Press Release|CMBS

KBRA Downgrades One Rating of COMM 2013-CCRE12 to D (sf) Following Realization of Principal Losses

8 Apr 2024   |   New York


KBRA downgrades the rating of the Class E certificates to D (sf) from C (sf) for COMM 2013-CCRE12, a CMBS conduit transaction, following realized losses incurred from the reimbursement of non-recoverable advances taken against its outstanding principal balance. According to the March 2024 remittance report, the reimbursement of non-recoverable advances resulted in a cumulative principal loss of $5.6 million to the Class E certificates original principal balance of $23.9 million (23.2% of original balance).

There are $71.4 million in cumulative principal losses to date, as reported in the March 2024 remittance report. Of the cumulative loss to date, reimbursement of non-recoverable advances totaling $17.0 million occurred between December 2023 and March 2024. Along with the reimbursement of non-recoverable advances, the transaction has incurred losses from the liquidation of six previously specially serviced assets: the Holiday Inn Express - Schaumburg ($4.0 million, November 2019), Roosevelt East Apartments ($5.6 million, December 2019), Pheasant Ridge A ($2.1 million, December 2019), Dakota Apartments A ($1.0 million, December 2019), Monarch 544 at Coastal Carolina ($11.9 million, November 2021), and Hilton Garden Inn - Morgantown assets ($8.1 million, June 2022), which resulted in loss severities of 52.5%, 31.3%, 38.9%, 27.0%, 49.6%, 51.4%, respectively.

KBRA's other outstanding transaction ratings are unchanged at this time. KBRA most recently downgraded six classes of certificates of the transaction in November 2023 based on KBRA's estimated losses. The realized losses to date and estimated losses remain generally in-line with KBRA's expectations.

Details concerning the classes with ratings changes are as follows:

  • Class E to D (sf) from C (sf)

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the likelihood of ultimate payment of principal and accrued interest on the rated securities. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.

For additional details, please see the COMM 2013-CCRE12 November 2023 Surveillance Report linked below.

To access rating and relevant documents, click here.

Related Publications



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003818

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