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KBRA Affirms All Classes of JPMCC 2016-JP4

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2016-JP4, a $986.4 million CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Affirms All Classes of WFCM 2015-P2

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-P2, a $989.7 million CMBS conduit transaction collateralized by 70 loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Withdraws Rating for CGCMT 2013-GC17

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the CGCMT 2013-GC17 transaction following the full redemption of the rated security as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Upgrades Three Classes and Affirms All Other Classes of COMM 2013-CCRE13

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from "AA (sf)" to "AA+ (sf)", the Class PEZ certificates from "A (sf)" to "A+ (sf)", and the Class C certificates from "A (sf)" to "A+ (sf)". All of the transaction's other outstanding ratings have been affirmed.

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KBRA Withdraws Rating for COMM 2015-LC21

NEW YORK, NY (December 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2015-LC21 transaction following the full redemption of the rated security, as reflected in the transaction’s December 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Ratings to UBS 2018-C14

NEW YORK, NY (December 12, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of UBS 2018-C14 (see ratings list below), a $650.9 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 236 properties.

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KBRA Affirms All Classes of FREMF 2017-K70

NEW YORK, NY (December 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K70, an $1.3 billion CMBS conduit transaction collateralized by 70 commercial mortgage loans secured by 74 properties 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 collateral performance since last review and securitization.

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KBRA Affirms All Classes of BAMLL 2016-FRR16

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2016-FRR16, a re-securitization of the FREMF 2011-K14 securitization’s (the underlying trust) Class C and X2 certificates. FREMF 2011-K14 was issued 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 collateral performance since last review and re-securitization.

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KBRA Assigns Ratings to CGCMT 2018-C6

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of CGCMT 2018-C6 (see ratings list below), a $736.4 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 58 properties.

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KBRA Affirms All Classes of UBS 2017-C6

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C6, a $681.7 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 124 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA Places Four Classes of CG-CCRE 2014-FL1 on Watch Developing

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) places the Class E Certificates and the three non-pooled, loan specific classes of CG-CCRE 2014-FL1 on Watch Developing following the transfer of the transactions remaining loan, Yorktown Center, to the special servicer on October 15, 2018. The loan was transferred to the special servicer, KeyBank National Association, due to imminent maturity default. The fully extended loan maturity date is March 2019.

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KBRA Assigns Ratings to FREMF 2018-K85 and Freddie Mac Structured Pass-Through Certificates K-085

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FREMF Series 2018-K85 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-085 (see ratings list below). FREMF Series 2018-K85 is a $1.6 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K85 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to UBS 2018-C15

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of UBS 2018-C15 (see ratings list below), a $646.5 million CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 317 properties.

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KBRA Assigns Preliminary Ratings to MSC 2018-H4

NEW YORK, NY (December 10, 2018) – Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to 14 classes of MSC 2018-H4, a $796.8 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 115 properties.

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KBRA Affirms All Classes of CFCRE 2016-C7

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2016-C7, an $639.2 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 63 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since last review and securitization.

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KBRA Affirms All Classes of CGCMT 2015-GC35

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2015-GC35, a $1.1 billion CMBS conduit transaction collateralized by 63 commercial mortgage loans secured by 83 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of JPMBB 2014-C26

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2014-C26, a $1.4 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 74 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Assigns Preliminary Ratings to Salus (European Loan Conduit No.33) DAC

DUBLIN, IRELAND ( 7 December 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of Salus (European Loan Conduit No.33) DAC, a CMBS single-borrower securitisation.

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KBRA Affirms All Classes of WFRBS 2012-C10

NEW YORK, NY (December 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2012-C10, a $1.1 billion CMBS conduit transaction collateralized by 70 commercial mortgage loans secured by 97 properties. The affirmations follow a surveillance review of the transaction. When excluding K-LOCs with losses, the transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 86.2% has decreased from 89.8% at last review and from 93.0% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.81x has increased from last review (1.80x) and is up from securitization (1.77x). Despite positive credit metrics, the pool is heavily concentrated in retail (47.5%) including five regional malls (28.4%) and two shopping centers (7.2%) that are within the top 11 loans.  Three retail loans (10.5%) have been identified as K-LOCs including the third largest loan (7.4%). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Monitoring WFCM 2015-NXS2 ($90.0 million) Due to Special Servicing Transfer

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring WFCM 2015-NXS2, an $894.5 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s largest loan, Patriots Park (10.1% of the pool balance). KBRA learned of the transfer of the $90.0 million loan from the master servicer, Wells Fargo Bank, National Association, on December 6, 2018. The loan was transferred to the special servicer, Rialto Capital Advisors, LLC on November 16, 2018 due to non-monetary default. The loan matures on March 5, 2033; however, it is structured with an anticipated repayment date (ARD) of October 5, 2019.

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KBRA Affirms All Classes of FREMF 2017-K71

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K71, a $1.5 billion CMBS multi-borrower transaction collateralized by 65 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Assigns Ratings to FORT CRE 2018-1

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of FORT CRE 2018-1, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 2.5-year reinvestment period that includes a 150-day ramp-up period. FORT 2018-1 CRE CM LLC, an affiliate of Drawbridge Special Opportunities Fund LP, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of AOA 2015-1177

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of AOA 2015-1177, a $360.0 million, CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Assigns Ratings to OREC 2018-CRE1

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of OREC 2018-CRE1, a $350.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 30-month reinvestment period that includes a 120-day ramp-up period. ORIX RE Holdings, LLC, an affiliate of ORIX USA, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of CD 2016-CD2

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CD 2016-CD2, a $971.4 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 37 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (December 5, 2018) – Kroll Bond Rating Agency (KBRA) releases November’s CMBS Trend Watch. CMBS private-label pricing volume was $6.1 billion in November, bringing fourth quarter total volume to $13.0 billion. Year-to-date 2018 private-label CMBS volume stands at $71.2 billion, 9.0% below last year.

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KBRA Affirms All Classes of Atrium Hotel Portfolio Trust 2017-ATRM

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Atrium Hotel Portfolio Trust 2017-ATRM, a $600.0 million, CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Assigns Preliminary Ratings to Benchmark 2018-B8

NEW YORK, NY (December 4, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of Benchmark 2018-B8, a $1.0 billion CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 200 properties.

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KBRA Monitoring UBS-Barclays 2012-C3 ($20.7 million) Due to Special Servicing Transfer

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring UBS-Barclays 2012-C3, an $820.9 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s eighth largest loan, Great Northeast Plaza (2.5% of the pool balance). KBRA learned of the transfer of the $20.7 million loan from the master servicer, Midland Loan Services, on November 13, 2018. The loan was transferred to the special servicer, Rialto Capital Advisors, LLC on October 24, 2018 due to imminent monetary default. The loan matures in May 2022.

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KBRA Affirms All Classes of MSBAM 2014-C19

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2014-C19, a $1.4 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 108 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of CG-CCRE 2014-FL2

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings on all classes of CG-CCRE 2014-FL2, a $252.7 million CMBS large loan floating-rate transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. In determining these actions, consideration was given to the increased credit enhancements of the rated securities, due to deleveraging from loan payoffs, as well as the increased risks arising from uncertainties pertaining to the refinancing of the pool’s two remaining loans, which are collateralized by Class B malls.

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KBRA Affirms All Classes of JPMBB 2013-C17

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2013-C17, an $902.8 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 61 properties. The affirmations follow a surveillance review of the transaction. Although the transaction's credit metrics have improved since securitization due to amortization and loans paying off; the pool's credit metrics deteriorated since last review.

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KBRA Assigns Preliminary Ratings to BDS 2018-FL3

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of BDS 2018-FL3, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 180-day ramp-up period. Bridge Debt Strategies Fund Manager LLC, a majority-owned subsidiary of Bridge Investment Group, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of MSC 2016-UBS12

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSC 2016-UBS12, an $811.3 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has experienced a decline in credit metrics since last review and securitization. Although KBRA credit metrics have weakened slightly, credit enhancement (C/E) levels have improved from amortization.

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KBRA Withdraws Rating for WFRR 2013-FRR1

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AA (sf)” rating from Class A-K706 of the WFRR 2013-FRR1 transaction following the full redemption of the rated security, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to WFCM 2018-C48

NEW YORK, NY (December 3, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of WFCM 2018-C48, a $833.9 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 95 properties.

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KBRA Releases CMBS Outlook: Floating into 2019

NEW YORK, NY (November 30, 2018) – Kroll Bond Rating Agency (KBRA) releases its CMBS Outlook: Floating into 2019.

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KBRA Assigns Ratings to BANK 2018-BNK15

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of BANK 2018-BNK15 (see ratings list below), a $1.1 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 126 properties.

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KBRA Affirms All Classes of CGCMT 2016-P6

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-P6, a $903.9 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 94 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Upgrades the Class B and C Notes and Affirms All Other Classes of Notes for BSPRT 2017-FL2

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from “AA-” (sf) to “AA+” (sf), the Class C notes from “A-” (sf) to “A” (sf), and affirms all other outstanding ratings for BSPRT 2017-FL2, a commercial real estate collateralized loan obligation (CRE CLO) transaction. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of five loans (32.0% of the issuance collateral balance) since issuance.

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KBRA Assigns Ratings to CSAIL 2018-C14

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of CSAIL 2018-C14 (see ratings list below), a $770.2 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 65 properties.

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KBRA Assigns Ratings to TRTX 2018-FL2

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of TRTX 2018-FL2, a $1.0 billion managed commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 pari passu interests in mortgage loans and two whole loans, which are secured by 122 properties. The collateral consists of both non-controlling interests (22 loans, 87.3%) and controlling interests (3, 12.7%) in the related mortgage loans.

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KBRA Assigns Ratings to KREF 2018-FL1

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of KREF 2018-FL1, a $1.0 billion commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 similarly sized pari passu interests in mortgage loans and 1 pari passu interest in a mortgage and mezzanine loan, which are collateralized by 29 properties. The collateral consists of both non-controlling interests (21 loans, 87.4%) and controlling interests (3 loans, 12.6%) in the related mortgage loans.

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KBRA Affirms All Classes of GSMS 2017-GS8

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2017-GS8, a $1.0 billion CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 200 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of CCUBS 2017-C1

NEW YORK, NY (November 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CCUBS 2017-C1, a $695.1 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 98 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Withdraws Rating for COMM 2015-DC1

NEW YORK, NY (November 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-1 of the COMM 2015-DC1 transaction following the full repayment of the class, as reflected in the transaction’s November 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for JPMBB 2015-C28

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the JPMBB 2015-C28 transaction following the full redemption of the rated security, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Three Classes of FORT CRE 2016-1

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its A- (sf) rating from the Class D notes, its BB (sf) rating from the Class E notes, and its B (sf) rating from the Class F notes of FORT CRE 2016-1, a CRE CLO transaction, following the redemption of notes on November 26, 2018. As of the October 2018 remittance report, the FORT CRE 2016-1 transaction had eight outstanding loans, of which four are expected to be contributed to FORT CRE 2018-1.

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KBRA Monitoring COMM 2014-CCRE16 ($50.0 million) Due to Special Servicing Transfer

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring COMM 2014-CCRE16, a $672.6 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s fifth largest loan, West Ridge Mall & Plaza (5.0% of the pool balance). KBRA learned of the transfer of the $50.0 million loan from the master servicer, Key Bank National Association, on November 21, 2018. The loan was transferred to the special servicer, LNR Partners, LLC on November 12, 2018 due to imminent monetary default. The loan matures in March 2024.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K85 and Freddie Mac Structured Pass-Through Certificates K-085

NEW YORK, NY (November 26, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of FREMF Series 2018-K85 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-085 (see ratings list below). FREMF Series 2018-K85 is a $1.6 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K85 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Upgrades Class B and Affirms All Other Classes of FREMF 2014-K41

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating on the Class B certificates from “A- (sf)” to “A (sf)” and affirms its other outstanding ratings for FREMF 2014-K41, a $1.3 billion CMBS multi-borrower transaction collateralized by 96 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades reflect the continued improvement in the pool’s credit performance, as well as increased certificate credit enhancement levels due to deleveraging from amortization. In addition, seven loans totaling $83.5 million (6.2% of the pool balance) have fully defeased since securitization. Supporting the upgrade of Class B certificates, the transaction has exhibited improving credit metrics since last review and securitization.

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KBRA Credit Profile (KCP) K-LOC Index: October 2018

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of October.

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KBRA Affirms All Classes of FREMF 2016-K60

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2016-K60, a $1.1 billion CMBS multi-borrower transaction collateralized by 62 commercial mortgage loans 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 collateral performance since last review and securitization.

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KBRA Affirms All Classes of FREMF 2015-K721

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K721, a $1.1 billion CMBS multi-borrower transaction collateralized by 48 commercial mortgage loans 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 credit metrics since last review and securitization.

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KBRA Affirms All Classes of FREMF 2015-K50

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K50, a $1.5 billion CMBS conduit transaction collateralized by 86 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Upgrades Three Classes and Affirms All Other Classes of RCMT 2016-3

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class C certificates from AA- (sf) to AA (sf), the Class D certificates from A- (sf) to A (sf), and the Class E certificates from BBB- (sf) to BBB (sf) for RCMT 2016-3, a $98.6 million small balance commercial transaction collateralized by 41 loans, secured by 42 properties. All of the transaction’s other outstanding ratings have been affirmed. The upgrades reflect the continued improvement in the pool's credit performance and increased credit enhancement due to deleveraging from amortization and loan payoffs. Since closing the transaction has paid down by 39.2%.

