Press Release|CMBS
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KBRA Withdraws One Rating and Affirms All Other Ratings for CGCMT 2016-C1

10 Apr 2026   |   New York

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KBRA withdraws its AAA (sf) rating on the Class A-3 certificates following the reduction of the principal balance of the rated security to zero as reflected in the transaction's March 2026 remittance report and affirms all other outstanding ratings for CGCMT 2016-C1, a $452.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to last review. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the March 2026 remittance period, there are five specially serviced assets (19.8% of the pool balance), of which one asset (2.8%) is REO and two (9.6%) are matured non-performing. KBRA identified six K-LOCs (22.3%), including the specially serviced assets. Of the K-LOCs, three (5.6%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 2 OZRE Leased Fee Portfolio OF $41,199 9.1% Y NPM N Specially Serviced 01/05/2026 - - 6 4455 LBJ Freeway OF $22,712 5.0% Y C N Specially Serviced 03/31/2026 - - 17 46 Geary Street MU $12,700 2.8% Y REO N REO 01/06/2021 $10,046 79.1% 15 Victorian Square RT $11,517 2.6% N C N Matured-Performing 03/03/2026 - - 20 Park Place OF $10,562 2.3% Y C N Specially Serviced 02/03/2025 $1,034 9.8% 53 10024 Skokie Boulevard OF $2,145 0.5% Y NPM N Specially Serviced 01/05/2022 $431 20.1% Total K-LOCs $100,834 22.4% $11,510 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. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 88.7%, compared to 87.6% at last review and 102.2% at securitization. The KDSC is 1.53x, compared to 1.68x at last review and 1.62x at securitization.

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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.

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