Press Release|RMBS
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KBRA Withdraws Ratings on 42 Classes from Seven RMBS Transactions and Two Classes from One CMBS/RMBS Transaction

14 Oct 2026   |   New York

Contacts

KBRA withdraws its ratings from the classes shown below following the reduction of its respective principal or notional balances to zero. The related remittance report did not reflect any accumulated interest shortfalls or principal writedowns. KBRA’s ratings are updated as follows:

  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2-X1, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2-X2, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2-X3, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2-X4, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2B-I1, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2B-I2, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2B-I3, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2B-I4, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-B1, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-B2, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-B3, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-B4, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-D1, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-D2, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-D3, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-D4, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2E-D5, from 'AAA (sf)' to 'WR (sf)'
  • Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), Class 2M-2B, from 'AAA (sf)' to 'WR (sf)'
  • J.P. Morgan Mortgage Trust 2025-5MPR (JPMMT 2025-5MPR), Class A-1B, from 'AAA (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-1A, from 'AAA (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-1B, from 'AAA (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-2, from 'AA+ (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-3, from 'AA+ (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-4, from 'AA- (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class A-5, from 'A (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class B-1, from 'BB+ (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class B-2, from 'BB- (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class M-1, from 'AA- (sf)' to 'WR (sf)'
  • RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), Class M-2, from 'A (sf)' to 'WR (sf)'
  • Structured Agency Credit Risk Debt Notes, Series 2016-HQA3 (STACR 2016-HQA3), Class M-3, from 'AAA (sf)' to 'WR (sf)'
  • Structured Agency Credit Risk Debt Notes, Series 2016-HQA3 (STACR 2016-HQA3), Class M-3B, from 'AAA (sf)' to 'WR (sf)'
  • Velocity Commercial Capital 2017-2 (VCC 2017-2), Class A-FL, from 'AAA (sf)' to 'WR (sf)'
  • Velocity Commercial Capital 2017-2 (VCC 2017-2), Class A-FX, from 'AAA (sf)' to 'WR (sf)'
  • Brean Asset Backed Securities Trust 2021-RM2 (BABS 2021-RM2), Class A, from 'AAA (sf)' to 'WR (sf)'
  • Brean Asset Backed Securities Trust 2021-RM2, Class M1, from 'AA (sf)' to 'WR (sf)'
  • Brean Asset Backed Securities Trust 2021-RM2, Class M2, from 'A+ (sf)' to 'WR (sf)'
  • Brean Asset Backed Securities Trust 2021-RM2, Class M3, from 'BBB+ (sf)' to 'WR (sf)'
  • Brean Asset Backed Securities Trust 2021-RM2, Class M4, from 'BBB (sf)' to 'WR (sf)'
  • Brean Asset Backed Securities Trust 2021-RM2, Class M5, from 'BBB- (sf)' to 'WR (sf)'
  • Finance of America Structured Securities Trust, Series 2022-S4 (FASST 2022-S4), Class A1A, from 'AAA (sf)' to 'WR (sf)'
  • Finance of America Structured Securities Trust, Series 2022-S4 (FASST 2022-S4), Class A1B, from 'AAA (sf)' to 'WR (sf)'
  • Finance of America Structured Securities Trust, Series 2022-S4 (FASST 2022-S4), Class A2A, from 'AA (sf)' to 'WR (sf)'
  • Finance of America Structured Securities Trust Series 2023-S3, Class A1, from 'AAA (sf)' to 'WR (sf)'

To access ratings and relevant documents, click deal names below:

Related Publications

Methodologies

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), 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: 1017529