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KBRA Downgrades Three Ratings and Affirms All Other Ratings for COMM 2015-CCRE26

5 Sep 2025   |   New York

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KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding ratings of COMM 2015-CCRE26, a $429.8 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses from five top 10 K-LOCs (56.1% of the pool balance) since KBRA's last ratings change in September 2024. The rating action also considers the deleveraging of the transaction from loan payoffs, amortization, and defeasance.

As of the August 2025 remittance period, there are five specially serviced assets (26.1%), and seven loans (16.6%) are matured non-performing. KBRA identified 13 K-LOCs (67.5%), including the specially serviced assets. Of the K-LOCs, five (56.1%) have estimated losses. The K-LOCs are displayed in the table below.

K-LOCs Loss Given Default Loss Severity 1 Prudential Plaza OF 106,838 24.9% N C Y Modification 06/23/2023 $11,457 10.7% 11/12 Hotel Lucia and Hotel Max (Crossed) LO 55,168 12.8% Y C N Specially Serviced 07/28/2021 $33,100 60.0% 6 Rosetree Corporate Center OF 39,456 9.2% Y C N Specially Serviced 07/18/2019 $10,368 26.3% 14 Empire Corporate Plaza OF 32,000 7.4% N NPM N Non-Performing Maturity Balloon 04/29/2022 $786 2.5% 20 Hilton Garden Inn El Paso LO 11,817 2.7% N NPM Y Non-Performing Maturity Balloon 08/27/2025 - - 26 Halekuai Center RT 9,328 2.2% Y NPM N Specially Serviced 08/27/2025 - - 29 Columbus Village East RT 7,564 1.8% N NPM N Non-Performing Maturity Balloon 08/27/2025 $151 2.0% 33 Town Center Medical Office OF 6,972 1.6% N C N Maturity 05/29/2025 - - 39 USF Holland Distribution Center IN 6,281 1.5% N C N Tenant Issues 01/08/2025 - - 42 CVS - Carmel, IN RT 5,346 1.2% Y NPM N Non-Performing Maturity Balloon 07/08/2025 - - 34 Los Angeles Office Portfolio OF 4,176 1.0% N C N Maturity 11/05/2024 - - 58 Rite Aid Ranson RT 3,087 0.7% Y NPM N Non-Performing Maturity Balloon 12/04/2023 - - 60 Las Misiones OF 2,193 0.5% N NPM N Non-Performing Maturity Balloon 11/06/2024 - - Total K-LOCs $290,226 67.5% $55,863 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 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 88.4%, compared to 94.8% at KBRA's last ratings change, and 104.9% at securitization. The KDSC is 1.65x, compared to 1.66x at KBRA's last ratings change, and 1.60x at issuance.

Details concerning the classes with ratings changes are as follows.

  • Class E to B (sf) from BB (sf)
  • Class F to CCC (sf) from B (sf)
  • Class G to CC (sf) from CCC (sf)

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: 1011141

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