KBRA Downgrades Nine Ratings and Affirms All Other Ratings for JPMBB 2015-C30
7 Jun 2024 | New York
KBRA downgrades the ratings of nine classes of certificates and affirms all other outstanding ratings of JPMBB 2015-C30, a $988.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in June 2023 including an increase in KBRA’s estimated losses from nine K-LOCs (34.8% of the pool balance).
As of the May 2024 remittance period, three assets (11.6%) are specially serviced, one of which (4.0%) is 90+ days delinquent and one (1.7%) is REO.
KBRA identified 16 K-LOCs (46.2%), nine of which (34.8%) have estimated losses. This includes:
Six of the top 10 loans (31.6%):
- One Shell Square (largest, 7.7%, 11.1% estimated loss severity)
- Sunbelt Portfolio (3rd largest, 5.9%, 33.6%)
- Castleton Park (5th largest, 4.6%, 29.2%)
- Bethesda Office Center (6th largest, 4.6%, 13.8%)
- Parker Plaza (7th largest, 4.6%)
- College Park Office (9th largest, 4.2%, 19.6%)
Four other K-LOCs have estimated losses:
- One City Centre (4.1%, 82.3%)
- Albany Road Georgia Portfolio (1.7%, 49.2%, REO)
- 770 S Post Oak (1.1%, 49.1%)
- The Forum Office (0.9%, 19.8%)
The remaining six loans do not have estimated losses and represent 6.8% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 91.4%, compared to 98.8% at KBRA's last ratings change and 102.3% at securitization. The KDSC is 1.69x, compared to 1.70x at KBRA's last ratings change and 1.75x at securitization.
Details concerning the ratings changes are as follows:
- Class B to A (sf) from AA- (sf)
- Class EC to BBB- (sf) from A- (sf)
- Class C to BBB- (sf) from A- (sf)
- Class D to CCC (sf) from BB (sf)
- Class E to CC (sf) from B- (sf)
- Class F to C (sf) from CCC (sf)
- Class X-D to CCC (sf) from BB (sf)
- Class X-E to CC (sf) from B- (sf)
- X-F to C (sf) from CCC (sf)
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