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KBRA Withdraws Six Ratings and Affirms All Other Ratings for WFCM 2015-P2

5 Dec 2025   |   New York

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KBRA withdraws the ratings of six classes and affirms all other outstanding ratings for WFCM 2015-P2, an $89.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in December 2024. The ratings withdrawals on classes A-S, B, C, X-A, and X-B follow the reduction of the respective principal and notional balances of the rated securities to zero as reflected in the transaction's November 2025 remittance report. The rating withdrawal on class X-D is in accordance with KBRA's methodology for rating interest-only certificates as the pool balance of the transaction is less than 10% of the original balance.

As of the November 2025 remittance period, there are two specially serviced assets (22.0% of the pool balance), one of which (17.4%) has been deemed non-recoverable by the servicer. KBRA identified four K-LOCs (36.9%), including the specially serviced assets. Of the K-LOCs, two (30.4%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 19 Columbine Place OF 15,500 17.4% Y NPM N Non-Performing Maturity Balloon 08/31/2022 $14,729 95.0% 22 2700 Blankenbaker OF 11,559 13.0% N C N Maturity 02/04/2020 $3,956 34.2% 50 Walgreens- York RT 4,076 4.6% Y C N Specially Serviced 11/24/2025 - - 64 Alpha Corners RT 1,794 2.0% N NPM N Non-Performing Maturity Balloon 05/29/2025 - - Total K-LOCs $32,930 36.9% $18,685 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 68.9% as compared to 95.3% at KBRA's last ratings change in December 2024 and 103.6% at issuance. The KDSC is 1.66x as compared to 1.65x at KBRA's last ratings change and 1.56x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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