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KBRA Withdraws Ratings on 38 Classes from 19 Transactions

13 May 2025   |   New York

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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 March 2025 remittance reports with respect to the RCMF 2021-FL5 and Class A-3 of the GSMS 2015-GC32 transactions and the April 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:

  • American Homes 4 Rent 2015-SFR1, Class A from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR1, Class B from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR1, Class C from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR1, Class D from ‘AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR1, Class E from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR1, Class F from 'AA+ (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class A from 'AAA (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class B, from 'AA+ (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class C, from 'A+ (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class D, from 'BBB+ (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class E, from 'BBB (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class F, from 'BB (sf)' to 'WR (sf)'
  • AREIT 2021-CRE5, Class G, from 'B (sf)' to 'WR (sf)'
  • CGCMT 2015-GC29, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2015-P1, Class A-AB, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE25, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE26, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K43, Class X2-B, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K46, Class B, from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2015-K46, Class C, from 'A+ (sf)' to 'WR (sf)'
  • FREMF 2016-K56, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GC32, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GC32, Class A-AB, from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2013-C17, Class E, from 'B- (sf)' to 'WR (sf)'
  • JPMBB 2015-C28, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2015-C28, Class X-A, from 'AAA (sf)' to 'WR (sf)’
  • MSBAM 2014-C16, Class B, from 'AA- (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class A-SB, from 'AAA (sf)' to 'WR (sf)’
  • MSCI 2015-UBS8, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • RCMF 2021-FL5, Class C, from 'AA (sf)' to 'WR (sf)’
  • RCMF 2021-FL5, Class D, from 'A- (sf)' to 'WR (sf)'
  • RCMF 2021-FL5, Class E, from 'BBB (sf)' to 'WR (sf)’
  • RCMF 2021-FL5, Class F, from 'BB (sf)' to 'WR (sf)'
  • RCMF 2021-FL5, Class G, from 'B- (sf)' to 'WR (sf)’
  • WFCM 2015-C28, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS2, Class A-4 from 'AAA (sf)' to 'WR (sf)’
  • WFRBS 2013-C15, Class A-S 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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