and a KBRA value of $596.9 million ($458 per sf). The resulting KLTV is 117.3%, compared to 119.4% at last review and 99.6% at securitization. KBRA maintains a KPO of Perform for the loan.

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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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004174

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