Press Release|CMBS
View PDF

KBRA Withdraws Ratings on 41 Classes from 21 CMBS Transactions

13 Nov 2026   |   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 October 2026 remittance reports with respect to the transactions did not reflect any accumulated interest shortfalls or principal writedowns.

KBRA’s ratings are updated as follows:

  • BANK 2017-BNK4, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2021-B30, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2024-5C4, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BMO 2025-5C11, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BXMT 2021-FL4, Class A from 'AAA (sf)' to 'WR (sf)'
  • CD 2017-CD3, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • CD 2017-CD3, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-P4, Class B from 'A- (sf)' to 'WR (sf)'
  • COMM 2014-UBS5, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • COMM 2019-GC44, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2017-CX10, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K60, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K60, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K60, Class B from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2016-K60, Class X1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K60, Class X2-A from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K60, Class XAM from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2017-K67, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2017-K68, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2020-K737, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2020-K737, Class A-M from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2020-K737, Class X1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2020-K737, Class X2-A from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2020-K737, Class XAM from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2015-C27, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • JPMCC 2013-C10, Class D from 'BB- (sf)' to 'WR (sf)'
  • JPMCC 2017-JP5, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2013-C13, Class F from 'BB (sf)' to 'WR (sf)'
  • MSBAM 2014-C19, Class D from 'BB- (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class E from 'B- (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class F from 'CCC (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class X-E from 'B- (sf)' to 'WR (sf)'
  • MSCI 2016-UBS11, Class X-F from 'CCC (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class A from 'AAA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class B from 'AA+ (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class C from 'AA (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class D from 'A (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class E-1 from 'BBB+ (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class E-2 from 'BBB- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class F from 'BB- (sf)' to 'WR (sf)'
  • Progress Residential 2021-SFR8, Class G from 'B- (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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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.

Doc ID: 1018089