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KBRA Downgrades Two Ratings and Affirms All Other Ratings for CGCMT 2015-GC31

6 Jun 2025   |   New York

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KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings of CGCMT 2015-GC31, a $380.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in the estimated pool losses since last review, primarily associated with the two largest loans in the pool, 135 South LaSalle (26.3% of the pool balance) and Selig Office Portfolio (18.9%), both of which are specially serviced.

As of the May 2025 remittance period, there are four specially serviced assets (56.9%), of which one (18.9%) is non-performing matured and one (26.3%) is delinquent. KBRA identified eight K-LOCs (68.6%), including the specially serviced assets. Of the K-LOCs, four (58.8%) have estimated losses. The K-LOCs are displayed in the table below.

Loss Given Default (000s) Loss Severity 1 135 South LaSalle OF $100,000 26.3% Y 90+ N Specially Serviced 06/17/2021 $56,602 56.6% 2 Selig Office Portfolio OF $72,000 18.9% Y NPM N Matured-Performing 04/17/2024 $23,721 32.9% 4 Pasadena Office Tower OF $39,091 10.3% Y C N Maturity 03/07/2022 $8,803 22.5% 8 Orinda Square MU $20,733 5.5% N C N Lease Rollover 03/27/2025 - - 13 Promenades Plaza RT $12,522 3.3% N 30+ N Occupancy 09/26/2022 $3,236 25.8% 17 Magnolia Hotel Omaha LO $9,313 2.5% N C Y DSCR 10/25/2024 - - 34 Walgreens-Smithfield RT $5,155 1.4% Y C N Specially Serviced 11/03/2020 - - 49 Cedar - Dover Plaza RT $2,019 0.5% N NPM N Non-Performing Maturity 05/16/2025 - - Total K-LOCs $260,833 68.6% $92,362 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. K-LOC Date 1 KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 95.9%, compared to 100.7% at KBRA’s last rating change in June 2024 and 97.8% at securitization. The KDSC is 1.86x, compared to 2.06x at KBRA’s last rating change and 2.13x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class A-S to A- (sf) from AA- (sf)
  • Class B to BB- (sf) from BBB- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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.

Doc ID: 1009770

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