Press Release|CMBS

KBRA Withdraws One Rating and Affirms All Other Ratings for WFCM 2020-C56

31 May 2024   |   New York


KBRA withdraws its AAA (sf) rating on Class A-1 of WFCM 2020-C56, a $712.5 million CMBS conduit transaction, following the reduction of the principal balance of the rated security to zero as reflected in the transaction’s May 2024 remittance report. There were no principal losses or interest shortfalls reported on the withdrawn rated security during its life. In addition, KBRA affirms all of its other outstanding ratings for the deal, following a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

As of the May 2024 remittance period, the largest asset, Supor Industrial Portfolio (6.9% of the pool balance), is specially serviced and in foreclosure. KBRA identified seven K-LOCs (21.2%), including the specially serviced asset. The K-LOCs include three top 10 loans (14.6%):

  • Supor Industrial Portfolio (largest, 6.9%)
  • Met Center 15 (9th largest, 4.2% of the pool balance, 33.5% estimated loss severity)
  • 650 Madison Avenue (10th largest, 3.5%)

The remaining four K-LOCs do not have estimated losses and represent 6.6% of the pool balance.

Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 103.7%, compared to 102.1% at last review and 101.4% at securitization. The KDSC is 2.06x, compared to 2.09x at last review and securitization.

To access rating and relevant documents, click here.

Click here to view the report.

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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

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: 1004543

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