KBRA Affirms all Ratings for GSMS 2016-GS2
8 May 2025 | New York
KBRA affirms all of its outstanding ratings for GSMS 2016-GS2, a $577.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since last review. The transaction has benefited from increased certificate C/E levels due to deleveraging from loan payoffs, amortization, and defeasance. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the April 2025 remittance period, there is one specially serviced asset (1.6% of the pool balance), which is REO. KBRA identified three K-LOCs (5.6%), which includes the REO asset. Of the K-LOCs, one asset (1.6%) has an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 104.9%, compared to 103.0% at last review and 96.4% at issuance. The KDSC is 1.65x, compared to 1.66x at last review and 1.96x at issuance.
To access ratings and relevant documents, click here.
Click here to view the report.