KBRA Downgrades Five Ratings and Affirms All Other Ratings for COMM 2014-UBS6

KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings for COMM 2014-UBS6, a $475.3 million CMBS conduit transaction. The ratings actions follow a surveillance review of the transaction, which has exhibited a decline in overall pool performance compared to KBRA's last ratings change in November 2020. The pool has a relatively high concentration of assets that have been identified as K-LOCs (41.4% of the pool balance), seven of which (27.1%) have estimated losses.

As of the October 2024 remittance period, there are six specially serviced assets (19.6%), of which three are in the process of foreclosure (13.0%), two are performing (3.8%), and one (2.8%) is 60 days delinquent. Two additional loans (13.0%) are non-performing matured, but are not specially serviced. KBRA identified 13 loans (41.4%) as K-LOCs. This include:

Six top 10 loans (32.3%):

Two additional K-LOCs (2.3%) have estimated losses:

The remaining five K-LOCs do not have estimated losses and represent 6.8% of the pool balance.

Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 89.6% as compared to 97.3% at KBRA's last ratings change and 100.7% at securitization. The KDSC is 1.71x as compared to 1.62x at KBRA's last ratings change and 1.70x at securitization.

Details concerning the classes with rating changes are as follows:

To access ratings and relevant documents, click here.

Click here to view the report.

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