Press Release|CMBS

KBRA Affirms All Ratings for AOTA 2015-1211

26 Mar 2024   |   New York


KBRA affirms all of its outstanding ratings for AOTA 2015-1211, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in credit metrics since securitization. However, the magnitude of the changes does not warrant rating adjustments at this time.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a 1.9 million sf, 45-story, Class-A office building. The property is located at 1211 Avenue of the Americas between 47th and 48th Streets in New York City’s Manhattan borough. The 10-year interest-only loan has an outstanding balance of $1.0 billion ($531 per sf) as of the March 2024 remittance report and matures in August 2025. The loan sponsor is Ivanhoé Cambridge Inc.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $85.2 million and a KBRA value of $1.1 billion ($583 per sf). The resulting in-trust KLTV is 91.1%, compared to 88.3% at last review and 82.0% at securitization. KBRA maintains a KPO of Perform on the loan.

To access rating and relevant documents, click here.

Click here to view the report.

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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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003632

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