KBRA Withdraws One Rating and Affirms All Outstanding Ratings for MSBAM 2015-C24
30 May 2025 | New York
KBRA withdraws its AAA (sf) rating for Class A-3 following the reduction of its balance to zero, and affirms all of its outstanding ratings for MSBAM 2015-C24, a $419.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in credit metrics since securitization due to higher credit enhancement levels as a result of paydowns. However, rating changes are not warranted at this time because the balance of loans identified as K-LOCs has increased significantly since last review, and there are concerns surrounding the refinancing prospects for some of the larger loans.
As of the May 2025 remittance period, there is one specially serviced asset (26.2%), which is matured and non-performing. KBRA identified nine loans (46.8%) as K-LOCs. This includes six of the top 10 loans (43.7%), two of which (31.4%) have estimated losses. The K-LOCs are displayed in the table below.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 88.5%, compared to 95.8% at last review and 106.0% at securitization. The KDSC is 1.72x, compared to 1.73x at last review and 1.70x at securitization.
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