KBRA Upgrades Three Ratings and Affirms All Other Ratings for WFCM 2015-C26
28 Aug 2024 | New York
KBRA upgrades the ratings of three classes of certificates, B, C, and PEX, and affirms all other outstanding ratings of WFCM 2015-C26, a $654.8 million conduit transaction. The rating actions follow a review of the transaction, which has exhibited an improvement in pool performance since KBRA’s last ratings adjustments in August 2020. The rating actions reflect the deleveraging of the transaction from loan payoffs, amortization, and defeasances, as well as the positive maturity profiles of a large majority of the remaining loans, all of which mature in the next three to six months.
As of the August 2024 remittance period, there are no delinquent or specially serviced loans in the transaction. KBRA identified six K-LOCs (7.7%), of which one (3.7%) has an estimated loss. The K-LOCs include one of the Top 10 loans:
- 44 Plaza (4th largest, 3.7% of the pool, 36.2% estimated loss severity)
The remaining five K-LOCs, representing 4.0% of the pool balance, do not have estimated losses.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 72.9%, which is lower than 80.9% at last review and 96.1% at KBRA’s last ratings adjustments in August 2020. The KDSC is 2.21x, compared to 2.02x at last review and 1.79x at KBRA’s last ratings change.
Details concerning the ratings changes are as follows:
- Class B to AA (sf) from AA- (sf)
- Class C to A (sf) from A- (sf)
- Class PEX to A (sf) from A- (sf)
To access rating and relevant documents, click here.
Click here to view the report.