KBRA Downgrades Four Ratings and Affirms All Other Ratings for Benchmark 2020-IG1

KBRA downgrades the ratings for four classes of certificates and affirms all other outstanding ratings for Benchmark 2020-IG1, a CMBS transaction collateralized by 13 non-controlling pari passu participations of fixed rate loans, with an aggregate in-trust balance of $658.4 million. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses for two K-LOCs (14.1%), one of which (8.4%) is specially serviced. The rating actions also consider the likelihood of interest shortfalls reaching higher in the capital structure as the servicer works to resolve the specially serviced loans.

As of the January 2025 remittance period, two loans are specially serviced loans (15.2%). KBRA identified four K-LOCs (28.5%), two of which have estimated losses. These include:

The transaction’s in-trust WA KLTV is 77.9%, a change from 72.1% at last review and 65.3% at securitization. The KDSC is 3.79x, a change from 3.89x at KBRA’s last review and 3.96x at securitization.

Details concerning the classes with rating changes are as follows:

To access ratings and relevant documents, click here.

Click here to view the report.

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