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KBRA Withdraws Ratings on 59 Classes from 26 Transactions

9 Dec 2025   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related October 2025 remittance reports with respect to the Morgan Stanley Capital I Trust 2020-L4 transaction and the November 2025 remittance reports with respect to the remainder of the transactions did not reflect any accumulated interest shortfalls or principal writedowns. KBRA’s ratings are updated as follows:

  • BBCMS 2021-C9, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2021-B30, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2022-B37, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CD 2017-CD5, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • CFCRE 2016-C3, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-C1, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-GC37, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • COMM 2013-CCRE13, Class C from 'B- (sf)' to 'WR (sf)'
  • COMM 2013-CCRE13, Class PEZ from 'B- (sf)' to 'WR (sf)'
  • COMM 2014-CCRE19, Class D from 'BBB- (sf)' to 'WR (sf)'
  • CoreVest American Finance 2020-4, Class A from 'AAA (sf)' to 'WR (sf)'
  • CoreVest American Finance 2020-4, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class C from 'A+ (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class D from 'BBB+ (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class E from 'BBB- (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class X-D from 'BBB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class A from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class B from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class C from 'AA (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class D from 'A+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class E from 'A (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class F1 from 'A- (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class F2 from 'BBB+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class F3 from 'BBB (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class G1 from 'BBB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2020-SFR2 Trust, Class G2 from 'BB+ (sf)' to 'WR (sf)'
  • FREMF 2015-K50, Class X2-B from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2019-K87, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GS1, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2016-C1, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class A from 'AAA (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class B from 'AA (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class C from 'A (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class D from 'BBB (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class E from 'BBB- (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class F from 'BB- (sf)' to 'WR (sf)'
  • LMNT 2021-FL1, Class G from 'B- (sf)' to 'WR (sf)'
  • M360 2021-CRE3, Class A from 'AAA (sf)' to 'WR (sf)'
  • Morgan Stanley Capital I Trust 2020-L4, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2016-UBS9, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2016-UBS9, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • RCMT 2016-3, Class D from 'AA- (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class A from 'AAA (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class B from 'AA- (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class C from 'A- (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class D from 'BBB (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class E from 'BBB- (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class F from 'B (sf)' to 'WR (sf)'
  • TRTX 2021-FL4, Class G from 'CCC (sf)' to 'WR (sf)'
  • WFCM 2015-NXS4, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS4, Class B from 'AA- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS4, Class C from 'A- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS4, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS4, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2017-C39, Class A-2 from 'AAA (sf)' to 'WR (sf)'

Disclosures

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.

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