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KBRA Withdraws Rating for MSBAM 2014-C16

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the MSBAM 2014-C16 transaction following the full redemption of the rated security, as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of GSMS 2016-GS4

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2016-GS4, a $1.0 billion CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 95 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of DBWF 2016-85T

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBWF 2016-85T, a CMBS single borrower transaction. The collateral for the transaction is a $271.0 million portion of a $396.0 million, non-recourse first lien mortgage loan.

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KBRA Affirms All Classes of RBS Commercial Funding Inc. 2013-SMV Trust

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of RBS Commercial Funding Inc. 2013-SMV Trust, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of GSMS 2012-BWTR

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings on all classes of GSMS 2012-BWTR, a $300 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to OREC 2018-CRE1

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of OREC 2018-CRE1, a $350.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 30-month reinvestment period that includes a 120-day ramp-up period. ORIX RE Holdings, LLC, an affiliate of ORIX USA, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of WFCM 2014-LC18

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2014-LC18, a $1.1 billion CMBS conduit transaction collateralized by 98 commercial mortgage loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA CMBS Exposure to Wildfires in California

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) On Thursday, November 8, 2018, at 6:33 a.m. Pacific Time (PT), the Camp Fire erupted in Butte County, approximately 90 miles north of Sacramento, California. On the same day, at 2:24 p.m. PT, the Woolsey Fire sparked in California’s Ventura County, and then swept into Los Angeles County. As of 9:00 a.m. PT on November 15, the Camp Fire had consumed approximately 140,000 acres of land and was 40% contained. Further, the Woolsey Fire burned a total of 98,362 acres of land and was 57% contained. Our thoughts are with all of those who have been impacted by these fires.

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KBRA Assigns Ratings to AREIT 2018-CRE2

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of AREIT 2018-CRE2, a $596.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 21 whole loans (or participations thereof) with a total in-trust balance of $581.3 million and $15.0 million cash collateral expected to be used to acquire one delayed-closing assets within 90 days of closing.

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KBRA Withdraws Rating for COMM 2013-CCRE13

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB- (sf)” rating from Class SLG of the COMM 2013-CCRE13 transaction following the full redemption of the rated security as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to UBS 2018-C14

NEW YORK, NY (November 15, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of UBS 2018-C14 (see ratings list below), a $650.9 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 236 properties.

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KBRA Withdraws Rating for GSMS 2014-GC26

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the GSMS 2014-GC26 transaction following the full redemption of the rated security as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of BANK 2017-BNK8

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BANK 2017-BNK8, a $1.1 billion CMBS conduit transaction collateralized by 50 mortgage loans secured by 83 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms all Classes of MSCI 2015-UBS8

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2015-UBS8, a $782.8 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 71 properties. The affirmations follow a surveillance review of the transaction, which has exhibited relatively stable performance since last review and securitization.

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KBRA Withdraws Rating for GSMS 2014-GC20

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-3 of the GSMS 2014-GC20 transaction following the full redemption of the rated security as reflected in the transaction’s November 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of MSBAM 2015-C27

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2015-C27, a $792.1 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 166 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Affirms all Classes of UBS 2017-C5

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C5, a $740.4 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 131 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2017-C41

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2017-C41, a $782.4 million CMBS conduit transaction collateralized by 52 loans secured by 97 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of FREMF 2017-K728

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K728, a $1.2 billion CMBS conduit transaction collateralized by 43 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Affirms All Classes of CSAIL 2015-C4

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2015-C4, a $921.3 million CMBS conduit transaction collateralized by 87 loans secured by 100 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Assigns Ratings to FREMF 2018-K83 and Freddie Mac Structured Pass-Through Certificates K-083

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FREMF Series 2018-K83 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-083 (see ratings list below). FREMF Series 2018-K83 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K83 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to CGCMT 2018-C6

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of CGCMT 2018-C6 (see ratings list below), a $736.4 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 58 properties.

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KBRA Assigns Preliminary Ratings to CSAIL 2018-C14

NEW YORK, NY (November 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of CSAIL 2018-C14, a $770.2 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 65 properties.

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KBRA Affirms All Classes of JPMDB 2016-C4

NEW YORK, NY (November 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMDB 2016-C4, a $1.1 billion CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 42 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of GSMS 2015-GS1

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GS1, a $807 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 69 properties. The transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 97.8% has increased from 97.4% at last review and from 96.7% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.96x has increased from last review (1.95x) and is down from securitization (1.97x). At the time of this review, two loans (12.7%) have been identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of a specially serviced as well as a non-specially serviced loan in default or at heightened risk of default in the near term. KBRA does not project losses on the K-LOCs.

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KBRA Assigns Ratings to FREMF 2018-K733 and Freddie Mac Structured Pass-Through Certificates K-0733

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2018-K733 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0733 (see ratings list below). FREMF Series 2018-K733 is a $1.0 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K733 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to TRTX 2018-FL2

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of TRTX 2018-FL2, a $1.0 billion managed commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 pari passu interests in mortgage loans and two whole loans, which are secured by 122 properties. The collateral consists of both non-controlling interests (22 loans, 87.3%) and controlling interests (3, 12.7%) in the related mortgage loans.

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KBRA Affirms All Classes of CSAIL 2017-CX10

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2017-CX10, an $853.2 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 76 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2015-NXS4

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-NXS4, a $762.3 million CMBS conduit transaction collateralized by 62 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has exhibited consistent credit support levels since issuance with no principal losses to date. 

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KBRA Affirms All Classes of COMM 2014-CCRE21

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-CCRE21, a $786.4 million CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 72 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Assigns Preliminary Ratings to FORT CRE 2018-1

NEW YORK, NY (November 8, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of FORT CRE 2018-1, a $600.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 2.75-year reinvestment period that includes a 150-day ramp-up period. FORT 2018-1 CRE CM LLC, an affiliate of Drawbridge Special Opportunities Fund LP, will serve as the transaction’s collateral manager.

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KBRA Assigns Ratings to VMC 2018-FL2

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of VMC 2018-FL2, a $462.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction was initially collateralized by 23 whole loans (or participations thereof) with a total in-trust balance of $421.2 million and $41.1 million cash collateral. At closing, two preidentified delayed-closing assets were acquired by the trust for $36.6 million. The remaining cash collateral ($4.5 million) is expected to be used to acquire funded non-trust companion participations related to the initial transaction collateral.

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KBRA Assigns Preliminary Ratings to BANK 2018-BNK15

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2018-BNK15 (see ratings list below), a $1.1 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 126 properties.

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Kroll Bond Rating Agency Downgrades Two Classes and Affirms All Other Classes of COMM 2014-UBS6

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates and reference class X-D certificates from “BB (sf)” to “BB- (sf).” All of the other outstanding ratings are affirmed for COMM 2014-UBS6, a $2.4 billion CMBS conduit transaction collateralized by 87 commercial mortgage loans secured by 257 properties. The downgrades reflect KBRA’s estimated losses for three KBRA Loans of Concern (K-LOCs); Cray Plaza (1.2%), Scoop East Hampton (0.9%), and Black Gold Suites Hotel Portfolio (0.7%).

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KBRA Affirms All Classes of GSMS 2012-GCJ9

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2012-GCJ9, a $1.1 billion CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 84 properties. The affirmations follow a surveillance review of the transaction. When excluding K-LOCs with losses, the transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 95.0% has decreased from 98.6% at last review and from 97.7% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.56x has increased from last review (1.52x) and is up from securitization (1.55x). Since last review, four more loans have defeased bringing the total pool defeasance to 9.1%, including the seventh largest loan, The Point Shopping Center (2.5% of pool, $26.9 million UPB). Despite the overall stable credit metrics of the transaction, some performance concerns persist within the collateral pool. At the time of this review, 12 loans (18.7%) have been identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. Additionally, 40 Hart Street REO ($7.6 million UPB) liquidated at a loss severity greater than 100%.

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KBRA Releases European CMBS Rating Methodology

DUBLIN, IRELAND ( 7 November 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) is pleased to release its methodology for rating securities backed by European commercial mortgages. The European CMBS Methodology addresses KBRA’s approach to rating mortgage securitisations consisting of commercial real estate collateral originated in European countries.

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KBRA Affirms All Classes of BAMLL 2012-PARK

NEW YORK, NY (November 6, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all classes for BAMLL 2012-PARK, a $300 million single borrower transaction. The affirmations follow the substitution of the defeasance collateral which occurred on November 6, 2018. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) releases October’s CMBS Trend Watch.

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KBRA Assigns Preliminary Ratings to KREF 2018-FL1

NEW YORK, NY (November 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of KREF 2018-FL1, a $1.0 billion commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 23 similarly sized pari passu interests in mortgage loans and 1 pari passu interest in a mortgage and mezzanine loan, which are collateralized by 29 properties. The collateral consists of both non-controlling interests (21 loans, 87.4%) and controlling interests (3 loans, 12.6%) in the related mortgage loans.

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KBRA Affirms All Classes of COMM 2015-LC23

NEW YORK, NY (November 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2015-LC23, a $940.1 million CMBS conduit transaction collateralized by 62 loans secured by 120 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review.

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KBRA Affirms All Classes of MSBAM 2013-C13

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2013-C13, an $879.9 million CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 67 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since last review and securitization.

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KBRA Withdraws Ratings for BAMLL 2015-FRR11

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “BBB- (sf)” rating from Class A-K705 and “BB- (sf)” rating from Class B-K705 of the BAMLL 2015-FRR11 transaction following the full redemption of the rated securities, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K733 and Freddie Mac Structured Pass-Through Certificates K-0733

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2018-K733 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0733 (see ratings list below). FREMF Series 2018-K733 is a $1.0 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K733 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Withdraws Rating for FREMF 2012-K709

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the FREMF 2012-K709 transaction following the full redemption of the rated security, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K83 and Freddie Mac Structured Pass-Through Certificates K-083

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of FREMF Series 2018-K83 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-083 (see ratings list below). FREMF Series 2018-K83 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K83 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Upgrades Two Classes and Affirms All Other Classes of BAMLL 2014-FL1

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from “AA- (sf)” to “AA (sf)” and the Class C certificates from “A- (sf)” to “A (sf)”.  All of the transaction’s other outstanding ratings have been affirmed. The upgrades reflect the continued improvement in the pool’s credit performance and increased credit enhancement due to deleveraging from loan payoffs. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on each of the remaining loans in the transaction.

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KBRA Affirms All Classes of GSMS 2014-GC26

NEW YORK, NY (October 26, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2014-GC26, a $1.2 billion CMBS conduit transaction collateralized by 91 commercial mortgage loans secured by 130 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Withdraws Rating for FREMF 2014-K503

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the FREMF 2014-K503 transaction following the full redemption of the rated security, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Preliminary Ratings to AREIT 2018- CRE2

NEW YORK, NY (October 25, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of AREIT 2018-CRE2, a $597.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 20 whole loans (or participations thereof) with a total in-trust balance of $559.6 million and $37.8 million cash collateral expected to be used to acquire two delayed-closing assets within 90 days of closing.

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KBRA Affirms All Classes of CGCMT 2017-C4

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2017-C4, a $973.2 million CMBS conduit transaction collateralized by 57 mortgage loans secured by 95 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of FREMF 2016-K58

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2016-K58, a $1.3 billion CMBS multi-borrower transaction that is collateralized by 74 commercial mortgage loans 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 demonstrated stable credit metrics since last review.

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KBRA Upgrades Classes B and C and Affirms All Other Classes of FREMF 2013-K35

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B certificates from “A (sf)” to “AA- (sf)” and the Class C certificates from “BBB+ (sf)” to “A- (sf)”, and affirms its other outstanding ratings for FREMF 2013-K35, a $1.4 billion CMBS multi-borrower transaction collateralized by 78 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrades reflect the continued improvement in the pool’s credit performance, as well as increased certificate credit enhancement levels due to deleveraging from amortization. In addition, 11 loans (19.0% of the pool balance) have fully defeased since securitization, including the fourth, fifth, and sixth largest loans (9.9%).

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Kroll Bond Rating Agency Affirms All Classes of CLMT 2016-CLNE

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CLMT 2016-CLNE certificates, a $452.3 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Withdraws Rating for WFRBS 2012-C8

NEW YORK, NY (October 24, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-2 of the WFRBS 2012-C8 transaction following the full repayment of the class, as reflected in the transaction’s October 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Ratings to FRR 2018-C1

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 12 classes of the Freddie Re-Remic Trust 2018-C1 (FRR 2018-C1) transaction. FRR 2018-C1 is a re-securitization of four Principal-Only (PO) and seven Interest-Only (IO) certificates (the collateral) from four different fixed-rate Freddie Mac K-Series multifamily securitizations (FREMF), which include 2013-K32, 2015-K43, 2015-K720 and 2017-K725 (the underlying trusts).

