Press Release|CMBS

KBRA Withdraws Ratings on 59 Classes from 24 Transactions

11 Mar 2025 | New York

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 January 2025 remittance report with respect to the FREMF 2015-K43 and FRR 2018-C1 transactions and the February 2025 remittance reports with respect to the remainder of the transactions did not reflect any accumulated interest shortfalls or principal writedowns other than a de minimus $5,476 loss (.3 bps of class balance) on the Class F Certificates of the BAMLL 2015-200P transaction. KBRA’s ratings are updated as follows:

BAMLL 2015-200P, Class A from 'AAA (sf)' to 'WR (sf)'
BAMLL 2015-200P, Class B, from 'AA+ (sf)' to 'WR (sf)'
BAMLL 2015-200P, Class C, from 'A+ (sf)' to 'WR (sf)'
BAMLL 2015-200P, Class D, from 'BBB+ (sf)' to 'WR (sf)'
BAMLL 2015-200P, Class F, from 'BB+ (sf)' to 'WR (sf)'
BAMLL 2015-200P, Class X-A, from 'AAA (sf)' to 'WR (sf)'
BAMLL 2015-200P, Class X-B, from 'AAA (sf)' to 'WR (sf)'
BBCMS 2023-C20, Class A-1 from 'AAA (sf)' to 'WR (sf)'
BBCMS 2023-C21, Class A-1, from 'AAA (sf)' to 'WR (sf)'
BBCMS 2023-C22, Class A-1, from 'AAA (sf)' to 'WR (sf)'
BMO 2023-C6, Class A-1, from 'AAA (sf)' to 'WR (sf)'
CGCMT 2015-GC27, Class C, from 'A- (sf)' to 'WR (sf)'
CGCMT 2015-GC27, Class PEZ, from 'A- (sf)' to 'WR (sf)'
CGCMT 2015-GC31, Class A-AB, from 'AAA (sf)' to 'WR (sf)'
FREMF 2015-K43, Class C, from 'A (sf)' to 'WR (sf)'
FREMF 2015-K45, Class A-2, from 'AAA (sf)' to 'WR (sf)'
FREMF 2015-K45, Class B, from 'AA+ (sf)' to 'WR (sf)'
FREMF 2015-K45, Class C, from 'A+ (sf)' to 'WR (sf)'
FREMF 2015-K45, Class X-1, from 'AAA (sf)' to 'WR (sf)'
FREMF 2015-K45, Class X2-A, from 'AAA (sf)' to 'WR (sf)'
FREMF 2016-K53, Class A-1, from 'AAA (sf)' to 'WR (sf)'
FREMF 2018-K731, Class A-M, from 'AAA (sf)' to 'WR (sf)'
FREMF 2018-K731, Class B, from 'AA (sf)' to 'WR (sf)'
FREMF 2018-K731, Class C, from 'A (sf)' to 'WR (sf)'
FREMF 2018-K731, Class XAM, from 'AAA (sf)' to 'WR (sf)'
FRR 2018-C1, Class A-K43, from 'BBB+ (sf)' to 'WR (sf)'
FRR 2018-C1, Class B-K43, from 'BB (sf)' to 'WR (sf)'
FRR 2018-C1, Class C-K43, from 'B- (sf)' to 'WR (sf)'
FS Rialto 2019-FL1, Class A-S, from 'AAA (sf)' to 'WR (sf)'

FS Rialto 2019-FL1, Class B, from 'AA (sf)' to 'WR (sf)'

FS Rialto 2019-FL1, Class C, from 'A- (sf)' to 'WR (sf)'

FS Rialto 2019-FL1, Class D, from 'BBB- (sf)' to 'WR (sf)'

FS Rialto 2019-FL1, Class E, from 'BB- (sf)' to 'WR (sf)'
FS Rialto 2019-FL1, Class F, from 'B- (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class A, from 'AAA (sf)' to 'WR (sf)'

FS Rialto 2022-FL7, Class A-S, from 'AAA (sf)' to 'WR (sf)'

FS Rialto 2022-FL7, Class B, from 'AA- (sf)' to 'WR (sf)'

FS Rialto 2022-FL7, Class C, from 'A- (sf)' to 'WR (sf)'

FS Rialto 2022-FL7, Class D, from 'BBB (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class D-E, from 'BBB (sf)' to 'WR (sf)'

FS Rialto 2022-FL7, Class E, from 'BBB- (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class E-E, from 'BBB- (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class F, from 'BB- (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class F-E, from 'BB- (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class G, from 'B- (sf)' to 'WR (sf)'
FS Rialto 2022-FL7, Class G-E, from 'B- (sf)' to 'WR (sf)'
GSMS 2013-GCJ14, Class E, from 'BBB- (sf)' to 'WR (sf)'
GSMS 2015-GC28, Class C, from 'A- (sf)' to 'WR (sf)'
GSMS 2015-GC28, Class PEZ, from 'A- (sf)' to 'WR (sf)'
GSMS 2015-GC30, Class A-3, from 'AAA (sf)' to 'WR (sf)'
GSMS 2019-GC40, Class A-2, from 'AAA (sf)' to 'WR (sf)'
MSBAM 2014-C19, Class B, from 'AA+ (sf)' to 'WR (sf)'
MSBAM 2014-C19, Class X-B, from 'AAA (sf)' to 'WR (sf)'
WFCM 2014-LC16, Class B, from 'BB (sf)' to 'WR (sf)'
WFCM 2015-C27, Class A-5, from 'AAA (sf)' to 'WR (sf)'
WFCM 2015-C28, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
WFCM 2015-C29, Class A-3, from 'AAA (sf)' to 'WR (sf)'
WFCM 2020-C56, Class A-2, from 'AAA (sf)' to 'WR (sf)'
WFCM 2020-C56, Class A-3, from 'AAA (sf)' to 'WR (sf)'