Press Release|CMBS

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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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: 1004413

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