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KBRA Withdraws Ratings on 46 Classes from 23 Transactions

8 Jan 2025   |   New York

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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 December 2024 remittance reports did not reflect any accumulated interest shortfalls or principal writedowns other than a de minimus $23,065 loss (23 bps of class balance) on the Class F Certificates of the RBS Commercial Funding Inc. 2013-SMV Trust transaction. KBRA’s ratings are updated as follows:

  • ACM 2016-1, Class A-S from 'AAA (sf)' to 'WR (sf)'
  • ACM 2016-1, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • Bancorp 2017-CRE2, Class D, from 'BB- (sf)' to 'WR (sf)'
  • Benchmark 2019-B9, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2020-B16, Class A-2, from 'AAA (sf)' to 'WR (sf)'
  • Benchmark 2020-B17, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2015-GC27, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2015-GC27, Class B from 'AA (sf)' to 'WR (sf)'
  • CGCMT 2015-GC27, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • CGCMT 2015-GC29, Class A-3, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-CCRE21, Class B, from 'AA (sf)' to 'WR (sf)'
  • COMM 2014-CCRE21, Class C, from 'A (sf)' to 'WR (sf)'
  • COMM 2014-CCRE21, Class PEZ, from 'A (sf)' to 'WR (sf)'
  • COMM 2014-CCRE21, Class X-B, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-UBS3, Class A-4 from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-UBS6, Class A-M, from 'AAA (sf)' to 'WR (sf)'
  • COMM 2014-UBS6, Class B, from 'AA (sf)' to 'WR (sf)'
  • COMM 2014-UBS6, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • CSAIL 2015-C3, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K43, Class A-2, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K43, Class B, from 'AA+ (sf)' to 'WR (sf)'
  • FREMF 2015-K43, Class X1, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K43, Class X2-A, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2015-K50, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • FREMF 2016-K54, Class A-1, from 'AAA (sf)' to 'WR (sf)'
  • GSMS 2015-GC28, Class A-5, from 'AAA (sf)' to 'WR (sf)'
  • JPMBB 2015-C30, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2014-C19, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • MSBAM 2014-C19, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class A, from 'AA- (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class B, from 'BBB (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class C, from 'BB (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class D, from 'B (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class E, from 'B- (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class F, from 'CCC (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class X-A, from 'AA- (sf)' to 'WR (sf)'
  • RBS Commercial Funding Inc. 2013-SMV Trust, Class X-B, from 'AA- (sf)' to 'WR (sf)'
  • WFCM 2014-LC18, Class A-5, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2014-LC18, Class A-S, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2014-LC18, Class X-A, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C26, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C27, Class A-4, from 'AAA (sf)' to 'WR (sf)'
  • WFCM 2015-C27, Class A-SB, from 'AAA (sf)' to 'WR (sf)'
  • WFRBS 2014-C22, Class A-5, from 'AAA (sf)' to 'WR (sf)'
  • WFRBS 2014-C24, Class C, from 'BBB (sf)' to 'WR (sf)'
  • WFRBS 2014-C24, Class PEX, from 'BBB (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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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