KBRA Places the Ratings of 10 Classes of JPMBB 2015-C32 on Watch Downgrade
27 May 2025 | New York
KBRA places the ratings of 10 classes of JPMBB 2015-C32, a CMBS conduit transaction, on Watch Downgrade.
The Watch placements are based on an increase in interest shortfalls and, in some cases, in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class B certificates. KBRA also considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the specially serviced assets.
As of the May 2025 remittance period, there are 27 specially serviced assets (45.2% of the pool balance), of which four (22.4%) are REO, two (16.5%) are 90+ days delinquent, and 21 (6.3%) are current. KBRA identified 36 K-LOCs, 57.5% of the transaction.
KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.
Details concerning the classes with ratings placed on Watch are as follows:
- Class A-S to AA- (sf) DN from AA- (sf)
- Class B to BBB (sf) DN from BBB (sf)
- Class C to CCC (sf) DN from CCC (sf)
- Class EC to CCC (sf) DN from CCC (sf)
- Class D to CC (sf) DN from CC (sf)
- Class E to C (sf) DN from C (sf)
- Class F to C (sf) DN from C (sf)
- Class X-B to AAA (sf) DN from AAA (sf)
- Class X-C to AAA (sf) DN from AAA (sf)
- Class X-D to CC (sf) DN from CC (sf)
To access ratings and relevant documents, click here.