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KBRA Monitoring GSMS 2014-GC20 ($80.0 million) Due to Special Servicing Transfer

NEW YORK, NY (October 23, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring GSMS 2014-GC20, a $901.2 million CMBS conduit transaction, regarding the special servicing transfer of the transaction’s 2nd largest loan, Three Westlake Park (8.9% of the pool balance). KBRA learned of the transfer with a notice dated October 18, 2018. The $80.0 million loan was transferred to the special servicer, LNR Partners, LLC due to imminent monetary default. The loan matures in February 2024.

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KBRA Affirms Ratings to BAMLL 2014-FRR8

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2014-FRR8, a re-securitization of the FREMF 2014-K40 securitization’s (the underlying trust) Class D, X2-A, and X2-B certificates. FREMF 2014-K40 was issued 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 credit metrics since last review and re-securitization.

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KBRA Affirms All Classes of FREMF 2017-K68

NEW YORK, NY (October 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K68, a $1.3 billion CMBS multi-borrower transaction collateralized by 75 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of RCMT 2015-2

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class C and D certificates and removes each of these certificates from Watch Upgrade where they were placed on July 19, 2018. All of the transaction’s other outstanding ratings have been affirmed. RCMT 2015-2 is a $147.8 million small balance commercial transaction collateralized by 72 loans secured by 79 properties. The upgrades reflect the continued improvement in the pool's credit performance and increased credit enhancement due to deleveraging from amortization and loan payoffs. Since closing the transaction has paid down by 29.1%.

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KBRA Withdraws Ratings for JPMBB 2013-C15

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) ratings from Class A-2 and Class A-2FL of the JPMBB 2013-C15 transaction, following the reduction of their principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating for MSBAM 2013-C9

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the MSBAM 2013-C9 transaction following the full redemption of the rated security as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms Ratings to FREMF 2014-K40

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2014-K40, a $1.5 billion CMBS multi-borrower transaction collateralized by 105 commercial mortgage loans 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 credit metrics since last review.

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KBRA Credit Profile (KCP) K-LOC Index: September 2018

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of September.

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KBRA Monitoring Southland Mall ($67.5 million) due to Reported Special Servicing Transfer

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring the $67.5 million Southland Mall loan in the JPMCC 2014-FL6 transaction following its reported transfer to the special servicer.  KBRA learned of the transfer from the October 2018 trustee remittance report that was recently posted. According to the servicer commentary, the loan transferred due to imminent maturity default. The loan matures in May 2019.  

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KBRA Affirms All Classes of LCCM 2017-FL1

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of LCCM 2017-FL1, a commercial real estate collateralized loan obligation (CRE CLO) transaction with limited post-closing acquisition ability. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of UBS 2017-C4

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C4, a $815.0 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 85 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Withdraws Rating for COMM 2014-LC15

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-1 of the COMM 2014-LC15 transaction following the full repayment of the class, as reflected in the transaction’s October 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for GSMS 2013-GCJ14

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating for Class A-2 of the GSMS 2013-GCJ14 transaction following the full repayment of the class, as reflected in the transaction’s October 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on COMM 2013-LC13

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2013-LC13 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on COMM 2014-CCRE21

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-CCRE21 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA: Sears Closing 142 Stores in Bankruptcy Filing

NEW YORK, NY (October 16, 2018) – On Monday, October 15, 2018, Sears Holdings Corporation (“Sears”) filed for Chapter 11 Bankruptcy protection and announced the closure of an additional 142 store locations by the end of 2018. In an effort to regain profitability, the retailer hopes to reorganize through bankruptcy, focusing on a smaller portfolio of store locations. The closure announcement of 142 underperforming stores (65 Kmart, 77 Sears) are in addition to the 265 unprofitable store shutterings reported since April 2018.

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KBRA Withdraws Rating for COMM 2015-CCRE26

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-1 of the COMM 2015-CCRE26 transaction following the full redemption of the rated security as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on GSMS 2013-GCJ16

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the GSMS 2013-GCJ16 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s October 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of MSBAM 2016-C31

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2016-C31, a $940.0 million CMBS conduit transaction collateralized by 60 commercial mortgage loans secured by 101 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Assigns Preliminary Ratings to VMC 2018-FL2

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of VMC 2018-FL2, a $462.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 23 whole loans (or participations thereof) with a total in-trust balance of $421.2 million and $41.1 million cash collateral. The cash collateral is expected to be used to acquire two delayed-closing assets ($36.6 million) and funded non-trust companion participations related to the initial transaction collateral ($4.5 million).

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KBRA Affirms Ratings for FREMF 2013-K32

NEW YORK, NY (October 15, 2018) – In conjunction with the release of FRR 2018-C1, a re-securitization from four different fixed-rate Freddie Mac K-Series multifamily securitizations (FREMF), which include 2013-K32, 2015-K43, 2015-K720 and 2017-K725 (the underlying trusts); Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2013-K32, a $1.4 billion CMBS multi-borrower transaction collateralized by 90 commercial mortgage loans 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 credit metrics since last review.

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KBRA Affirms Ratings for FREMF 2015-K43

NEW YORK, NY (October 15, 2018) – In conjunction with the release of FRR 2018-C1, a re-securitization from four different fixed-rate Freddie Mac K-Series multifamily securitizations (FREMF), which include 2013-K32, 2015-K43, 2015-K720 and 2017-K725 (the underlying trusts); Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K43, a $1.4 billion CMBS multi-borrower transaction collateralized by 80 commercial mortgage loans 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 credit metrics since last review and securitization.

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KBRA Affirms Ratings for FREMF 2015-K720

NEW YORK, NY (October 15, 2018) – In conjunction with the release of FRR 2018-C1, a re-securitization from four different fixed-rate Freddie Mac K-Series multifamily securitizations (FREMF), which include 2013-K32, 2015-K43, 2015-K720 and 2017-K725 (the underlying trusts); Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K720, a $1.5 billion CMBS multi-borrower transaction collateralized by 73 commercial mortgage loans 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 credit metrics since last review and securitization.

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KBRA Affirms All Classes of GSMS 2012-TMSQ

NEW YORK, NY (October 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2012-TMSQ, a $208.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Releases 2018 CMBS Default and Loss Study

NEW YORK, NY (October 15, 2018) – Kroll Bond Rating Agency (KBRA) releases its CMBS Default and Loss Study: Defaults and Losses Fall to Multi-Year Lows.

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KBRA Affirms All Classes of MSBAM 2015-C26

NEW YORK, NY (October 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2015-C26, a $1.0 billion CMBS conduit transaction collateralized by 64 mortgage loans secured by 97 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Assigns Ratings to BSPRT 2018-FL4

NEW YORK, NY (October 12, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of BSPRT 2018-FL4, a $868.4 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 180-day ramp-up period. Benefit Street Partners, LLC, an affiliate of BSPRT Operating Partnership, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of GSMS 2015-GC34

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GC34, a $834.9 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 75 properties. The affirmations follow a surveillance review of the transaction which has been stable since issuance and last review. The transaction’s weighted average (WA) KBRA Loan-to-Value (KLTV) of 103.3% has decreased from 107.4% at last review and from 104.1% at securitization. The KBRA Debt Service Coverage (KDSC) of 1.45x has increased from last review (1.37x) and is flat from securitization. Despite the overall stable performance of the transaction, some concerns persist within the collateral pool. At the time of this review, seven loans (20.0%) have been identified as KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. All of the K-LOCs are current in payment, however, one (8.3%) is with the special servicer. This loan, Hammons Hotel Portfolio, transferred to the special servicer following the bankruptcy filing of the sponsor, John Q. Hammons.

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KBRA Assigns Ratings to UBS 2018-C13

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of UBS 2018-C13 (see ratings list below), a $714.9 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 68 properties.

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KBRA Affirms All Classes of MSBAM 2017-C34

NEW YORK, NY (October 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2017-C34, a $1.0 billion CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 179 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA: Sears on the Verge of Bankruptcy

NEW YORK, NY (October 10, 2018) –Sears Holdings Corporation (Sears) hired a boutique advisory firm, M-III Partners LLC, to prepare a possible bankruptcy filing that could come as soon as this week. It has been reported that Sears has a $134 million debt payment due Monday, October 15, 2018, that it previously said it may not be able to cover.

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KBRA Affirms All Classes of WFCM 2015-NXS3

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-NXS3, a $800.3 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 58 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Upgrades Three Classes and Affirms All Other Classes of GSMS 2013-GCJ16

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from AA (sf) to AA+ (sf), Class C certificates from A (sf) to A+ (sf), and Class PEZ certificates from A (sf) to A+ (sf). All of the transaction’s other outstanding ratings have been affirmed. GSMS 2013-GCJ16 is a $823.5 million CMBS conduit transaction collateralized by 65 commercial mortgage loans secured by 86 properties. The upgrades reflect the continued improvement in the pool's credit performance and increased credit enhancement due to deleveraging from amortization and loan payoffs.

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KBRA Affirms Ratings to CGCMT 2016-P5

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-P5, a $905.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of CGCMT 2014-GC25

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2014-GC25, a $815.2 million CMBS conduit transaction collateralized by 57 mortgage loans secured by 85 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Downgrades Four Classes, Places One Class on Watch Downgrade and Affirms All Other Classes of WFRBS 2014-C24

NEW YORK, NY (October 9, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class E, F, X-C, and X-D certificates, and places Class D on Watch Downgrade. All of the transaction’s other ratings have been affirmed. WFRBS 2014-C24 is a $1.0 billion CMBS conduit transaction collateralized by 85 mortgage loans secured by 103 properties. The rating actions are primarily driven by KBRA’s projected loss for Two Westlake Park (8.8% of the pool balance), which is collateralized by an office building located in Houston, Texas. The asset, which is a KBRA Loan of Concern (K-LOC), was transferred to the special servicer in July 2018. In addition, the transaction has seven other K-LOCs, three of which (1.5%) are also specially serviced including one is an REO asset, which bring the deal’s total K-LOC and specially serviced exposure to 13.6% and 10.2%, respectively. KBRA is waiting for additional information from the special servicer as to its resolution strategy for Two Westlake Park, which we expect to resolve the Watch Placement within 90 days. K-LOCs consist of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Upgrades Two Classes and Affirms All Other Classes of WFRR 2013-FRR1

NEW YORK, NY (October 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms all classes of WFRR 2013-FRR1, a re-securitization of eight certificates from four separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Market Execution (CME) program. WFRR 2013-FRR1 is a re-securitization of four principal only (PO) and two interest only (IO) certificates (the collateral) from four different fixed-rate Freddie Mac K-Series multifamily securitizations (FREMF) which include FREMF 2011-K16, FREMF 2012-K706, FREMF 2012-K20, and FREMF 2013-K26 (the underlying trusts). The review resulted in the upgrade of Class A-K706 and Class B-K706 certificates and an affirmation of all the transaction’s other outstanding ratings. The upgrade reflects the favorable maturity outlook of the four remaining non-defeased loans in the underlying deal (FREMF 2012-K706).

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KBRA Affirms All Classes of WFCM 2017-C40

NEW YORK, NY (October 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2017-C40, a $701.8 million CMBS conduit transaction collateralized by 64 mortgage loans secured by 150 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms Class C and Withdraws Class X of FREMF 2013-KF02

NEW YORK, NY (October 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms the ratings of the Class C certificates and withdraws its rating from the Class X interest-only class. FREMF 2013-KF02 is now collateralized by one commercial mortgage loan originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmation was based on KBRA’s analysis of the underlying collateral and the subordination available to the certificates. The transaction has experienced significant deleveraging of the capital structure that was primarily due to full payoffs of four loans that totaled $89.8 million since last review.

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KBRA Affirms All Classes of GSMS 2015-590M

NEW YORK, NY (October 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-590M, a $450.0 million CMBS single borrower transaction.  The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.  

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (October 3, 2018) – Kroll Bond Rating Agency (KBRA) releases September’s CMBS Trend Watch.

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KBRA Publishes CRE CLO Trends Spotlight

NEW YORK, NY (October 3, 2018) – Kroll Bond Rating Agency (KBRA) releases CRE CLO Trends Spotlight.

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KBRA Proposes European CMBS Rating Methodology

DUBLIN, IRELAND ( 2 October 2018) – Kroll Bond Rating Agency (KBRA) proposes methodology for rating securities backed by European commercial mortgages. The European CMBS Rating Methodology addresses KBRA’s approach to rating mortgage securitisations consisting of commercial real estate collateral originated in European countries.

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KBRA Affirms Classes B and C and Withdraws Class X-EXT of COMM 2014-FL5

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms Classes B and C and withdraws Class X-EXT of COMM 2014-FL5, a CMBS floating rate transaction collateralized by one mortgage loan indexed to the one-month London Interbank Offered Rate (LIBOR). The affirmations were based on KBRA’s analysis of the underlying collateral and the subordination available to the certificates. The Class X-EXT certificate was withdrawn as it only receives interest if the net coupon on the loan is in excess of the pass-through rate of the remaining pooled certificates. To date, there have been no excess interest due and payable to the Class X-EXT certificate and is unlikely to receive any in the future as the remaining loan’s net coupon is less than the pass-through rate of the pooled certificates.

