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KBRA Affirms All Ratings for Benchmark 2020-B17

6 Mar 2026   |   New York

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KBRA affirms all outstanding ratings of Benchmark 2020-B17, a $797.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses on four loans identified as K-LOCs (16.9% of the pool balance). However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the February 2026 remittance period, there are three specially serviced assets (9.2%), two of which (5.5%) are delinquent. KBRA identified eight K-LOCs (41.2%), including the specially serviced assets. Four (16.9%) of the K-LOCs have an estimated loss. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1A1 Murphy Crossing OF $85,000 10.7% N C N Occupancy 07/14/2025 - - 2A3C1 Moffett Towers Buildings A, B & C OF $79,450 10.0% N C N Lease Rollover 08/01/2025 - - 4 650 Madison Avenue MU $50,000 6.3% N C N Occupancy 01/05/2024 $14,015 28.0% 9 3500 Lacey OF $35,800 4.5% N C Y DSCR 10/13/2025 $10,718 29.9% 15 3000 Post Oak OF $30,000 3.8% Y PM N Specially Serviced 08/05/2022 $27,629 92.1% 18A-FX- 5-1 Stonemont Net Lease Portfolio MU $25,000 3.1% Y FCL N Foreclosure 02/11/2025 - - 22 25 Jay Street MU $18,500 2.3% Y 90+ N Specially Serviced 08/05/2021 $4,806 26.0% 34 The Mark RT $4,500 0.6% N C N Occupancy 09/09/2025 - - Total K-LOCs $328,250 41.2% $57,168 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 87.9%, compared to 91.5% at KBRA’s last ratings change in March 2025 and 88.3% at securitization. The KDSC is 2.83x, compared to 2.85x at KBRA’s last ratings change and 2.94x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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