KBRA Affirms All Ratings for MSC 2022-L8
28 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for MSC 2022-L8, a $680.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to last review. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2025 remittance period, there are no specially serviced loans. KBRA identified five K-LOCs (10.8% of the pool balance), including one top 10 loan:
- Coleman Highline Phase IV (7th largest, 4.4% of the pool balance)
One of the K-LOCs has an estimated loss:
- NYC MFRT Portfolio (2.2%, 20.4% estimated loss severity)
The remaining three K-LOCs represent 4.2% of the pool balance and do not have estimated losses.
The transaction's WA KLTV is 91.4%, compared to 92.5% at last review and 93.3% securitization. The KDSC is 2.54x, which is in line with last review and higher than 2.49x at securitization.
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