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KBRA Affirms All Classes of BB-UBS Trust 2012-TFT

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BB-UBS Trust 2012-TFT, a $552.9 million CMBS large loan transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of 280 Park Avenue 2017-280P

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of 280 Park Avenue 2017-280P certificates, a $1.075 billion CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigns a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of JPMBB 2015-C32

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2015-C32, a $1.1 billion CMBS conduit transaction collateralized by 85 loans secured by 271 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of Great Wolf Trust 2017-WOLF

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Great Wolf Trust 2017-WOLF, a $1.0 billion CMBS single borrower transaction. The transaction collateral is secured by the borrower’s fee simple interests in 12 indoor waterpark resort properties, as well as a pledge of certain interests in non-real estate collateral consisting of certain franchise assets, equity interests and intellectual property. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of MSBAM 2015-C25

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2015-C25, a $1.16 billion CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 101 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of JPMCC 2015-UES

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2015-UES, a $500.0 million CMBS large loan transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loans.

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KBRA Affirms All Classes of CSAIL 2017-CX9

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2017-CX9, an $855.6 million CMBS conduit transaction collateralized by 31 mortgage loans secured by 70 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of BB-UBS Trust 2012-SHOW

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BB-UBS Trust 2012-SHOW certificates, an $835.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Rating for WFRBS 2013-C16

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its “AAA (sf)” rating from Class A-2 of the WFRBS 2013-C16 transaction following the full redemption of the rated security as reflected in the transaction’s September 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Assigns Ratings to FREMF 2018-K80 and Freddie Mac Structured Pass-Through Certificates K-080

NEW YORK, NY (September 26, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2018-K80 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-080 (see ratings list below). FREMF Series 2018-K80 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K80 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Withdraws Two Classes of FORT CRE 2016-1

NEW YORK, NY (September 26, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from the Class B notes and its AA (sf) rating from the Class C notes of FORT CRE 2016-1, a CRE CLO transaction, following the reduction of the principal balance to zero, as reflected in the transaction’s September 2018 remittance report. There was no defaulted or deferred interest reported during the life of these securities.

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KBRA Withdraws Rating on MSBAM 2013-C12

NEW YORK, NY (September 25, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the MSBAM 2013-C12 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s September 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to BSPRT 2018-FL4

NEW YORK, NY (September 24, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of BSPRT 2018-FL4, a $868.4 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 180-day ramp-up period. Benefit Street Partners, LLC, an affiliate of BSPRT Operating Partnership, will serve as the transaction’s collateral manager.

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KBRA Affirms All Classes of FREMF 2015-K49

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K49, a $1.5 billion CMBS multi-borrower transaction that is collateralized by 96 commercial mortgage loans 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 demonstrated stable performance since securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2014-K503

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B and Class C certificates and affirms all other classes of FREMF 2014-K503, a $970.1 million CMBS multi-borrower transaction collateralized by 31 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrade reflects the transaction’s deleveraging primarily due to defeasance, prepayments and amortization.

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KBRA Affirms All Classes of FREMF 2017-K727

NEW YORK, NY (September 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K727, a $1.4 billion CMBS multi-borrower transaction collateralized by 51 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Monitoring WPC Department Store Portfolio ($57.2 million) Due to Special Servicing Transfer

NEW YORK, NY (September 19, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring the $57.2 million WPC Department Store Portfolio following its transfer to the special servicer.  The debt is securitized in three CMBS transactions including MSCI 2015-UBS8, BACM 2015-UBS7 and CSAIL 2015-C3, all three of which are rated by KBRA. KBRA learned of the transfer with a notice dated August 20, 2018 that was posted in the MSCI 2015-UBS8 transaction. According to the servicer, Midland Loan Services, the borrower had requested the special servicing transfer in order to discuss a restructuring of the loan.

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KBRA Affirms All Classes of FREMF 2017-K67

NEW YORK, NY (September 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K67, a $1.4 billion CMBS multi-borrower transaction collateralized by 67 commercial mortgage loans 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 demonstrated stable performance since securitization.

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KBRA Credit Profile (KCP) K-LOC Index: August 2018

NEW YORK, NY (September 19, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of August.

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KBRA Withdraws Ratings on COMM 2013-CCRE8

NEW YORK, NY (September 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 and Class A-3 of the COMM 2013-CCRE8 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s September 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on JPMBB 2014-C26

NEW YORK, NY (September 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the JPMBB 2014-C26 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s September 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to UBS 2018-C13

NEW YORK, NY (September 17, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of UBS 2018-C13, a $714.9 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 68 properties.

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KBRA Withdraws Ratings on COMM 2013-CCRE7

NEW YORK, NY (September 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) ratings from the Class A-3, A-3FL and A-3FX certificates of the COMM 2013-CCRE7 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s September 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Ratings for CGCMT 2016-SMPL

NEW YORK, NY (September 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from seven classes of the CGCMT 2016-SMPL transaction following the full redemption of the rated securities as reflected in the transaction’s September 2018 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Withdraws Rating on COMM 2014-UBS2

NEW YORK, NY (September 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-UBS2 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s September 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of JPMBB 2014-C24

NEW YORK, NY (September 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2014-C24, a $1.2 billion CMBS conduit transaction collateralized by 51 loans secured by 57 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of WFCM 2016-LC24

NEW YORK, NY (September 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2016-LC24, a $1.0 billion CMBS conduit transaction collateralized by 90 commercial mortgage loans secured by 126 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms Ratings to MSBAM 2016-C30

NEW YORK, NY (September 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2016-C30, an $876.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of JPMBB 2014-C23

NEW YORK, NY (September 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2014-C23, a $1.3 billion CMBS conduit transaction collateralized by 60 loans secured by 87 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of JPMCC 2016-JP3

NEW YORK, NY (September 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2016-JP3, a $1.2 billion CMBS conduit transaction collateralized by 51 commercial mortgage loans secured by 61 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Upgrades Three Classes and Affirms All Other Classes of CGCMT 2013-GC17

NEW YORK, NY (September 12, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from "AA-"(sf) to "AA"(sf), the Class C certificates from "A-"(sf) to "A"(sf), and the Class PEZ certificates from "A-"(sf) to "A"(sf). All of the transaction’s other outstanding ratings have been affirmed. CGCMT 2013-GC17 is a $777.6 million CMBS conduit transaction collateralized by 63 loans secured by 63 properties. The upgrades reflect the continued improvement in the pool's credit performance, as well as the deleveraging of the transaction, which has paid down by 10.3% since closing and resulted in the repayment of the A-1 class. As of the August 2018 remittance period, another 18.9% was scheduled to mature in the next three months. Subsequent to this remittance period, 3.4% of these near-term maturities have been repaid in full.

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KBRA Assigns Ratings to BAMLL 2018-PARK

NEW YORK, NY (September 12, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of a AAA(sf) rating to the Class A certificates of BAMLL 2018-PARK, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Downgrades One Class and Affirms All Other Classes of COMM 2014-UBS5

NEW YORK, NY (September 11, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates and affirms all other classes of COMM 2014-UBS5, a $1.4 billion CMBS conduit transaction. The downgrade reflects the transaction’s decline in performance since securitization and KBRA’s estimated losses for three (7.5% of the pool balance) of the eight (15.4%) KBRA Loans of Concern (K-LOCs). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Affirms Ratings to COMM 2015-CCRE26

NEW YORK, NY (September 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2015-CCRE26, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of COMM 2014-CCRE20

NEW YORK, NY (September 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2014-CCRE20, a $1.1 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 95 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Affirms All Classes of MSBAM 2012-CKSV

NEW YORK, NY (September 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2012-CKSV, a $386.3 million CMBS large loan transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of COMM 2017-COR2

NEW YORK, NY (September 11, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2017-COR2, a $913.9 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 55 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of COMM 2016-COR1

NEW YORK, NY (September 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2016-COR1, a $881.6 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 50 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (September 10, 2018) – Kroll Bond Rating Agency (KBRA) releases August’s CMBS Trend Watch.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K80 and Freddie Mac Structured Pass-Through Certificates K-080

NEW YORK, NY (September 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2018-K80 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-080 (see ratings list below). FREMF Series 2018-K80 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K80 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms One Class of FREMF 2015-K1501

NEW YORK, NY (September 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding rating for one class of FREMF 2015-K1501, a $483.8 million CMBS multi-borrower transaction collateralized by 22 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmation follows a surveillance review of the transaction, which has demonstrated stable collateral performance.

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KBRA Affirms Ratings to GSMS 2016-GS3

NEW YORK, NY (September 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2016-GS3, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Downgrades One Class and Affirms All Other Classes of GSMS 2014-GC24

NEW YORK, NY (September 5, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates and affirms all other classes of GSMS 2014-GC24, a $1.0 billion CMBS conduit transaction collateralized by 74 mortgage loans secured by 110 properties. The downgrades reflect the transaction’s decline in performance since issuance, and KBRA’s estimated losses for two (3.8% of the pool balance) of the six (19.0%) KBRA Loans of Concern (K-LOCs). Two Top 15 loans have been designated as K-LOCs with losses, including the ninth largest specially-serviced loan, Hampton Inn & Suites Yonkers (2.3%), as well as the Arbutus Shopping Center (14th largest, 1.5%). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Affirms All Classes of UBS-BB 2012-C3

NEW YORK, NY (August 31, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBSBB 2012-C3, a $870.6 million CMBS conduit transaction collateralized by 70 commercial mortgage loans secured by 96 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Bond Rating Agency Publishes Research: REIT Q2'18 Credit Update - REITs Find Their Mojo, Leverage Back To Record Low

NEW YORK, NY (August 30, 2018) – Kroll Bond Rating Agency (KBRA) issues a new report, “REIT Q2’18 Credit Update - REITs Find Their Mojo, Leverage Back To Record Low”. 

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KBRA Upgrades the Class B, C, and D Notes and Affirms the Class E and F Notes for FORT CRE 2016-1

NEW YORK, NY (August 30, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B notes from “AA” (sf) to “AAA” (sf), the Class C notes from “A” (sf) to “AA” (sf), and the Class D notes from “BBB-” (sf) to “A-” (sf), and affirms all other outstanding ratings for FORT CRE 2016-1, a commercial real estate collateralized loan obligation (CRE CLO) transaction. The Class B and C notes were removed from Watch Upgrade where they were placed on June 6, 2018. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of 21 loans (62.4% of the issuance collateral balance) since issuance.

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KBRA Assigns Ratings to BBCMS 2018-CHRS

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of a AAA (sf) rating to the Class A certificates of BBCMS 2018-CHRS, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Affirms All Classes of MOTEL 6 Trust 2017-MTL6

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MOTEL 6 Trust 2017-MTL6, a $2.0 billion CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Withdraws Rating on FREMF 2012-K711

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the FREMF 2012-K711 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s August 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Rating on WFRBS 2013-C14

NEW YORK, NY (August 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the WFRBS 2013-C14 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s August 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of CGCMT 2016-SMPL

NEW YORK, NY (August 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-SMPL, a $540.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of VNDO 2013-PENN

NEW YORK, NY (August 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of VNDO 2013-PENN, a $450.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to WFCM 2018-C46

NEW YORK, NY (August 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of WFCM 2018-C46 (see ratings list below), a $692.1 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 55 properties.

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KBRA Assigns Ratings to UBS 2018-C12

NEW YORK, NY (August 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of UBS 2018-C12 (see ratings list below), a $804.9 million CMBS conduit transaction collateralized by 65 commercial mortgage loans secured by 75 properties.

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KBRA Assigns Ratings to CD 2018-CD7

NEW YORK, NY (August 24, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of CD 2018-CD7 (see ratings list below), a $717.4 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 72 properties.

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KBRA Affirms All Classes of BCRR 2014-FRR1

NEW YORK, NY (August 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BCRR 2014-FRR1, a re-securitization of the FREMF 2014-K716 securitization’s (the underlying trust) Class D certificates. FREMF 2014-K716 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Market Execution (CME) program. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since re-securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2012-K23

NEW YORK, NY (August 23, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the B certificates from “AA-” (sf) to “AA” (sf), C certificates from “BBB+” (sf) to “A-” (sf) and affirmed all other outstanding ratings for FREMF 2012-K23, a $1.3 billion CMBS multi-borrower transaction. The transaction is collateralized by 76 loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades were primarily driven by the continued improvement in the pool’s credit performance, as well as defeasances.

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KCP Special Report: Hurricane Lane Breezes Towards Hawaii

While there has been an absence of major hurricane activity in the Atlantic Ocean this season, Hurricane Lane is currently on track to impact the island of Hawaii later this week. The Category 5 hurricane has been identified as a serious threat by the National Hurricane Center and is expected to move dangerously close to or over the main Hawaiian Islands from Thursday through Saturday.

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KBRA Credit Profile (KCP) K-LOC Index: July 2018

NEW YORK, NY (August 21, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of July.

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KBRA Affirms All Classes of MAD 2015-11MD

NEW YORK, NY (August 21, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of MAD 2015-11MD, a $708.2 million, CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to BAMLL 2018-PARK

NEW YORK, NY (August 21, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of AAA(sf) preliminary ratings to the Class A and Class X certificates of BAMLL 2018-PARK, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Withdraws Ratings from JPMCC 2015-SGP

NEW YORK, NY (August 21, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings for four classes of JPMCC 2015-SGP commercial mortgage pass-through certificates with an aggregate outstanding principal balance of $793.2 million. The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s August 2018 remittance report.

