KBRA Downgrades Seven Ratings and Affirms All Other Ratings for CSAIL 2015-C1
16 Jan 2025 | New York
KBRA downgrades the ratings of seven classes of certificates and affirms all other outstanding ratings for CSAIL 2015-C1, a $421.2 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since KBRA’s last rating adjustments in January 2022. The transaction, however, has benefited from deleveraging due to principal paydowns and defeasance, particularly at the top of the capital structure.
As of the December 2024 remittance period, there are four specially serviced assets (34.8% of the pool). KBRA identified 10 K-LOCs (74.3%), including the specially serviced assets. The K-LOCs include six top 10 assets (69.2%):
- 500 Fifth Avenue (largest, 23.7% of the pool balance)
- Westfield Trumbull (2nd largest, 18.3%, 49.2% estimated loss severity)
- Westfield Wheaton (3rd largest, 10.1%, 27.6%)
- The Boulevard at Tallahassee (4th largest, 6.6%)
- St. Louis Premium Outlets (5th largest, 5.6%)
- Bayshore Mall (7th largest, 4.8%, 39.8%)
The remaining four K-LOCs, representing 5.1% of the pool balance, do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 83.9% and the KDSC is 1.95x.
Details concerning the classes with rating changes are as follows:
- Class C to BBB (sf) from A- (sf)
- Class D to B (sf) from BB (sf)
- Class E to CC (sf) from B- (sf)
- Class F to C (sf) from CCC (sf)
- Class X-D to B (sf) from BB (sf)
- Class X-E to CC (sf) from B- (sf)
- Class X-F to C (sf) from CCC (sf)
To access ratings and relevant documents, click here.
Click here to view the report.