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KBRA Withdraws One Rating and Affirms All Other Ratings for COMM 2015-CCRE25

1 Aug 2025   |   New York

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KBRA affirms all outstanding ratings for COMM 2015-CCRE25 transaction, a $283.8 million CMBS conduit transaction, and withdraws the ratings on the Class A-4 certificates following the reduction of the principal balance to zero during the July 2025 remittance period. There were no principal losses or interest shortfalls reported on the withdrawn rated security during its life. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in pool performance compared to last review. However, the magnitude of the changes do not warrant rating adjustments at this time.

As of the July 2025 remittance, there are two specially serviced assets (21.3%). KBRA identified 9 K-LOCs (46.7%), including the two specially serviced assets. The KLOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 4 Pearlridge Center RT 48,000 16.9% Y PM N Specially Serviced 06/24/2025 - - 5 Sheraton Raleigh LO 31,489 11.1% N C Y Maturity 01/26/2024 - - 21 Spyglass Inn Pacifica LO 17,250 6.1% N PM N Maturity 06/23/2025 - - 29 Pelican Inn & Suites Pacifica LO 12,450 4.4% Y NPM N Non-Performing Maturity Balloon 06/23/2025 - - 40 942-960 Avenue Saint John MF 7,788 2.7% N NPM N Non-Performing Maturity Balloon 07/23/2025 - - 49 19100 Ventura Boulevard MU 5,927 2.1% N C N Maturity 10/31/2023 - - 55 Holiday Inn Express White House LO 5,007 1.8% N NPM Y Non-Performing Maturity Balloon 01/29/2020 $888 17.7% 69 Strack & Van Til RT 2,523 0.9% N NPM N Non-Performing Maturity Balloon 07/23/2025 - - 75 America's Self Storage SS 2,083 0.7% N NPM N Non-Performing Maturity Balloon 07/23/2025 - - Total K-LOCs $132,517 46.7% $888 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 losses, the transaction’s WA KLTV is 94.7% compared with 88.2% at last review and 104.7% at securitization. The KDSC is 1.98x compared with 1.79x at last review and 1.63x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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