KBRA Affirms All Ratings for RR 2015-1
23 May 2024 | New York
KBRA affirms all of its outstanding ratings for RR 2015-1, a re-securitization of the FREMF 2015-K46 securitization’s (the underlying trust) Class D certificates. FREMF 2015-K46 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the underlying trust, which has exhibited an improvement in pool performance since KBRA's last ratings change in August 2022. However, the magnitude of the changes does not warrant ratings adjustments at this time. The review was conducted using data from the April 2024 remittance report for the underlying trust, borrower financial statements, rent rolls, and market information provided from REIS.
In the FREMF 2015-K46 underlying trust, as of the April 2024 remittance period, none of the loans are specially serviced or delinquent. However, two loans (1.5%) were identified as K-LOCs. In addition, 42 loans (49.9% of the K46 pool balance) are fully defeased. The WA KLTV is 82.0%, compared to 93.6% at KBRA's last ratings change and 118.6% at re-securitization. The KDSC is 2.30x, compared to 2.01x at KBRA's last ratings change and 1.52x at re-securitization. For information on the FREMF 2015-K46 underlying trust, which is KBRA-rated, please refer to the FREMF 2015-K46 May 2024 Surveillance Report .
Rating Sensitivities
Future ratings actions will be dependent upon the ability of the remaining loans to pay off as the loans in the transaction are approaching their maturity in the near term. However, rating changes can occur for a variety of reasons that are not dependent upon maturity defaults and subsequent losses. For example, unforeseen trust expenses that cause recurring interest shortfalls to the securities could prompt negative rating changes.
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