Press Release|CMBS

KBRA Affirms All Ratings for WFCM 2016-C35

31 May 2024   |   New York


KBRA affirms all of its outstanding ratings for WFCM 2016-C35, an $841.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited performance in line with the last ratings adjustments in June 2021.

As of the May 2024 remittance period, there are five specially serviced loans (8.3%) including four REO assets (6.0%). KBRA identified 12 K-LOCs (21.3%), including the specially serviced loans and REO assets. This includes four of the top 10 loans (14.2%):

  • Mall at Rockingham Park (2nd largest, 7.1% of the pool balance)
  • Doubletree Overland Park (8th largest, 2.4%, 73.4% estimated loss severity)
  • Pinnacle II (9th largest, 2.4%, 43.6%)
  • Eagle Square (10th largest, 2.3%, 42.0%)

Two other K-LOCs have estimated losses:

  • Mall at Turtle Creek (2.1%, 55.1%)
  • Hilton Home2 Suites Pittsburgh (1.0%, 18.2%)

Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 94.7%, an increase from 99.1% at last review and 98.2% at securitization. The KDSC is 1.74x, a change from 1.81x at last review and 1.91x at securitization.

To access rating and relevant documents, click here.

Click here to view the report.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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

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.

Doc ID: 1004521

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