KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2015-K43
23 Aug 2024 | New York
KBRA upgrades the rating of one class of certificates and affirms all other outstanding ratings for FREMF 2015-K43, a $1.3 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA's last ratings change in August 2022. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.
As of the July 2024 remittance period, none of the loans are specially serviced or delinquent; however, KBRA identified six K-LOCs (7.9%). These include:
One top 10 loan:
- Lindbergh Vista (4th largest, 2.7%)
The remaining five K-LOCs do not have estimated losses and represent 5.2% of the pool balance.
The transaction's WA KLTV is 90.1%, compared to 103.4% at last ratings change and 115.4% at securitization. The WA KDSC is 2.07x, compared to 1.75x at last rating change and 1.54x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA+ (sf) from AA (sf)
To access rating and relevant documents, click here.
Click here to view the report.