Press Release|CMBS

KBRA Affirms All Ratings for JPMCC 2022-NLP

14 May 2024   |   New York


KBRA affirms all ratings for JPMCC 2022-NLP, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower's fee simple (59.5% of ALA) and leasehold (40.5%) interests in 25 properties, consisting of office (48.5%) and industrial (51.4%) assets. The portfolio encompasses 9.5 million sf, with properties in 18 states, of which the five largest states include New Jersey (four properties, 12.0% of ALA), Texas (two, 9.8%), Florida (two, 8.6%), Maryland (one, 8.5%), and California (two, 7.6%). The loan has an outstanding balance of $1.1 billion as of April 2024. The loan is paid current as of April 2024 and according to the servicer, the borrower exercised its first of three extension options, extending the loan to April 2025. The loan sponsor is The Carlyle Group an American multinational private equity, alternative asset management and financial services corporation with approximately $425.0 billion in assets under management.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $79.5 million and a KBRA value of $888.6 million. The resulting in-trust KLTV is 119.0%, down from 125.4% at KBRA's last review and from 124.9% at securitization. KBRA maintains its KPO of Perform for the loan given stable transaction performance since issuance.

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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

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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: 1004297

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