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KBRA Downgrades Two Ratings and Affirms All Other Ratings for JPMDB 2020-COR7

6 Jun 2025   |   New York

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KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for JPMDB 2020-COR7, a $673.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction which has exhibited a worsening in pool performance due to an increase in K-LOCs since last review. The rating actions also reflect KBRA's estimated losses for three K-LOCs (20.8%), all of which are within the top 10 and the resulting loss adjusted C/E levels.

As of the May 2025 remittance period, there are three specially serviced loans (9.6%) of which one (2.2%) is in foreclosure, one (1.6%) is 90+ days delinquent and one (5.8%) is current. KBRA identified 12 K-LOCs (41.9%), including the specially serviced assets. The K-LOCs are displayed in the table below.

Loss Given Default (000s) Loss Severity 1 LA County Office Portfolio OF $67,564 10.0% N C N DSCR 08/10/2023 $23,647 35.0% 4A2 Hampton Roads Office Portfolio OF $39,338 5.8% Y C Y Specially Serviced 12/18/2023 $6,862 17.4% 8 Frick Building OF $33,158 4.9% N C Y Occupancy 05/13/2023 $7,479 22.6% 7 Whitehall III & V OF $32,622 4.8% N C N Occupancy 05/25/2021 - - 13 1340 Concord OF $22,000 3.3% N C N Occupancy 02/05/2024 - - 14 1333 Main Street MU $20,440 3.0% N C N Lease Rollover 11/06/2024 - - 18 Lava Ridge Business Center OF $18,161 2.7% N C N Occupancy 06/18/2024 - - 21A3 Apollo Education Group HQ Campus OF $14,549 2.2% Y PM N Foreclosure 02/06/2025 - - 22 SHP Building IV OF $12,803 1.9% N C N Occupancy 05/05/2025 - - 23 GIP REIT Portfolio MU $10,458 1.6% Y 90+ N Occupancy 03/07/2024 - - 31 Guidepost Montessori OF $6,554 1.0% N C N DSCR 04/07/2025 - - 34 Willow Lake Tech Center IN $4,455 0.7% N C N Occupancy 08/04/2022 - - Total K-LOCs $282,103 41.9% $37,988 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. K-LOC Date 1 KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 101.5%, compared to 102.1% at last review and 97.3% at securitization. The KDSC is 2.12x compared to 2.24x at last review and 2.32x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class G-RR to B- (sf) from BB- (sf)
  • Class H-RR to CCC (sf) from B- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

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 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.

Doc ID: 1009805

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