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KBRA Assigns Ratings to HUNT 2018-FL2

NEW YORK, NY (August 20, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of  ratings to seven classes of HUNT 2018-FL2, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with a 36-month reinvestment period commencing with a 180-day ramp-up period. Hunt Investment Management, LLC will act as collateral manager for the transaction.

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KBRA Withdraws Ratings on JPMBB 2013-C12

NEW YORK, NY (August 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 and A-3 of the JPMBB 2013-C12 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s August 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on MSBAM 2015-C26

NEW YORK, NY (August 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the MSBAM 2015-C26 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s August 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Upgrades Classes B, C, and D and Affirms All Other Classes of RCMF 2017-FL1

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B certificates from “AA- (sf)” to “AA+ (sf)”, the Class C certificates from “A- (sf)” to “AA- (sf)”, and the Class D certificates from “BBB- (sf)” to “BBB+ (sf)”, and affirms its other outstanding ratings for RCMF 2017-FL1, a commercial real estate collateralized loan obligation (CRE CLO) transaction with limited reinvestment ability. The Class B and C certificates were removed from Watch Upgrade where they were placed on June 1, 2018. The upgrades reflect the transaction’s increased subordination levels, primarily the result of the full payoff of 18 loans (45.0% of the issuance collateral balance) since issuance.

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KBRA Affirms All Classes of MSBAM 2013-C12

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2013-C12, a $1.14 billion CMBS conduit transaction collateralized by 69 commercial mortgage loans secured by 87 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Upgrades Three Classes and Affirms All Other Classes of WFRBS 2013-C16

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from “AA- (sf)” to “AA (sf), and the C and PEX certificates from “A- (sf)” to “A (sf),” and affirms all other outstanding ratings of WFRBS 2013-C16, a $876.1 million CMBS conduit transaction collateralized by 83 mortgage loans secured by 106 properties. The upgrades reflect the continued improvement in the pool’s credit performance, defeasances and increased credit enhancement due to deleveraging from amortization and loan payoffs. Since securitization, three loans (11.4% of the original pool balance) have been repaid in full and two loans (3.0% of the pool balance) have fully defeased. The transaction’s total principal balance has decreased by 16.2%. The A-1 class has been retired and there has also been a significant paydown (73.0%) of the A-2 class. In addition, three loans (4.7% of pool, $41.5 million UPB) are scheduled to mature next month, September 2018, which can reduce the transaction balance further.

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KBRA Affirms Ratings to BACM 2015-UBS7

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BACM 2015-UBS7, a $734.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Withdraws Rating on COMM 2014-UBS4

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-UBS4 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s August 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms Ratings to WFCM 2017-C39

NEW YORK, NY (August 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2017-C39, a $1.1 billion CMBS conduit transaction collateralized by 64 mortgage loans secured by 149 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of BX Trust 2017-SLCT

NEW YORK, NY (August 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BX Trust 2017-SLCT, a $1.4 billion CMBS single borrower transaction. The transaction’s outstanding ratings are affirmed, as the magnitude of the change in KBRA value and KLTV do not warrant ratings actions at this time.

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KBRA Affirms All Classes of CGDBB 2017-BIOC

NEW YORK, NY (August 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGDBB 2017-BIOC, a $825.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Affirms All Classes of CD 2017-CD5

NEW YORK, NY (August 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CD 2017-CD5, a $928 million CMBS conduit transaction collateralized by 48 mortgage loans secured by 134 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of WFCM 2016-BNK1

NEW YORK, NY (August 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2016-BNK1, an $859.8 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 46 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of AOTA 2015-1211

NEW YORK, NY (August 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of AOTA 2015-122, a $1.0 billion CMBS single borrower transaction.  The transaction’s outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time.

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KBRA Affirms All Classes of Bancorp 2017-CRE2

NEW YORK, NY (August 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Bancorp 2017-CRE2, a $286.8 million static commercial real estate collateralized loan obligation (CRE CLO) with no reinvestment ability. The transaction is a REMIC trust with a cash flow waterfall that is similar to those in a CMBS pass-through transaction and does not employ Interest Coverage (IC) or Overcollateralization (OC) cash diversion tests. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance.

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KBRA Upgrades Classes B, C, and EC and Affirms All Other Classes of JPMCC 2012-C8

NEW YORK, NY (August 9, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings on the Class B, C, and EC certificates and affirms its other outstanding ratings for JPMCC 2012-C8. The upgrades reflect the improved credit metrics since issuance as well as increased credit enhancement (C/E) levels due to deleveraging from amortization and loan payoffs. The transaction’s total principal balance has paid down by $298.6 million since issuance (26.3% of the pool balance), and the A-1 and A-2 classes have been retired. In addition, the tenth largest loan, One Kennedy Square (2.8%), has defeased.

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KBRA Affirms All Classes of MSSG 2017-237P

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSSG 2017-237P, a $477.8 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigns a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Affirms All Classes of BBCMS 2016-ETC

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BBCMS 2016-ETC, a $512.5 million CMBS single borrower transaction.  The transaction’s outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time.

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KBRA Downgrades Four Classes and Affirms All Other Classes of WFRBS 2014-C22

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class E certificate from “BB- (sf)” to “B+ (sf)” and the Class F certificate from “B- (sf)” to “CCC (sf).” KBRA also downgraded the referenced Class X-C and Class X-D certificates to “B+ (sf)” and “CCC (sf),” respectively. All of the other outstanding ratings have been affirmed for WFRBS 2014-C22, a $1.4 billion CMBS conduit transaction collateralized by 127 commercial mortgage loans secured by 165 properties. The downgrades reflect KBRA’s estimated losses for two KBRA Loans of Concern (K-LOCs); the Gander Mountain - Arlington REO asset (0.6%) and the Alpha Health Center loan (1.1%), which is in foreclosure. In total there are four K-LOCs (4.0%) with projected losses in the pool.

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KBRA Publishes Update on the St. John's Place in the BSPRT 2017-FL2 and BSPRT 2018-FL3 Transactions

NEW YORK, NY (August 7, 2018) – In July 2018, Kroll Bond Rating Agency (KBRA) commented on the 564 St. John’s Place senior loan (see the related press release) after UCC public sale notices relating to the mezzanine loan on the property were published. It is KBRA’s understanding that both loans were paid off in full on August 3, 2018. 

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KBRA Affirms All Classes of GSMS 2017-GS7

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2017-GS7, a $1.1 billion CMBS conduit transaction collateralized by 32 mortgage loans secured by 35 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Ratings to BDS 2018-FL2

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of BDS 2018-FL2, a $420.0 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the post-closing ability to acquire pari passu companion participations related to the closing date assets. The transaction is expected to be collateralized by 19 commercial mortgage assets, consisting of 12 pari passu participations (70.5%), six whole loans (26.9%), and one senior participation (2.6%) backed by a total of 23 properties. Seventeen loans (77.2%) are secured by the borrowers’ fee simple interests and two loans (22.8%) are secured by the borrowers’ leasehold interests in the related mortgaged properties.

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KBRA Assigns Preliminary Ratings to WFCM 2018-C46

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of WFCM 2018-C46 (see ratings list below), a $692.1 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 55 properties.

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KBRA Affirms All Classes of JPMBB 2015-C31

NEW YORK, NY (August 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2015-C31, a $997.9 million CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 144 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (August 6, 2018) – Kroll Bond Rating Agency (KBRA) releases July’s CMBS Trend Watch.

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KBRA Affirms All Classes of COMM 2014-277P

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-277P certificates, a $750.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of BAMLL 2014-520M

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2014-520M certificates, a $675.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of BAMLL 2012-PARK

NEW YORK, NY (August 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms all classes for BAMLL 2012-PARK, a $300 million single borrower transaction. The affirmations follow the full defeasance of the loan. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Downgrades One Class and Affirms All Other Classes of CGCMT 2012-GC8

NEW YORK, NY (August 2, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates and affirms all other classes of CGCMT 2012-GC8, a $781.7 million CMBS conduit transaction collateralized by 49 mortgage loans secured by 84 properties. The downgrade reflects the transaction’s decline in both credit metrics and property operating performance primarily attributed to the four largest loans including Miami Center (13.4% of the pool balance), 17 Battery Place South (2nd largest, 11.1%), Pinnacle at Westchase (3rd, 9.2%) and Gansevoort Park Avenue (4th, 9.0%), in addition to the identification of six K-LOCs (33.9%) including three (12.5%) that were assigned losses.

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KBRA Assigns Preliminary Ratings to HUNT 2018-FL2

NEW YORK, NY (August 2, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of HUNT 2018-FL2, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with a 36-month reinvestment period commencing with a 180-day ramp-up period. Hunt Investment Management, LLC will act as collateral manager for the transaction.

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KBRA Affirms All Classes of CSAIL 2015-C3

NEW YORK, NY (August 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CSAIL 2015-C3, a $1.4 billion CMBS conduit transaction collateralized by 89 mortgage loans secured by 167 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms Ratings for All Classes of Notes for BSPRT 2018-FL3 Following the Ramp-Up Completion Date

NEW YORK, NY (July 31, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for all classes of Notes issued in the BSPRT 2018-FL3 securitization following the Ramp-Up Completion Date. BSPRT 2018-FL3 is a $610.0 million managed CRE CLO transaction with an initial 24-month reinvestment period that commenced with a 120-day ramp-up period. The Ramp-Up Completion Date occurred on July 20, 2018.

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KBRA Downgrades Two Classes and Affirms All Other Classes of COMM 2015-CCRE25

NEW YORK, NY (July 31, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class E and F certificates and affirms all other classes of COMM 2015-CCRE25, a $1.1 billion CMBS conduit transaction collateralized by 84 mortgage loans secured by 145 properties. The downgrades reflect the transaction’s decline in performance since last review, and KBRA’s estimated losses for three (5.6% of the pool balance) of the five (6.2%) KBRA Loans of Concern (K-LOCs). These included within the top 10, the seventh largest specially-serviced loan, Monarch 815 at East Tennessee State (2.9%), as well as the real estate owned (REO) Square 95 (10th largest, 2.2%). K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Upgrades One Class and Affirms All Other Classes of COMM 2014-CCRE19

NEW YORK, NY (July 31, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from AA- (sf) to AA (sf) and affirms all other outstanding ratings of COMM 2014-CCRE19, a $1.1 billion CMBS conduit transaction collateralized by 68 commercial mortgage loans secured by 81 properties. The upgrades reflect the continued improvement in the pool’s collateral performance and defeasances since securitization.

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KBRA Assigns Ratings to SGCP 2018-FL1

NEW YORK, NY (July 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of SGCP 2018-FL1, a $415.1 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the post-closing ability to acquire pari passu companion participations related to the closing date assets. The transaction is collateralized by 22 commercial mortgage assets, consisting of 15 whole loans (57.4%) and seven pari passu participations (42.6%) backed by a total of 41 properties. Nineteen loans (74.2%) are secured by the borrowers’ fee simple interests, one loan (16.7%) is secured by the borrower’s fee simple and leasehold interests, and two loans (9.1%) are secured by the borrowers’ leasehold interests in the related mortgaged properties.

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KBRA Monitoring WFRBS 2014-C24 Due to Large Special Servicing Transfer

NEW YORK, NY (July 31, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring WFRBS 2014-C24, a $1.2 billion CMBS conduit transaction, regarding the special servicing transfer of the transaction’s 2nd largest loan, Two Westlake Park (8.8% of the pool balance). KBRA learned of the transfer with a notice dated July 17, 2018. The master servicer, Wells Fargo Bank, National Association, transferred the $91.0 million loan to the special servicer, Rialto Capital Advisors, due to imminent monetary default. No additional information was provided in the notice.

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KBRA Assigns Preliminary Ratings to UBS 2018-C12

NEW YORK, NY (July 30, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of UBS 2018-C12 (see ratings list below), a $804.9 million CMBS conduit transaction collateralized by 65 commercial mortgage loans secured by 75 properties.

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KBRA Assigns Preliminary Ratings to CD 2018-CD7

NEW YORK, NY (July 30, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of CD 2018-CD7, a $717.4 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 72 properties.

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KBRA Publishes CMBS Research: CMBS 2.0 Appraisal Reduction Amounts on the Rise; Losses to Follow

NEW YORK, NY (July 30, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report entitled, “CMBS 2.0 Appraisal Reduction Amounts on the Rise; Losses to Follow.”

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KBRA Upgrades Three Classes of GSMS 2012-ALOHA

NEW YORK, NY (July 27, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the ratings of the Class B certificates from “AA (sf)” to “AA+ (sf)”, the Class C certificates from “A (sf)” to “AA- (sf)”, and the Class D certificates from “BBB (sf)” to “A- (sf)”. All of the transaction’s other outstanding ratings have been affirmed. GSMS 2012-ALOHA is a $1.4 billion CMBS single borrower transaction. The upgrades were primarily driven by the overall strong cash flow since issuance, as well as the additional loan collateral that was successfully integrated into the mall’s operations during the past several years. KBRA maintains a KBRA Performance Outlook (KPO) of Outperform for the loan.

