KBRA Affirms All Ratings for BANK 2018-BNK11
14 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for BANK 2018-BNK11, a $652.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the February 2025 remittance period, there are no delinquent or specially serviced loans. KBRA identified five loans (12.6% of the pool balance) as K-LOCs, one of which has an estimated loss:
- One Lincoln Station (4.1% of the pool, 21.3% loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 81.1%, compared to 84.4% at last review and 92.2% at securitization. The KDSC is 2.55x, compared to 2.47x at last review and 2.45x at securitization.
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Methodologies
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology