KBRA Places the Ratings of Six Classes of COMM 2015-DC1 on Watch Downgrade

KBRA places the ratings of six classes of COMM 2015-DC1, a CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class C certificates. KBRA also considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the specially serviced assets.

As of the November 2025 remittance period, there are 13 specially serviced assets (89.8% of the pool balance), of which seven (40.9%) are in foreclosure and two are REO (12.4%). A forbearance has been granted for three specially serviced assets (32.0%) with modified maturity dates between July and November 2026, including options to extend. As a result, the deferral of principal and/or interest payments can contribute to interest shortfalls reaching higher in the capital structure. KBRA identified all remaining 14 assets as K-LOCs.

KBRA will continue to monitor the transaction and the underlying loans' performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

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