Press Release|CMBS
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KBRA Withdraws Ratings on 113 Classes from 41 Transactions

7 Nov 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 September 2025 remittance reports with respect to the Bridge 2022-SFR1 and FREMF 2018-K732 transactions and the October 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 $33.69 loss (.0045 bps of class balance) on the Class E Certificates of the American Homes 4 Rent 2015-SFR2 transaction and a $558.34 loss (.0436 bps of class balance) on the Class D Certificates of the MAD 2015-11MD transaction. KBRA’s ratings are updated as follows:

  • American Homes 4 Rent 2015-SFR2, Class A from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR2, Class B from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR2, Class C from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR2, Class D from 'AAA (sf)' to 'WR (sf)'
  • American Homes 4 Rent 2015-SFR2, Class E from 'AA+ (sf)' to 'WR (sf)'
  • BACM 2015-UBS7, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • BACM 2015-UBS7, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • BACM 2016-UBS10, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • BANK 2019-BNK19, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK 2023-BNK45, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BANK5 2023-5YR1, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BBCMS 2021-C9, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BBCMS 2023-C19, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class A from 'AAA (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class B from 'AA+ (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class C from 'A+ (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class D from 'BBB+ (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class E from 'BBB (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class F from 'BB (sf)' to 'WR (sf)'
  • BDS 2021-FL9, Class G from 'B (sf)' to 'WR (sf)'
  • Benchmark 2020-B22, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • BPR 2022-STAR, Class A from 'AAA (sf)' to 'WR (sf)'
  • Bridge 2022-SFR1, Class A from 'AAA (sf)' to 'WR (sf)'
  • Bridge 2022-SFR1, Class B from 'AA+ (sf)' to 'WR (sf)'
  • Bridge 2022-SFR1, Class C from 'AA (sf)' to 'WR (sf)'
  • Bridge 2022-SFR1, Class D from 'A (sf)' to 'WR (sf)'
  • Bridge 2022-SFR1, Class E-1 from 'BBB+ (sf)' to 'WR (sf)'
  • Bridge 2022-SFR1, Class E-2 from 'BBB- (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class A from 'AAA (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class B from 'AAA (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class C from 'AA+ (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class D from 'AA- (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class E from 'A+ (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class F from 'BBB (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class G from 'BB (sf)' to 'WR (sf)'
  • BX 2021-SOAR, Class X-NCP from 'AAA (sf)' to 'WR (sf)'
  • CFCRE 2016-C4, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-GC36, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2016-GC36, Class A-AB from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class A from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class B from 'AA+ (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class C from 'AA- (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class D from 'A- (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class E from 'BBB- (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class F from 'BB- (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class G from 'B- (sf)' to 'WR (sf)'
  • CGCMT 2021-PRM2, Class X-NCP from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-UBS3, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE25, Class C from 'A- (sf)' to 'WR (sf)'
  • COMM 2015-CCRE25, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE26, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE26, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-CCRE26, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC21, Class B from 'AA- (sf)' to 'WR (sf)'
  • COMM 2015-LC23, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC23, Class A-M from 'AAA (sf)' to 'WR (sf)'
  • COMM 2015-LC23, Class XS-A from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class B from 'AA+ (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C4, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class A from 'AAA (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class B from 'AA+ (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class C from 'A+ (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class D from 'A- (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class E from 'BBB (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class F from 'BB (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class G from 'BB- (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class HRR from 'B+ (sf)' to 'WR (sf)'
  • ESA 2021-ESH, Class X-EXT from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2017-K62, Class A-1 from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2018-K732, Class C from 'BBB- (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class B from 'AA- (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class C from 'A- (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class D from 'BBB (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class E from 'BBB- (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class F from 'BB- (sf)' to 'WR (sf)'
  • Greystone 2021-HC2, Class G from 'B- (sf)' to 'WR (sf)'
  • GSMS 2015-GS1, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2016-C1, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • JPMCC 2016-JP4, Class A-2 from 'AAA (sf)' to 'WR (sf)'
  • MAD 2015-11MD, Class A from 'AAA (sf)' to 'WR (sf)'
  • MAD 2015-11MD, Class B from 'AA+ (sf)' to 'WR (sf)'
  • MAD 2015-11MD, Class C from 'A- (sf)' to 'WR (sf)'
  • MAD 2015-11MD, Class D from 'BBB- (sf)' to 'WR (sf)'
  • MSBAM 2014-C19, Class C from 'BBB- (sf)' to 'WR (sf)'
  • MSBAM 2014-C19, Class PST from 'BBB- (sf)' to 'WR (sf)'
  • MSBAM 2014-C19, Class X-C from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class A-5 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C26, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2015-C27, Class X-A from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2016-C30, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • SGCMS 2016-C5, Class A-SB from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C28, Class C from 'A- (sf)' to 'WR (sf)'
  • WFCM 2015-C28, Class PEX from 'A- (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class B from 'AA- (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class C from 'A- (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class PEX from 'A- (sf)' to 'WR (sf)'
  • WFCM 2015-C29, Class X-B from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class D from 'BBB- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class E from 'BB- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class F from 'B (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class G from 'B- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class X-D from 'BBB- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class X-E from 'BB- (sf)' to 'WR (sf)'
  • WFCM 2015-NXS3, Class X-FG from 'B- (sf)' to 'WR (sf)'
  • WFCM 2015-P2, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class A-3 from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class A-3FL from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C32, Class A-3FX from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2016-C35, 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.

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