KBRA Affirms All Ratings for MSCI 2015-UBS8
4 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for MSCI 2015-UBS8, a $644.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since KBRA’s last ratings change in October 2022, due an increase in realized losses as well as estimated losses. However, the magnitude of the changes do not warrant rating adjustments at this time.
As of the September 2024 remittance period, there are three specially serviced assets (4.8%), of which one (1.2%) is 90+ days delinquent. KBRA identified nine loans (29.5%) as K-LOCs, which includes four of the top 10 loans (23.1%):
- 525 Seventh Avenue (3rd largest, 10.1% of the pool balance, 14.8% loss severity)
- Grove City Premium Outlets (4th largest, 6.2%, 17.4%)
- Gulfport Premium Outlets (5th largest, 3.7%, 11.6%)
- Holiday Inn Express – SFO (6th largest, 3.1%, 56.9%)
The remaining five K-LOCs do not have estimated losses and represent 6.4% of the pool balance.
Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 91.1%, compared to 102.6% at last ratings change and 100.6% at securitization. The KDSC is 1.85x, compared to 1.58x at last ratings change and 1.73x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.