Press Release|CMBS

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.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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

About KBRA

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: 1004528

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