KBRA Affirms All Ratings for MSBAM 2015-C24
31 May 2024 | New York
KBRA affirms all of its outstanding ratings for MSBAM 2015-C24, a $795.0 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 we have concerns about refinancing prospects for some of the larger loans.
As of the May 2024 remittance period, there are no specially serviced or delinquent assets. KBRA identified five loans (20.4%) as K-LOCs. This includes two of the top 10 loans (16.2%):
- 535-545 Fifth Avenue (largest, 13.8% of the pool balance)
- The Westfield Shops (9th largest, 2.4% of the pool balance)
One other K-LOC has an estimate loss:
- Highgate Commons Shopping Center (1.5% of the pool balance, 10.5% estimated loss severity)
The remaining two K-LOCs do not have estimated losses and represent 2.7% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 95.8%, compared to 104.0% at last review and 106.0% at securitization. The KDSC is 1.73x, compared to 1.66x at last review and 1.70x at securitization.
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