KBRA Places the Ratings of Eight Classes of JPMBB 2015-C27 on Watch Downgrade
27 May 2025 | New York
KBRA places the ratings of eight classes of JPMBB 2015-C27, a CMBS conduit transaction, on Watch Downgrade.
The Watch placements are based on an increase in interest shortfalls and, in some cases, in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class A-S certificates. KBRA also considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.
As of the May 2025 remittance period, there are five remaining loans in the pool, including four specially serviced assets (95.5%). Of the specially serviced assets, three (50.9%) are in foreclosure and one (44.6%) is current in payment. KBRA identified all five remaining loans as K-LOCs.
KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.
Details concerning the classes with ratings placed on Watch are as follows:
- Class A-S to AA (sf) DN from AA (sf)
- Class B to BBB (sf) DN from BBB (sf)
- Class C to B (sf) DN from B (sf)
- Class EC to B (sf) DN from B (sf)
- Class D to CC (sf) DN from CC (sf)
- Class E to C (sf) DN from C (sf)
- Class F to C (sf) DN from C (sf)
- Class G to C (sf) DN from C (sf)
To access ratings and relevant documents, click here.
Related Publication
Methodologies
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- CMBS: North American CMBS Property Evaluation Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology