Press Release|CMBS
View PDF

KBRA Upgrades All Ratings for BAMLL 2015-ASTR

2 Jul 2026   |   New York

Contacts

KBRA upgrades all outstanding ratings of BAMLL 2015-ASTR, a CMBS SASB transaction. The rating action follows a surveillance review of the transaction, which has exhibited improved performance since KBRA’s last ratings change in July 2024, primarily as a result of recent leasing. The rating changes also reflect the strong quality of the asset and the experience of the loan’s sponsor.

The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s leasehold interest in a 385,831 sf, Class-A office building located in the Manhattan borough, New York City, New York. The loan has an outstanding principal balance of $273.5 million ($709 per sf) as of June 2026. The sponsors of the borrower are Edward J. Minskoff Equities, Inc. and Edward J. Minskoff.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $21.8 million and a KBRA value of $266.3 million ($690 per sf). The resulting in-trust KLTV is 102.7%, a change from 105.6% at KBRA’s last review and 89.1% at securitization. KBRA maintains the loan’s KPO of Perform.

Details for the classes with rating changes are as follows:

  • Class A to AA+ (sf) from AA- (sf)
  • Class X-A to AA+ (sf) from AA- (sf)
  • Class B to A (sf) from A- (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: 1015843