Press Release|CMBS

KBRA Upgrades Three Ratings and Affirms All Other Outstanding Ratings for Last Mile Securities - PE 2021 DAC

4 Apr 2024   |   London


KBRA upgrades the ratings of three classes of notes and affirms all other outstanding ratings for Last Mile Securities – PE 2021 DAC, a CMBS single-borrower transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in performance resulting in a decrease in KLTV from the prior review and securitisation.

The collateral for the transaction is a single, limited recourse, first-lien mortgage loan secured by the borrower’s interests in 49 primarily industrial assets of which 44 are freehold, four leasehold, and one a combination of freehold and leasehold. Together, the properties comprise 659,123 square metres (sqm) and are located across the Netherlands and Germany.

Since the transaction closing date in April 2021, there was a principal distribution of €75,000 at the August 2021 IPD due to an initial over issuance at closing. This resulted in a pro-rata reduction of the Notes balance. There have been no property sales since closing and the loan balance remains at €383.5 million as of the current review.

KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of €30.0 million and KBRA value of €418.3 million (€635 per sqm). The resulting in-trust KLTV is 91.7%, down from 92.2% at last review and from 106.5% at securitisation. KBRA revises the loan’s KPO from Perform to Outperform as a result of improved performance.

Details concerning the classes with rating changes are as follows:

  • Class B to AA (sf) from AA- (sf)
  • Class C to A (sf) from A- (sf)
  • Class D to BBB (sf) from BBB- (sf)

To access rating and relevant documents, click here.

Click here to view the report.

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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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at

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

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.


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. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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