KBRA Affirms All Ratings for KCM 2020-S3
27 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for Key Commercial Mortgage Trust (KCM) 2020-S3, a $240.6 million CMBS small balance transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the September 2024 remittance period, there are no specially serviced loans, but two loans (3.1%) are matured performing. Five loans (6.4% of the pool) have been identified as K-LOCs, including the two matured performing loans. Of the K-LOCs, none have estimated losses.
The transaction’s WA KLTV is 93.2% as compared to 98.7% at last review and 107.0% at securitization. The KDSC is 1.73x as compared to 1.66x at last review and 1.61x at securitization.
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