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KBRA Withdraws Rating on 29 Classes from 14 Transactions

4 Apr 2024   |   New York

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KBRA withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related March 2024 remittance reports did not reflect any accumulated interest shortfalls or principal writedowns, with the exception of those which had a current rating of D (sf). KBRA’s ratings are updated as follows:

  • FRR 2018-C1, Class A-K725, from 'BBB- (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2014-SF2, Class A, from 'AAA (sf)' to WR (sf)'
  • American Homes 4 Rent 2014-SF2, Class B, from 'AAA (sf)' to WR (sf)'
  • American Homes 4 Rent 2014-SF2, Class C, from 'AAA (sf)' to WR (sf)'
  • American Homes 4 Rent 2014-SF2, Class D, from 'AA+ (sf)' to WR (sf)'
  • American Homes 4 Rent 2014-SF2, Class E, from 'AA (sf)' to WR (sf)'
  • Benchmark 2020-B19, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • CF 2019-CF3, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • DBJPM 2020-C9, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2013-C17, Class C, from 'A- (sf)' to 'WR (sf)'
  • JPMBB 2013-C17, Class D, from 'BBB- (sf)' to 'WR (sf)'
  • JPMBB 2013-C17, Class E-C, from 'A- (sf)' to 'WR (sf)'
  • JPMBB 2014-C19, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2014-C18, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2014-LC16, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • PFP 2021-7, Class C, from 'AA (sf)' to 'WR (sf)'
  • COMM 2013-CCRE12, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-LC15, Class A-M, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-LC15, Class B, from 'AA- (sf)' to 'WR (sf)'
  • COMM 2014-LC15, Class C, from 'A- (sf)' to 'WR (sf)'
  • COMM 2014-LC15, Class PEZ, from 'A- (sf)' to 'WR (sf)'
  • COMM 2014-LC15, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-UBS5, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2014-GC18, Class B, from 'BB (sf)' to 'WR (sf)'
  • GSMS 2014-GC18, Class C, from 'CCC (sf)' to 'WR (sf)'
  • GSMS 2014-GC18, Class D, from 'D (sf)' to 'WR (sf)'
  • GSMS 2014-GC18, Class E, from 'D (sf)' to 'WR (sf)'
  • GSMS 2014-GC18, Class F, from 'D (sf)' to 'WR (sf)'
  • GSMS 2014-GC18, Class PEZ, from 'CCC (sf)' to 'WR (sf)'

To access rating and relevant documents, click here.

Disclosures

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003821

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