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KBRA Downgrades Three Ratings and Affirms All Other Ratings for Benchmark 2020-B18

27 Jun 2025   |   New York

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KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding ratings of Benchmark 2020-B18, an $864.9 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 2024. The rating actions also reflect KBRA's estimated losses for three K-LOCs (9.0% of the pool balance) and the resulting loss adjusted C/E levels.

As of the June 2025 remittance period, there are three specially serviced assets (10.5% of the pool balance), of which one (3.6%) is REO and one (4.0%) is matured performing. KBRA identified six K-LOCs (17.0%), including the specially serviced assets. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 10-A1 3000 Post Oak OF $35,000 4.1% Y C N Matured-Performing 08/05/2022 $32,170 91.9% 9A2 420 Taylor Street OF $34,470 4.0% N C N Tenant Issues 12/11/2023 - - 13A1 Brass Professional Center OF $30,721 3.6% Y REO N REO 05/11/2023 $22,988 75.2% 15-A2 Apollo Education Group HQ Campus OF $25,420 2.9% Y C Y Specially Serviced 02/06/2025 - - 23 84 14th Street OF $12,300 1.4% N C N DSCR 05/30/2024 $4,889 39.8% 26 1725 N Commerce Parkway OF $9,250 1.1% N C N Occupancy 05/12/2022 - - Total K-LOCs $147,161 17.0% $60,048 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 K-LOCs with losses, the transaction’s WA KLTV is 84.0%, compared to 83.8% at KBRA's last rating change in June 2024 and 87.7% at securitization. The WA KDSC is 2.92x, compared to 2.88x at KBRA's last rating change and securitization.

Details concerning the classes with rating changes are as follows:

  • Class D to BB- (sf) from BBB- (sf)
  • Class E to B- (sf) from BB- (sf)
  • Class X-D 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: 1010167

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