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KBRA Affirms All Ratings for MSBAM 2015-C25

14 Aug 2025   |   New York

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KBRA affirms all outstanding ratings for MSBAM 2015-C25, a $456.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in credit metrics since securitization due to higher credit enhancement levels as a result of paydowns. However, rating changes are not warranted at this time due to concerns surrounding the refinancing prospects for some of the larger loans, which mature by September 2025.

As of the July 2025 remittance, there is one (1.3% of the pool balance) performing matured balloon loan, which remains with the master servicer. KBRA identified eight K-LOCs (47.4%), two of which (4.6%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 2 261 Fifth Avenue OF 110,000 24.1% N C N Maturity Mar-24 - - 9 Bucks County Technology Park OF 25,611 5.6% N C N Occupancy Oct-24 - - 13 Lycoming Crossing Shopping Center RT 19,875 4.4% N C N Maturity Jun-25 - - 22 Landmark Towers OF 15,215 3.3% N C N Maturity Aug-21 $5,415 35.6% 23 Pageantry West Office Park OF 14,126 3.1% N C N Maturity Feb-24 - - 27 Twinsburg Town Center MU 13,141 2.9% N C N Maturity Jul-25 - - 26 Embassy Plaza RT 12,904 2.8% N C N Maturity Nov-23 - - 42 Holiday Inn Express & Suites - Dallas North Tollway, TX LO 5,753 1.3% N PM N Matured Apr-20 $1,626 28.3% Total K-LOCs $216,626 47.4% $7,041 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. SS Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1 KBRA Estimated 2
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s weighted average WA KLTV is 96.5% compared to 101.9% at last review and 107.5% at securitization. The KDSC is 1.55x compared to 1.53x at last review and 1.47x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1010593