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KBRA Assigns Ratings to M360 2018-CRE1

NEW YORK, NY (July 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to five classes of M360 2018-CRE1, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with a 12-month reinvestment period. M360 Advisors, LLC, an affiliate of Money360, Inc., will act as collateral manager for the transaction.

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KBRA Assigns Ratings to GSMS 2018-RIVR

NEW YORK, NY (July 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of GSMS 2018-RIVR, a CMBS single-borrower securitization.

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KBRA Affirms All Classes of COMM 2012-LTRT

NEW YORK, NY (July 26, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2012-LTRT, a $233.4 million, CMBS large loan transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review and issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of CGCMT 2014-GC23

NEW YORK, NY (July 25, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2014-GC23, an $1.16 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 92 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of MSBAM 2015-C24

NEW YORK, NY (July 25, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2015-C24, an $918.8 million CMBS conduit transaction collateralized by 74 mortgage loans secured by 130 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Affirms All Classes of FREMF 2017-K66

NEW YORK, NY (July 23, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2017-K66, a $1.3 billion CMBS multi-borrower transaction collateralized by 61 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Assigns Preliminary Ratings to BDS 2018-FL2

NEW YORK, NY (July 23, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of BDS 2018-FL2, a $420.0 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the post-closing ability to acquire pari passu companion participations related to the closing date assets. The transaction is expected to be collateralized by 19 commercial mortgage assets, consisting of 12 pari passu participations (70.5%), six whole loans (26.9%), and one senior participation (2.6%) backed by a total of 23 properties. Seventeen loans (77.2%) are secured by the borrowers’ fee simple interests and two loans (22.8%) are secured by the borrowers’ leasehold interests in the related mortgaged properties.

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KBRA Withdraws Rating on COMM 2014-FL5

NEW YORK, NY (July 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A of the COMM 2014-FL5 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of FREMF 2013-K32

NEW YORK, NY (July 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2013-K32, a $1.4 billion CMBS multi-borrower transaction collateralized by 90 commercial mortgage loans 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 credit metrics since last review.

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KBRA Withdraws Rating on WFCM 2014-LC18

NEW YORK, NY (July 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFCM 2014-LC18 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Upgrades One Class and Affirms Six Classes of FREMF 2012-K20

NEW YORK, NY (July 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the rating of the Class B certificates from “AA- (sf)” to “AA (sf).” All of the transaction’s other outstanding ratings have been affirmed. FREMF 2012-K20 is a $1.2 billion CMBS multi-borrower transaction collateralized by 77 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrade was primarily due to improved collateral performance and defeasance.

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KBRA Withdraws the Rating for One Class of Certificates for JPMBB 2013-C17

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the JPMBB 2013-C17 transaction following the reduction of its principal balance to zero as reflected on the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of Madison Avenue Trust 2013-650M

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Madison Avenue Trust 2013-650M, a $675.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited relatively stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms Ratings for FREMF 2016-K56

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K56, a $1.2 billion CMBS multi-borrower transaction collateralized by 82 commercial mortgage loans 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 credit metrics since last review and securitization.

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KBRA Places Two Classes of RCMT 2015-2 on Watch Upgrade

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) places the ratings for the Class C and D certificates of RCMT 2015-2, a small balance commercial transaction, on Watch Upgrade. The watch placements are based on increased credit enhancement due to deleveraging from loan payoffs and amortization. 

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KBRA Withdraws Rating on JPMBB 2014-C23

NEW YORK, NY (July 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the JPMBB 2014-C23 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Rating on WFCM 2015-C27

NEW YORK, NY (July 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the WFCM 2015-C27 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Credit Profile (KCP) K-LOC Index: June 2018

NEW YORK, NY (July 18, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of June.

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KBRA Assigns Preliminary Ratings to SGCP 2018-FL1

NEW YORK, NY (July 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of SGCP 2018-FL1, a $415.1 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the post-closing ability to acquire pari passu companion participations related to the closing date assets. The transaction will be collateralized by 22 commercial mortgage assets, consisting of 15 whole loans (57.4%) and seven pari passu participations (42.6%) backed by a total of 41 properties. Nineteen loans (74.2%) are secured by the borrowers’ fee simple interests, one loan (16.7%) is secured by the borrower’s fee simple and leasehold interests, and two loans (9.1%) are secured by the borrowers’ leasehold interests in the related mortgaged properties.

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KBRA Withdraws Rating on COMM 2013-CCRE6

NEW YORK, NY (July 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2013-CCRE6 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of WFRBS 2013-C15

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2013-C15, a $983.5 million CMBS conduit transaction collateralized by 81 commercial mortgage loans secured by 124 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Withdraws Ratings for JPMCC 2014-CBM

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from eight classes of the JPMCC 2014-CBM transaction following the full redemption of the rated securities as reflected in the transaction’s July 2018 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Assigns Preliminary Ratings to GSMS 2018-RIVR

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of GSMS 2018-RIVR, a CMBS single-borrower securitization.

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KBRA Assigns Preliminary Ratings to BBCMS 2018-CHRS

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of AAA (sf) preliminary ratings to the Class A and Class X certificates of BBCMS 2018-CHRS, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Assigns Preliminary Ratings to M360 2018-CRE1

NEW YORK, NY (July 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of M360 2018-CRE1, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with a 12-month reinvestment period. M360 Advisors, LLC, an affiliate of Money360, Inc., will act as collateral manager for the transaction.

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KBRA Withdraws Rating on CGCMT 2013-GC17

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the CGCMT 2013-GC17 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of UBS 2017-C2

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C2, an $894.8 million CMBS conduit transaction collateralized by 59 mortgage loans secured by 205 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Monitoring Loan in BSPRT 2017-FL2 and BSPRT 2018-FL3 Transactions

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) is monitoring the BSPRT 2017-FL2 and BSPRT 2018-FL3 transactions after UCC public sale notices relating to the 564 St. John’s Place mezzanine loan were placed in recent editions of The Wall Street Journal and Commercial Mortgage Alert. The $8.0 million mezzanine loan and an $81.0 million senior loan were originated by Benefit Street Partners Realty Operating Partnership, L.P. (BSPRT Operating Partnership), an affiliate of Benefit Street Partners, L.L.C. in October 2017.

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KBRA Affirms All Classes of CGCMT 2015-P1

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2015-P1, a $1.1 billion CMBS conduit transaction collateralized by 45 mortgage loans secured by 146 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Withdraws Rating on COMM 2013-CCRE13

NEW YORK, NY (July 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2013-CCRE13 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s July 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of MSCI 2016-UBS11

NEW YORK, NY (July 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSCI 2016-UBS11, a $704.8 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 75 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of UBS 2017-C3

NEW YORK, NY (July 12, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS 2017-C3, a $705.2 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 65 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA Assigns Ratings to UBS 2018-C11

NEW YORK, NY (July 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of UBS 2018-C11 (see ratings list below), a $803.8 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 91 properties.

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KBRA Affirms All Classes of IMT Trust 2017-APTS

NEW YORK, NY (July 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of IMT Trust 2017-APTS, a $536.0 million CMBS single borrower transaction. The transaction’s outstanding ratings are affirmed, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time.

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KBRA Affirms All Classes of DBJPM 2016-C3

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DBJPM 2016-C3, an $885.0 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 54 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of SGCMS 2016-C5

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of SGCMS 2016-C5, a $726.9 million CMBS conduit transaction collateralized by 47 commercial mortgage loans secured by 138 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) releases June’s CMBS Trend Watch.

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KBRA Affirms All Classes of DBJPM 2016-SFC

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBJ 2016-SFC, a $306.9 million, CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform to the loan.

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KBRA Withdraws Rating on MSCI 2015-XLF1

NEW YORK, NY (July 9, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class B of the MSCI 2015-XLF1 transaction, following the full redemption of the rated securities as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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KBRA Affirms All Classes of GSMS 2013-GC13

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2013-GC13, a $1.2 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 86 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of Shops at Crystals 2016-CSTL

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Shops at Crystals 2016-CSTL, a $300.0 million CMBS single borrower transaction. The transaction’s outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time.

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KBRA Assigns Ratings to J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to eight classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, a $1.0 billion CMBS single-asset, single-borrower transaction.

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KBRA Assigns Ratings to Marathon 2018-FL1

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of Marathon 2018-FL1, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with a two-year reinvestment period that commences with a 120-day ramp-up period. Marathon Asset Management, L.P. will act as collateral manager for the transaction.

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KBRA Withdraws Ratings for BHMS 2014-ATLS

NEW YORK, NY (July 6, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from 16 classes of the BHMS 2014-ATLS transaction following the full redemption of the rated securities as reflected in the transaction’s July 2018 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Affirms All Classes of GSMS 2013-GCJ14

NEW YORK, NY (July 5, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2013-GCJ14, a $1.09 billion CMBS conduit transaction collateralized by 77 mortgage loans secured by 109 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance.

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KBRA Downgrades One Class and Affirms All Remaining Classes of COMM 2013-CCRE9

NEW YORK, NY (July 2, 2018) – Kroll Bond Rating Agency (KBRA) downgraded the rating of the Class F certificates from “B (sf)” to “B- (sf),” and affirmed the ratings of the remaining classes of COMM 2013-CCRE9. The $1.1 billion CMBS conduit transaction is collateralized by 74 commercial mortgage loans secured by 94 properties.  The downgrade was primarily driven by the identification of ten K-LOCs (14.9%) including three (11.0%) that were assigned losses.

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KBRA Affirms All Classes of BXP Trust 2017-GM

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BXP Trust 2017-GM, a $1.6 billion CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to RCMF 2018-FL2

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) announces the assignment of ratings to six classes of RCMF 2018-FL2, a $278.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization, with the post-closing ability to acquire companion pari passu participations related to the closing date assets.

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KBRA Assigns Ratings to Aventura Mall Trust 2018-AVM

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to five classes of Aventura Mall Trust 2018-AVM, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Assigns Ratings to FREMF 2018-K732 and Freddie Mac Structured Pass-Through Certificates K-0732

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2018-K732 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0732 (see ratings list below). FREMF Series 2018-K732 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K732 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of JPMCC 2016-NINE

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2016-NINE, an $857.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of WFCM 2016-C35

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2016-C35, a $1.0 billion CMBS conduit transaction collateralized by 102 commercial mortgage loans secured by 140 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Upgrades Four Classes and Affirms All Other Classes of MSCI 2014-MP

NEW YORK, NY (June 27, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B, C, D, and E certificates to “AAA (sf)” and removed each of these classes from Watch Upgrade where they were placed on May 17, 2018. All of the transaction’s other outstanding rating for MSCI 2014-MP, a $463.9 million single borrower transaction were affirmed. The upgrades were the result of the full defeasance of the loan. In addition, the mezzanine loan in the amount of $155.2 million was paid off in full. KBRA revised the loan’s KBRA Performance Outlook (KPO) to Outperform from Perform.

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KBRA Affirms All Classes of Notes for BSPRT 2017-FL1

NEW YORK, NY (June 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of notes for BSPRT 2017-FL1, a $418.1 million CMBS commercial real estate collateralized loan obligation (CRE CLO) transaction with a 12-month reinvestment period that expires on July 16, 2018. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance.

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KBRA Affirms All Classes of CGCMT 2015-GC31

NEW YORK, NY (June 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2015-GC31, a $709.6 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 75 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Assigns Ratings to XAN 2018-RSO6

NEW YORK, NY (June 26, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of XAN 2018-RSO6, a $514.2 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the post-closing ability to acquire companion pari passu participations related to the closing date assets. The transaction will initially be collateralized by 27 commercial mortgage assets, consisting of 20 pari passu participations (68.1%) and seven whole loans (31.9%) backed by a total of 38 properties. The mortgage assets are secured by the related borrowers’ fee simple interests in 36 properties (92.3%) and leasehold interests in two properties (7.7%).

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KBRA Assigns Preliminary Ratings to J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ

NEW YORK, NY (June 25, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, a $1.0 billion CMBS single-asset, single-borrower transaction.

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KBRA Withdraws Rating on WFRBS 2014-C22

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFRBS 2014-C22 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of WFCM 2017-C38

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2017-C38, a $1.1 billion CMBS conduit transaction collateralized by 76 mortgage loans secured by 210 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Withdraws Rating on DBCG 2017-BBG

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class X-CP of the DBCG 2017-BBG transaction following the reduction of its notional balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn securities.

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KBRA Affirms All Classes of LCCM 2017-LC26

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of LCCM 2017-LC26, a $621.6 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 69 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA Affirms All Classes of FREMF 2017-K726

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2017-K726, a $1.1 billion CMBS multi-borrower transaction collateralized by 49 commercial mortgage loans 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 collateral performance since securitization.

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KBRA Credit Profile (KCP) K-LOC Index: May 2018

NEW YORK, NY (June 20, 2018) – Kroll Bond Rating Agency (KBRA) releases its KBRA Credit Profile (KCP) K-LOC Index for the month of May.

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KBRA Assigns Ratings to CGCMT 2018-C5

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of CGCMT 2018-C5 (see ratings list below), a $668.2 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 45 properties.

