KBRA Affirms All Ratings for BANK 2021-BNK33
9 May 2025 | New York
KBRA affirms all of its outstanding ratings for BANK 2021-BNK33, a $997.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight increase in estimated losses since last review; however, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the April 2025 remittance period, there is one specially serviced asset (2.6% of the pool balance) that is 30 days delinquent and has been identified as a K-LOC with an estimated loss:
- Detroit Office Portfolio (2.6%, 29.0% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 86.6%, compared to 87.2% at last review and 89.6% at securitization. The KDSC is 3.29x, compared to 3.41x at last review and 3.25x at securitization.
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