Press Release|CMBS
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KBRA Withdraws Ratings on 53 Classes from 29 Transactions

9 Sep 2025   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related July 2025 remittance report with respect to the FORT 2022-FL3, FREMF 2015- K47 and RCMT 2019-5 transactions and the August 2025 remittance reports with respect to the remainder of the transactions did not reflect any accumulated interest shortfalls or principal writedowns. KBRA’s ratings are updated as follows:

  • BACM 2015-UBS7, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • BBCMS 2021-C11, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BBCMS 2021-C12, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CFCRE 2016-C3, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2015-P1, Class B from 'AA (sf)' to 'WR (sf)'
  • CGCMT 2015-P1, Class C from 'A- (sf)' to 'WR (sf)'
  • CGCMT 2015-P1, Class PEZ from 'A- (sf)' to 'WR (sf)'
  • CGCMT 2015-P1, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2015-P1, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-P3, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-CCRE21, Class D from 'BB- (sf)' to 'WR (sf)'
  • COMM 2015-CCRE25, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE25, Class B from 'AA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE25, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC23, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • FORT 2022-FL3, Class A from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K47, Class C from 'AA- (sf)' to 'WR (sf)'
  • FREMF 2015-K50, Class B from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2015-K50, Class C from 'A+ (sf)' to 'WR (sf)'
  • FREMF 2018-K733, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K733, Class X1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K733, Class X2-A from 'AAA (sf)' to 'WR (sf)'
  • GACM 2019-FL1, Class E from 'BBB- (sf)' to 'WR (sf)'
  • GACM 2019-FL1, Class F from 'B (sf)' to 'WR (sf)'
  • GACM 2019-FL1, Class G from 'CCC (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class A from 'AAA (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class AS from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GS1, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2013-C17, Class F from 'CCC (sf)' to 'WR (sf)'
  • JPMBB 2015-C28, Class B from 'AA- (sf)' to 'WR (sf)'
  • JPMBB 2015-C28, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2015-C31, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2014-C16, Class C from 'BBB- (sf)' to 'WR (sf)'
  • MSBAM 2014-C16, Class PST from 'BBB- (sf)' to 'WR (sf)'
  • MSBAM 2015-C25, Class A-5 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C25, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • MSC 2021-L5, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-UBS8, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • PFP 2023-10, Class A from 'AAA (sf)' to 'WR (sf)'
  • PFP 2023-10, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • PFP 2023-10, Class B from 'AA- (sf)' to 'WR (sf)'
  • PFP 2023-10, Class C from 'A- (sf)' to 'WR (sf)'
  • PFP 2023-10, Class D from 'BBB (sf)' to 'WR (sf)'
  • PFP 2023-10, Class E from 'BBB- (sf)' to 'WR (sf)'
  • PFP 2023-10, Class F from 'BB- (sf)' to 'WR (sf)'
  • PFP 2023-10, Class G from 'B- (sf)' to 'WR (sf)'
  • RCMT 2019-5, Class B from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-P2, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-P2, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2020-C57, Class A-1 from 'AAA (sf)' to 'WR (sf)'

Disclosures

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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