Press Release|CMBS
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KBRA Affirms All Ratings for FREMF 2023-K156

24 Apr 2025   |   New York

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KBRA affirms all of its outstanding ratings for FREMF 2023-K156, a $1.0 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.

As of the March 2025 remittance period, there is one specially serviced loan (0.7% of the pool balance). KBRA has identified three K-LOCs (5.3%), including the specially serviced asset. This includes one top 10 loan:

  • The Linx (10th largest, 2.8%)

The remaining two K-LOCs do not have estimated losses and represent 2.5% of the pool.

The transaction's WA KLTV is 113.1%, compared to 108.4% at last review and 108.3% at securitization. The WA KDSC is 1.14x, compared to 1.17x at last review and 1.18x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009180

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