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KBRA Downgrades Eight Ratings, Withdraws One Rating, and Affirms All Other Ratings for COMM 2016-COR1

26 Jun 2026   |   New York

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KBRA downgrades the ratings of eight classes of certificates, withdraws the rating of one class, and affirms all other outstanding ratings for COMM 2016-COR1, a $569.0 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 2025. The rating actions also reflect KBRA's estimated losses for eight K-LOCs (46.2% of the pool balance) and the resulting loss adjusted C/E levels.

As of the June 2026 remittance period, there are five specially serviced assets (34.0% of the pool balance), one (4.1%) of which is REO. KBRA identified ten K-LOCs (52.1%), including the specially serviced assets. Of the K-LOCs, eight (46.2%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 2 Champion Station OF 80,000 14.1% Y C N Specially Serviced 01/16/2025 $22,920 28.7% 3 286 Madison Avenue OF 60,000 10.5% Y C N Specially Serviced 07/29/2025 $13,481 22.5% 6 Prudential Plaza OF 37,161 6.5% N C Y Modification 06/23/2023 $3,056 8.2% 7 Comcast Place OF 27,897 4.9% N C Y Occupancy 09/24/2020 - - 12A Westfield San Francisco Centre MU 23,529 4.1% Y REO N REO 01/24/2022 $24,158 102.7% 14 Mt Diablo Terrace OF 19,031 3.3% N C Y DSCR 06/17/2020 $10,762 56.6% 18 Holiday Inn Resort Daytona Beach Oceanfront LO 15,687 2.8% Y NPM Y Non-Performing Maturity Balloon 06/17/2024 $1,951 12.4% 21A Hagerstown Premium Outlets RT 14,206 2.5% Y NPM Y Non-Performing Maturity Balloon 05/18/2020 $11,072 77.9% 19 GM Office Building OF 12,817 2.3% N C N Occupancy 04/18/2024 $5,642 44.0% 38 Memphis Industrial IN 5,869 1.0% N C N Lease Rollover 03/18/2026 - - Total K-LOCs $296,197 52.1% $93,043 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Details concerning the classes with ratings changes are as follows:

  • Class B to A (sf) from AA- (sf)
  • Class C to BBB- (sf) from A- (sf)
  • Class D to CCC (sf) from B- (sf)
  • Class E to CC (sf) from CCC (sf)
  • Class F to C (sf) from CC (sf)
  • Class X-C to CCC (sf) from B- (sf)
  • Class X-E to CC (sf) from CCC (sf)
  • Class X-F to C (sf) from CC (sf)
  • Class A-SB to WR (sf) from AAA (sf)

To access ratings 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), 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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