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KBRA Downgrades One Rating and Affirms All Other Ratings for BBCMS 2023-C22

7 Nov 2025   |   New York

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KBRA downgrades the ratings of one class of certificates and affirms all other outstanding ratings for BBCMS 2023-C22, a $686.6 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in overall pool performance since securitization including the addition of specially serviced loans and K-LOCs with estimated losses.

As of the October 2025 remittance period, there are six specially serviced assets (18.8% of the pool balance), including three (6.0%) in foreclosure. KBRA identified seven loans (19.6%) as K-LOCs, including the specially serviced assets. Of the K-LOCs, three (6.0%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 2A1-1 The Muse & Eden Pointe MF 66,000 9.6% Y 30+ N Delinquent 10/14/2025 - - 10A1 Knoll Ridge Apartments MF 25,000 3.6% Y 90+ N Foreclosure 06/27/2024 $8,631 34.5% 19 GoldCoast Logistics IN 12,000 1.7% Y C N Specially Serviced 10/30/2024 - - 20 140 Charles Street RT 10,250 1.5% Y C N Recent Delinquency 09/09/2025 - - 21 100 Philips Parkway OF 10,000 1.5% Y 90+ N Foreclosure 04/25/2024 $2,939 29.4% 22 Westcreek II MF 5,900 0.9% Y 90+ N Foreclosure 04/25/2024 $2,953 50.1% 23 Airport Business Park IN 5,478 0.8% N C N DSCR 10/24/2024 - - Total K-LOCs $134,628 19.6% $14,523 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 K-LOCs 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

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 88.8%, compared to 88.2% at last review and 86.8% at securitization. The WA KDSC is 1.53x, unchanged from last review, compared to 1.55x at securitization.

Details concerning the class with rating changes are as follows:

  • Class G-RR to B (sf) from BB- (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.

Doc ID: 1012172

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