Press Release|CMBS

KBRA Downgrades Nine Ratings and Affirms All Other Ratings for JPMBB 2015-C30

7 Jun 2024   |   New York

Contacts

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)

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication

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) 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: 1004653

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