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KBRA Affirms Ratings to FREMF 2015-K47

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2015-K47, a $1.4 billion CMBS multi-borrower transaction collateralized by 89 commercial mortgage loans 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 slightly improved credit metrics since securitization.

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KBRA Affirms All Classes of FREMF 2017-K65

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2017-K65, a $1.3 billion CMBS multi-borrower transaction collateralized by 72 commercial mortgage loans 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 credit metrics since securitization.

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KBRA Assigns Preliminary Ratings to Marathon 2018-FL1

NEW YORK, NY (June 20, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of Marathon 2018-FL1, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with a two-year reinvestment period that commences with a 120-day ramp-up period. Marathon Asset Management, L.P. will act as collateral manager for the transaction.

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KBRA Affirms All Classes of BAMLL 2015-ASTR

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of BAMLL 2015-ASTR, a $273.5 million, CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of DBUBS 2011-LC3 Providence Place Mall

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBUBS 2011-LC3 Providence Place Mall, a CMBS conduit/fusion transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Ratings on GP Portfolio Trust 2014-GPP

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from five classes of GP Portfolio Trust 2014-GPP, a $242.0 million CMBS single borrower transaction. The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Ratings on SCG Trust 2013-SRP1

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from six classes of SCG Trust 2013-SRP1, a $760.0 million CMBS single borrower transaction. The ratings withdrawals follow the full repayment of the rated securities as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Ratings for GSMS 2014-NEW

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from eight classes of the GSMS 2014-NEW transaction following the full redemption of the rated securities as reflected in the transaction’s June 2018 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Withdraws Rating on FREMF 2013-KF02

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its BBB+ (sf) rating from Class B of the FREMF 2013-KF02 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Ratings for JPMCC 2016-WPT

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from seven classes of the JPMCC 2016-WPT transaction following the full redemption of the rated securities as reflected in the transaction’s June 2018 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Withdraws Rating on MSBAM 2014-C18

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the MSBAM 2014-C18 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on COMM 2013-CCRE12

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the COMM 2013-CCRE12 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Ratings on GSMS 2014-GC22

NEW YORK, NY (June 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Classes A-1 and A-2 of the GSMS 2014-GC22 transaction, following the reduction of the principal balances to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on WFCM 2015-C27

NEW YORK, NY (June 18, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the WFCM 2015-C27 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Rating on WFRBS 2014-C19

NEW YORK, NY (June 18, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFRBS 2014-C19 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Assigns Preliminary Ratings to UBS 2018-C11

NEW YORK, NY (June 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2018-C11, a $803.8 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 91 properties.

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KBRA Downgrades Two Classes and Affirms All Other Classes of JPMCC 2014-DSTY

NEW YORK, NY (June 18, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class D and E certificates and affirms all other classes of JPMCC 2014-DSTY, a $430.0 million CMBS large loan transaction. The downgrades were driven by the transaction’s decline in operating performance, higher deal level KLTV reflecting lower KNCF and capitalization rate increases, and concerns regarding the loan’s refinancing at its final maturity date in a potentially less favorable financing environment for malls. KBRA has identified each of the loans as a KBRA Loan of Concern (K-LOC). K-LOCs consists of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. In addition, KBRA maintains a KBRA Performance Outlook (KPO) of Underperform for each of the loans.

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KBRA Assigns Preliminary Ratings to Aventura Mall Trust 2018-AVM

NEW YORK, NY (June 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of Aventura Mall Trust 2018-AVM, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K732 and Freddie Mac Structured Pass-Through Certificates K-0732

NEW YORK, NY (June 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2018-K732 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0732. FREMF Series 2018-K732 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K732 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of Notes for RAIT 2017-FL7

NEW YORK, NY (June 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of notes for RAIT 2017-FL7, a $340.7 million CMBS commercial real estate collateralized loan obligation (CRE CLO) transaction with limited reinvestment ability. The affirmations follow a surveillance review of the transaction and are a result of the stable transaction performance.

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KBRA Assigns Ratings to JPMDB 2018-C8

NEW YORK, NY (June 15, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of JPMDB 2018-C8 (see ratings list below), a $713.1 million CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 69 properties.

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KBRA Withdraws Ratings for COMM 2014-FL4

NEW YORK, NY (June 15, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from three classes of the COMM 2014-FL4 transaction following the full redemption of the rated securities as reflected in the transaction’s June 2018 remittance report. There were no interest shortfalls or principal losses reported during the life of the withdrawn securities.

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KBRA Withdraws Rating on COMM 2013-CCRE9

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the COMM 2013-CCRE9 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s June 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of WFCM 2013-LC12

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2013-LC12, a $1.3 billion CMBS conduit transaction collateralized by 82 commercial mortgage loans secured by 144 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of CSAIL 2017-C8

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSAIL 2017-C8, an $809.4 million CMBS conduit transaction collateralized by 32 mortgage loans secured by 55 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of JPMBB 2015-C30

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMBB 2015-C30, a $1.3 billion CMBS conduit transaction collateralized by 67 mortgage loans secured by 145 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Assigns Preliminary Ratings to RCMF 2018-FL2

NEW YORK, NY (June 13, 2018) – Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to six classes of RCMF 2018-FL2, a $278.3 million commercial real estate collateralized loan obligation (CRE CLO) securitization, with the post-closing ability to acquire companion pari passu participations related to the closing date assets.

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KBRA Affirms All Classes of FREMF 2015-K46

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K46, a $1.6 billion CMBS multi-borrower transaction collateralized by 82 commercial mortgage loans secured by 81 properties 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 demonstrated stable performance since securitization.

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KBRA Affirms All Classes of RR 2015-1

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of RR 2015-1, a re-securitization of the FREMF 2015-K46 securitization’s (the underlying trust) Class D certificates. FREMF 2015-K46 was issued 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 collateral performance since re-securitization.

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KBRA Affirms All Classes of MSCI 2015-MS1

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2015-MS1, an $869.6 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 59 properties. The affirmations follow a surveillance review of the transaction, which has exhibited a moderate decline in performance since issuance primarily the result of the decline in operating performance of the second largest loan, 300 South Riverside Plaza Fee (7.7% of the pool balance).

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KBRA Affirms All Classes of CGCMT 2016-P4

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-P4, a $714.6 million CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 64 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Affirms All Classes of BBSG 2016-MRP

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BBSG 2016-MRP, a $162.0 million, CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Upgrades and Affirms Ratings for JPMCC 2014-FL6

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B and C certificates and affirms Class X-EXT of JPMCC 2014-FL6, a CMBS large loan floating-rate transaction collateralized by three mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR). The upgrades reflect the deleveraging of the transaction. Since issuance, 10 loans (73.5%, $370.5 million) have been repaid in full.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) releases May’s CMBS Trend Watch.

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KBRA Affirms All Classes of UBS-Barclays 2012-C2

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS-Barclays 2012-C2, a $929.5 million CMBS conduit transaction collateralized by 51 mortgage loans secured by 68 properties. At the time of this review, six loans (30.7% of the pool balance) have been identified as KBRA Loans of Concern (K-LOCs), of which one asset (0.9%) is real estate owned (REO). In addition, nine loans (24.9%) appear on the master servicer’s watchlist. K-LOCs consist of specially serviced and REO assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Upgrades Two Classes and Affirms Six Classes of CG-CCRE 2014-FL1

NEW YORK, NY (June 8, 2018) – Kroll Bond Rating Agency (KBRA) upgraded the ratings of Class B certificate from “AA- (sf)” to “AAA (sf),” the Class C certificate from “A- (sf)” to “AA- (sf),” and affirmed the ratings of all of the remaining classes of CG-CCRE 2014-FL1, a $127.7 million CMBS floating-rate transaction. The transaction is currently collateralized by one mortgage loan indexed to the one-month London Interbank Offered Rate (LIBOR). The upgrades were driven by transaction deleveraging following the payoff of the Corporate Woods loan.

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KBRA Releases Special Report: Indictment of Robert C. Morgan Affiliates: Potential Impact on Related Loans in KBRA-Rated CMBS

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) releases a special report on the Indictment of Robert C. Morgan Affiliates and the Potential Impact on Related Loans in KBRA-Rated CMBS.

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KBRA Withdraws Rating on FREMF 2013-K713

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the FREMF 2013-K713 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Releases NYU International Hospitality Industry Investment Conference Briefing

NEW YORK, NY (June 7, 2018) – Kroll Bond Rating Agency (KBRA) today released its briefing on the 2018 NYU International Hospitality Industry Investment Conference, which was held on June 4th and 5th in New York City and hosted by the NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality. 

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KBRA Affirms All Classes of CFCRE 2017-C8

NEW YORK, NY (June 6, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2017-C8, a $641.4 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 67 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Withdraws Two Classes of FORT CRE 2016-1 and Places Two Classes of FORT CRE 2016-1 on Watch Upgrade

NEW YORK, NY (June 6, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 and Class A-2 of FORT CRE 2016-1, a CRE CLO transaction, following the reduction of the principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no interest deferrals reported during the life of these securities.

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KBRA Withdraws Rating on JPMBB 2014-C24

NEW YORK, NY (June 6, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the JPMBB 2014-C24 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Publishes CMBS Research: Defeasing in a World of 3% Treasuries and Slowing Prices

NEW YORK, NY (June 5, 2018) – Kroll Bond Rating Agency (KBRA) releases a new research report entitled, “Defeasing in a World of 3% Treasuries and Slowing Prices.”

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KBRA Assigns Ratings to LNCR 2018-CRE1

NEW YORK, NY (June 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of LNCR 2018-CRE1, a $1.1 billion managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period. LoanCore Capital Credit Advisor LLC, an affiliate of LoanCore Capital Credit REIT LLC, will serve as the transaction’s collateral manager.

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KBRA Assigns Preliminary Ratings to XAN 2018-RSO6

NEW YORK, NY (June 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of XAN 2018-RSO6, a $514.2 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the post-closing ability to acquire companion pari passu participations related to the closing date assets. The transaction will initially be collateralized by 27 commercial mortgage assets, consisting of 20 pari passu participations (68.1%) and seven whole loans (31.9%) backed by a total of 38 properties. The mortgage assets are secured by the related borrowers’ fee simple interests in 36 properties (92.3%) and leasehold interests in two properties (7.7%).

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KBRA Releases KCP Special Report: Barnes & Noble Looks to Turn the Page - CMBS Exposure Examined

NEW YORK, NY (June 5, 2018) –The nation’s largest bookstore chain, Barnes & Noble, is in the process of reevaluating its business model, according to various media and company sources, after its stock price fell to a 24-year low in early March 2018. The development comes on the heels of 87 net store closures between 2010 and 2017, deteriorating same store sales in four of the last five years and a disappointing 2017 holiday season, as documented in Barnes and Noble’s annual investor reports. In February 2018, the company appointed a new chief merchandising officer and announced a round of layoffs aimed at saving the company $40 million annually. The company appointed a new CEO in April 2018, its fourth in so many years, and communicated its strategy for “smaller stores that are more efficient”. Store closures could be forthcoming as the company looks to optimize its real estate footprint and shed unproductive locations.

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KBRA Publishes Research: REIT Q1'18 Credit Update: Term Loans Increase Market Share

NEW YORK, NY (June 4, 2018) – Kroll Bond Rating Agency (KBRA) issues a new report, “REIT Q1’18 Credit Update: Term Loans Increase Market Share."

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KBRA Releases CMBS Exposure to Recent Sears Store Closures

NEW YORK, NY (June 4, 2018) – Kroll Bond Rating Agency (KBRA) releases CMBS exposure to Sears recent store closure lists.

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KBRA Affirms All Classes of DBCG 2017-BBG

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBCG 2017-BBG, a $500.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigns a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of GSMS 2012-SHOP

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of GSMS 2012-SHOP, a $625.0 million CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Rating on MSBAM 2013-C12

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the MSBAM 2013-C12 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of GSMS 2015-GC32

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GC32, a $975.0 million CMBS conduit transaction collateralized by 62 commercial mortgage loans secured by 212 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Places Two Classes of RCMF 2017-FL1 on Watch Upgrade

NEW YORK, NY (June 1, 2018) – Kroll Bond Rating Agency (KBRA) places the ratings for the Class B and C notes of RCMF 2017-FL1, a CRE CLO transaction, on Watch Upgrade. The Watch Placements are influenced by the transaction’s increased subordination levels as a result of the full payoff of 16 loans (38.0% of the securitized loan balance) since issuance.

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KBRA Affirms All Classes of COMM 2013-CCRE8

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2013-CCRE8, an $1.21 billion CMBS conduit transaction collateralized by 55 mortgage loans secured by 71 properties.

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KBRA Affirms All Classes of UBS 2017-C1

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS 2017-C1, a $953.0 million CMBS conduit transaction collateralized by 67 mortgage loans secured by 134 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Ratings to FREMF 2018-K76 and Freddie Mac Structured Pass-Through Certificates K-076

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2018-K76 mortgage pass-through certificates and six classes of Freddie Mac structured pass-through certificates (SPCs), Series K-076 (see ratings list below). FREMF Series 2018-K76 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K76 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Ratings to UBS 2018-C10

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of UBS 2018-C10 (see ratings list below), a $730.4 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 87 properties.

