Press Release|CMBS
View PDF

KBRA Affirms All Ratings for Benchmark 2020-B20

15 Oct 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for Benchmark 2020-B20, an $824.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA’s last ratings change in October 2024.

As of the September 2025 remittance period, there is one specially serviced asset (2.9%), which is REO. KBRA identified six K-LOCs (14.7%), including the REO asset, of which three (10.4%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 10 2010 South Lamar OF $32,100 3.9% N C N Prior SS 07/14/2022 $7,002 21.8% 11A-2-A 333 South Wabash OF $30,000 3.6% N C N DSCR 03/29/2024 $8,031 26.8% 18A1 Troy Technology Park MU $23,638 2.9% Y REO N REO 06/13/2023 $14,072 59.5% 20 Westlake Center OF $19,546 2.4% N C N Occupancy 03/27/2025 - - 24 6655 Wedgwood IN $9,961 1.2% N C N Occupancy 05/30/2025 - - 32 47 Ann MU $5,700 0.7% N C N Maturity 09/22/2025 - - Total K-LOCs $120,945 14.7% $29,106 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 96.7%, compared to 98.4% at last ratings change in October 2024 and 96.8% at securitization. The WA KDSC is 2.57x, compared to 2.50x at last ratings change and 2.60x at securitization.

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: 1011807