KBRA Affirms All Ratings for CGCMT 2015-P1
3 Jul 2025 | New York
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.
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.
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- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
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