Press Release|CMBS
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KBRA Withdraws Ratings on 43 Classes from 18 Transactions

13 Jan 2026   |   New York

Contacts

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 December 2025 remittance reports did not reflect any accumulated interest shortfalls or principal writedowns. KBRA’s ratings are updated as follows:

  • BACM 2016-UBS10, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • BANK 2021-BNK33, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-P5, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC23, Class B from 'AA (sf)' to 'WR (sf)'
  • CSAIL 2015-C1, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C2, Class B from 'AA- (sf)' to 'WR (sf)'
  • CSAIL 2015-C2, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class D from 'A- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class E1 from 'BBB (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class E2 from 'BBB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class F1 from 'BB+ (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class F2 from 'BB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class G from 'B (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class E from 'BBB- (sf)' to 'WR (sf)'
  • FirstKey Homes 2022-SFR2, Class F from 'BB- (sf)' to 'WR (sf)'
  • FREMF 2016-K53, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K53, Class X1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K53, Class X2-A from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2016-GS2, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • JPMDB 2016-C2, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class B from 'AAA (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class C from 'AAA (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class D from 'AA (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class E from 'A (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class F from 'BBB (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class G from 'BB (sf)' to 'WR (sf)'
  • MHC 2021-MHC2, Class X-NCP from 'AAA (sf)' to 'WR (sf)'
  • MHC Commercial Mortgage Trust 2021-MHC, Class A from 'AAA (sf)' to 'WR (sf)'
  • MHC Commercial Mortgage Trust 2021-MHC, Class B from 'AAA (sf)' to 'WR (sf)'
  • MHC Commercial Mortgage Trust 2021-MHC, Class C from 'AAA (sf)' to 'WR (sf)'
  • MHC Commercial Mortgage Trust 2021-MHC, Class D from 'AA (sf)' to 'WR (sf)'
  • MSC 2019-H6, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-UBS8, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-UBS8, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-UBS8, Class B from 'AA (sf)' to 'WR (sf)'
  • MSCI 2015-UBS8, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • MSCI 2015-UBS8, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • UBS 2018-C11, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2013-LC12, Class B from 'A- (sf)' to 'WR (sf)'
  • WFCM 2015-P2, Class D from 'BBB- (sf)' to 'WR (sf)'
  • WFCM 2015-P2, Class E from 'BB- (sf)' to 'WR (sf)'
  • WFCM 2015-P2, Class F from 'B- (sf)' to 'WR (sf)'
  • WFCM 2016-LC24, Class A-SB 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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