KBRA Affirms All Ratings for BBCMS 2023-C22
8 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for BBCMS 2023-C22, a $692.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization including the addition of specially serviced loans and K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the October 2024 remittance period, there are three specially serviced loans (5.9%), all of which are at least 30+ days delinquent, and one additional loan that is 30+ days delinquent. KBRA identified five K-LOCs (8.4% of the pool balance), including the specially serviced and delinquent loans. None of the K-LOCs have estimated losses at this time.
The transaction's WA KLTV is 88.2%, compared to 86.8% at securitization. The WA KDSC is 1.53x, compared to 1.55x at securitization.
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