Press Release|CMBS

KBRA Affirms All Ratings for CGCMT 2015-P1

3 Jul 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for CGCMT 2015-P1, a $499.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization including the addition of loans which are identified as K-LOCs with estimated losses. However, the transaction has benefited across the capital stack from increased certificate C/E levels due to loan payoffs and amortization (54.4% of the original pool balance).

As of the June 2025 remittance period, there is one specially serviced asset (1.1% of the pool balance) that is 60+ days delinquent. One loan (1.5%) is matured non-performing, but is yet to transfer to the special servicer. KBRA identified seven K-LOCs (37.3%), of which three (29.4%) have estimated losses. The K-LOCs are depicted in the table below.

K-LOCs Loss Given Default (000s) Loss Severity 1 The Decoration & Design Building OF $92,741 18.6% N C N Occupancy 05/30/2023 $22,360 24.1% 7 University Town Centre RT $48,356 9.7% N C N Maturity 12/12/2024 $11,754 24.3% 18 Ryders Crossing Shopping Center RT $16,326 3.3% N C N Tenant Issues 05/12/2023 $0 0.0% 26 Promontory Point OF $8,347 1.7% N C N Occupancy 06/26/2024 $0 0.0% 30 Valley Ridge Apartments MF $7,447 1.5% N NPM N NPM 06/24/2025 $0 0.0% 32 Courtyard E Associates RT $7,386 1.5% N C N Tenant Issues 01/28/2025 $0 0.0% 33 9299 College Parkway OF $5,599 1.1% Y 60+ N Specially Serviced 05/29/2025 $433 7.7% Total K-LOCs $186,202 37.3% $34,547 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. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 88.0%, compared to 89.2% at last review and 101.4% at issuance. The KDSC is 1.80x, compared to 1.69x at last review and 1.82x at issuance.

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: 1010246

CONNECT WITH KBRA
805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2025 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.