KBRA Affirms All Ratings for GSMS 2017-GS6
10 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for GSMS 2017-GS6, a $918.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the March 2024 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified five K-LOCs (19.3% of total pool balance), of which two (11.9%) have estimated losses. This includes:
Two top 10 non-defeased loans (13.1%):
- Lafayette Centre (2nd largest, 8.7% of the pool balance, 5.4% estimated loss severity)
- One West 34th Street (9th largest, 4.4%)
One other K-LOC has an estimated loss:
- 634 Second Street (3.2%, 22.6%)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 90.9%, compared to 95.9% at last review and 93.3% at securitization. The KDSC is 2.06x, compared to 2.09x at last review and 2.11x at securitization.
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Related Publication
Methodologies
- CMBS: U.S. CMBS Multi-Borrower Rating Methodology
- CMBS: U.S. CMBS Property Evaluation Methodology
- CMBS: U.S. CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology