Press Release|CMBS
View PDF

KBRA Withdraws Ratings on 34 Classes from 17 Transactions

29 Jan 2025   |   New York

Contacts

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 reports did not reflect any accumulated interest shortfalls or principal writedowns other than a de minimus $50,000 loss (38 bps of class balance) on the Class E Certificates of the UBS-BAMLL Trust 2012-WRM transaction. KBRA’s ratings are updated as follows:

  • Benchmark 2021-B27, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2014-GC23, Class C, from 'BBB- (sf)' to 'WR (sf)'
  • CGCMT 2014-GC23, Class PEZ, from 'BBB- (sf)' to 'WR (sf)'
  • COMM 2015-CCRE22, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC21, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C2, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2014-K40, Class X2-B, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K44, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K44, Class X1, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K44, Class X2-A, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K731, Class A-2, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K731, Class X1, from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GC28, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GC28, Class B, from 'AA (sf)' to 'WR (sf)'
  • GSMS 2015-GC28, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GC28, Class X-B, from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2014-C26, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C25, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class A, from 'AA (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class B, from 'A (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class C, from 'B (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class D, from 'CCC (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class E, from 'CCC- (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class X-A, from 'AA (sf)' to 'WR (sf)'
  • UBS-BAMLL Trust 2012-WRM, Class X-B, from 'AA (sf)' to 'WR (sf)'
  • VMC 2019-FL3, Class C, from 'A+ (sf)' to 'WR (sf)'
  • WFCM 2015-C26, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C26, Class B, from 'AA (sf)' to 'WR (sf)'
  • WFCM 2015-C26, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS2, Class A-2, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS2, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS2, Class A-SB, from 'AAA (sf)' to 'WR (sf)'

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: 1007794

CONNECT WITH KBRA
805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2025 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.

Sitemap•Terms of Use•Privacy Notice•Cookie Policy••Regulatory