KBRA Maintains Watch Downgrade Status for Eight Ratings of MSBAM 2015-C27

KBRA is maintaining its Watch Downgrade status for eight ratings of MSBAM 2015-C27, a CMBS conduit transaction. We initially placed the ratings on Watch Downgrade on December 12, 2025, due to an increase in specially serviced assets and an increase in interest shortfalls since our last surveillance review in October 2025. Currently interest shortfalls are impacting up to and including the Class D certificates. KBRA also considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the remaining four assets, each of which are specially serviced and past their maturity dates. KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Of the four remaining assets, one is REO (40.4%) and two (6.1%) are nonperforming matured balloon. The REO asset has been deemed non-recoverable, resulting in interest shortfalls.

Details concerning the classes that are on Watch Downgrade are as follows:

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