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KBRA Assigns Preliminary Ratings to CGCMT 2018-C5

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of CGCMT 2018-C5, a $668.2 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 45 properties.

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KBRA Affirms All Classes of 245 Park Avenue Trust 2017-245P

NEW YORK, NY (May 30, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of 245 Park Avenue Trust 2017-245P a $500.0 million single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigned the loan a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Rating on WFRBS 2014-C24

NEW YORK, NY (May 30, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFRBS 2014-C24 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on WFRBS 2013-C15

NEW YORK, NY (May 30, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the WFRBS 2013-C15 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Assigns Ratings to BANK 2018-BNK12

NEW YORK, NY (May 30, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of BANK 2018-BNK12, a $901.2 million CMBS conduit transaction collateralized by 63 commercial mortgage loans secured by 95 properties.

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KBRA Affirms All Classes of WFRBS 2013-C14

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2013-C14, an $1.37 billion CMBS conduit transaction collateralized by 69 mortgage loans secured by 91 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and issuance.

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KBRA Affirms All Classes of GSMS 2016-GS2

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2016-GS2, a $747.0 million CMBS conduit transaction collateralized by 37 mortgage loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of Olympic Tower 2017-OT

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of Olympic Tower 2017-OT, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of CLNS Trust 2017-IKPR

NEW YORK, NY (May 23, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CLNS Trust 2017-IKPR, a $754.0 million CMBS single borrower transaction. The transaction’s outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KLTV do not warrant ratings actions at this time.

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KBRA Affirms All Classes of GS 2015-FRR1

NEW YORK, NY (May 23, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GS 2015-FRR1, a re-securitization of the COMM 2009-K3 securitization’s (the underlying trust) Class B certificates and the FHMS K-003 securitization’s Class A-X1 certificates. COMM 2009-K3 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program and FHMS K-003 was issued under a Freddie Mac master trust agreement for which Freddie Mac acts as the depositor. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since re-securitization.

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KBRA Affirms All Classes of JPMCC 2014-FRR1

NEW YORK, NY (May 22, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2014-FRR1, a re-securitization originally consisting of 11 certificates from three separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. At issuance, the re-securitization consisted of three principal only certificates and four interest only certificates from three Freddie Mac K-Series multifamily securitizations (FREMF), which include 2011-K10, 2011-K702 and 2012-K707 (the underlying trusts). The certificates associated with the FREMF 2011-K702 transaction were repaid in full as of the April 2018 remittance. The remaining collateral consists of two principal only certificates and three interest only certificates from FREMF 2011-K10 and 2012-K707. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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KBRA Assigns Ratings to COMM 2018-COR3

NEW YORK, NY (May 22, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of COMM 2018-COR3, a $1.0 billion CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 44 properties.

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KBRA Releases Credit Profile (KCP) K-LOC Index: April 2018

NEW YORK, NY (May 21, 2018) – Kroll Bond Rating Agency (KBRA) released its KBRA Credit Profile (KCP) K-LOC Index for the month of April.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K76 and Freddie Mac Structured Pass-Through Certificates K-076

NEW YORK, NY (May 21, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2018-K76 mortgage pass-through certificates and six classes of Freddie Mac structured pass-through certificates (SPCs), Series K-076. FREMF Series 2018-K76 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K76 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to JPMDB 2018-C8

NEW YORK, NY (May 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of JPMDB 2018-C8 (see ratings list below), a $713.1 million CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 69 properties.

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KBRA Places Four Classes on Watch Upgrade for MSCI 2014-MP

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) places the ratings on the
Class B, C, D, and E certificates of MSCI 2014-MP, a $463.9 million CMBS single borrower transaction, on Watch Upgrade due to the pending defeasance of the loan that serves as collateral for the transaction. KBRA was recently informed of the defeasance by the master servicer, Wells Fargo Bank Commercial Servicing. The closing date is tentatively scheduled for June 11, 2018.

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KBRA Affirms All Classes of CFCRE 2016-C4

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CFCRE 2016-C4, an $826.4 million CMBS conduit transaction collateralized by 49 mortgage loans secured by 154 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of UBS-BAMLL 2012-WRM

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of UBS-BAMLL 2012-WRM, a $415.0 million CMBS large loan transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on each of the loans.

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KBRA Withdraws Rating on JPMCC 2016-FLRR

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-FL of the JPMCC 2016-FLRR transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Rating on JPMCC 2014-FL4

NEW YORK, NY (May 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class B of the JPMCC 2014-FL4 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Ratings on CLNY 2014-FL2

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class B and its A+ (sf) rating from Class C of the CLNY 2014-FL2 transaction, following the reduction of the principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Affirms All Classes of FREMF 2015-K45

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K45, a $1.6 billion CMBS multi-borrower transaction collateralized by 74 commercial mortgage loans secured by 74 properties 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 credit metrics since issuance.

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KBRA Affirms All Classes of WFRBS 2012-C7

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2012-C7, a $974.3 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 69 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of FREMF 2013-K27

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of FREMF 2013-K27, a $1.5 billion CMBS multi-borrower transaction collateralized by 77 commercial mortgage loans 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 credit metrics since last review.

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KBRA Withdraws Rating on COMM 2014-UBS6

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-UBS6 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of WFCM 2015-NXS2

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2015-NXS2, an $899.2 million CMBS conduit transaction collateralized by 63 mortgage loans secured by 77 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Assigns Preliminary Ratings to LNCR 2018-CRE1

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of LNCR 2018-CRE1, a $1.1 billion managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period. LoanCore Capital Credit Advisor LLC, an affiliate of LCC REIT, will serve as the transaction’s collateral manager.

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KBRA Withdraws Rating on COMM 2013-CCRE10

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2013-CCRE10 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to UBS 2018-C10

NEW YORK, NY (May 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2018-C10, a $730.4 million CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 87 properties.

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KBRA Affirms All Classes of MSBAM 2013-C10

NEW YORK, NY (May 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2013-C10, a $1.4 billion CMBS conduit transaction collateralized by 70 commercial mortgage loans secured by 74 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Upgrades One Class and Affirms All Other Classes of WFRBS 2013-UBS1

NEW YORK, NY (May 15, 2018) – Kroll Bond Rating Agency (KBRA) completes a surveillance review of WFRBS 2013-UBS1, a CMBS conduit transaction, and upgrades the rating on the Class C certificates. All of the transaction’s other outstanding ratings are affirmed. The upgrade reflects the continued improvement in the pool’s credit performance, as well as increased credit enhancement levels (C/E) due to deleveraging from amortization.

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KBRA Affirms All Classes of WFCM 2015-C29

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C29, a $1.2 billion CMBS conduit transaction collateralized by 133 mortgage loans secured by 149 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Withdraws Rating on CGCMT 2013-GCJ11

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the CGCMT 2013-GCJ11 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s May 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Affirms All Classes of COMM 2012-CCRE1

NEW YORK, NY (May 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE1, an $725.9 million CMBS conduit transaction collateralized by 42 mortgage loans secured by 61 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2014-K39

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) upgrades the Class B certificates from “A+” (sf) to “AA-” (sf) and affirms all other outstanding ratings for FREMF 2014-K39, a $1.3 billion CMBS multi-borrower transaction collateralized by 105 commercial mortgage loans secured by 102 properties originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrade was primarily driven by the continued improvement in the pool’s credit performance.

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KBRA Affirms All Classes of JPMCC 2015-FRR2

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of JPMCC 2015-FRR2, a re-securitization of six certificates from two separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The re-securitization consists of two principal only certificates and four interest only certificates from two Freddie Mac K-Series multifamily securitizations (FREMF), which include FREMF 2014-K36 and FREMF 2014-K39 (the underlying trusts). The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since last review.

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KBRA Affirms All Classes of COMM 2015-LC21

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-LC21, a $1.3 billion CMBS conduit transaction collateralized by 101 commercial mortgage loans secured by 185 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of BACM 2016-UBS10

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BACM 2016-UBS10, an $866.8 million CMBS conduit transaction collateralized by 52 mortgage loans secured by 84 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Upgrades Two Classes and Affirms All Other Classes of JPMBB 2013-C12

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B certificates from “AA- (sf)” to “AA (sf)” and the C certificates from “A- (sf)” to “A (sf)” and affirmed all other outstanding ratings of JPMBB 2013-C12, a $1.1 billion CMBS conduit transaction collateralized by 72 mortgage loans secured by 97 properties. The upgrades reflect the continued improvement in the pool’s credit performance, defeasances and increased credit enhancement due to deleveraging from amortization and loan payoffs. 

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KBRA Affirms All Classes of WFCM 2015-C28

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C28, a $1.1 billion CMBS conduit transaction collateralized by 95 commercial mortgage loans secured by 132 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of WFCM 2014-LC16

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2014-LC16, a $919.4 million CMBS conduit transaction collateralized by 80 commercial mortgage loans secured by 177 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization. However, three (24.2% of principal balance) of the top five loans have KBRA Performance Outlooks (KPOs) of Underperform.

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KBRA Affirms All Classes of BAMLL 2011-FSHN

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of BAMLL 2011-FSHN, a $410.0 million CMBS single borrower transaction. The transaction’s outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time.

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KBRA Affirms All Classes of GSMS 2014-GC22

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-C22, a $934.6 million CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 113 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of COMM 2013-CCRE12

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE12, a $1.1 billion CMBS conduit transaction secured by 62 commercial mortgage loans. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since KBRA’s last review.

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KBRA Assigns Ratings to GPMT 2018-FL1

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of GPMT 2018-FL1, a $826.6 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 25 whole loans (or participations therein) with a total in-trust balance of $826.6 million, and $10.5 million in cash collateral. The cash collateral is expected to be used to acquire an unfunded companion participation related to one of the transaction’s initial assets when such participation is funded.

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KBRA Affirms All Classes of COMM 2014-UBS4

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-UBS4, a $1.2 billion CMBS conduit transaction collateralized by 88 commercial mortgage loans secured by 115 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Assigns Preliminary Ratings to BANK 2018-BNK12

NEW YORK, NY (May 9, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of BANK 2018-BNK12, a $901.2 million CMBS conduit transaction collateralized by 63 commercial mortgage loans secured by 95 properties.

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KBRA Affirms All Classes of GSMS 2015-GC30

NEW YORK, NY (May 8, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2015-GC30, an $1.2 billion CMBS conduit transaction collateralized by 89 mortgage loans secured by 164 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable credit metrics since issuance.

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KBRA Withdraws the Rating for One Class of Certificates for STRIPs, Series 2012-1

NEW YORK, NY (May 4, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from the Class B notes of the STRIPs Series 2012-1 transaction following the full redemption of the rated security as reflected in the transaction’s April 2018 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (May 7, 2018) – Kroll Bond Rating Agency (KBRA) releases April’s CMBS Trend Watch.

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KBRA Downgrades Two Classes and Affirms All Other Classes of CSAIL 2015-C2

NEW YORK, NY (May 4, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class F and X-F certificates and affirms all other classes of CSAIL 2015-C2, a $1.3 billion CMBS conduit transaction collateralized by 117 mortgage loans secured by 153 properties. The downgrades reflect the transaction’s decline in collateral performance since issuance, as well as KBRA’s estimated losses for five (6.6% of the pool balance) of the nine KBRA Loans of Concern (K-LOCs, 11.1%), including the sixth and seventh largest loans, The Depot (2.4%) and The Luxx (2.3%), respectively. K-LOCs consist of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. In addition, four loans (12.1%) have KBRA Performance Outlooks (KPOs) of Underperform.

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KBRA Affirms All Classes of GSMS 2017-GS6

NEW YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of GSMS 2017-GS6, a $957.6 million CMBS conduit transaction collateralized by 33 mortgage loans secured by 73 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of MSBAM 2014-C18

NEW YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of MSBAM 2014-C18, a $1.0 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 96 properties. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Withdraws Rating on WFRBS 2014-C20

NEW YORK, NY (May 3, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the WFRBS 2014-C20 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s April 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of ACM 2016-1

NEW YORK, NY (May 2, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of ACM 2016-1, a $224.7 million small balance seasoned commercial loan securitization, collateralized by 73 mortgage loans secured by 83 properties. The affirmations follow a surveillance review of the transaction, which has exhibited slightly improved credit metrics since securitization. However, 29 of the watchlist loans (46.8%) have failed to submit financial statements post full year 2016.

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KBRA Assigns Preliminary Ratings to COMM 2018-COR3

NEW YORK, NY (April 30, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of COMM 2018-COR3 (see ratings list below), a $1.0 billion CMBS conduit transaction collateralized by 41 commercial mortgage loans secured by 44 properties.

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KBRA Affirms All Classes of CGCMT 2016-C1

NEW YORK, NY (April 30, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CGCMT 2016-C1, a $744.5 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 130 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Releases Inaugural KBRA Credit Profile (KCP) K-LOC Index

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the launch of the KBRA Credit Profile (KCP) K-LOC Index. The establishment of the Index provides a useful credit performance metric for CMBS industry constituents across multiple CMBS cohorts, including CMBX during the month of March 2018.

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KBRA Affirms All Classes of MSC 2012-STAR

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings of MSC 2012-STAR, a $303.5 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review.

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KBRA Assigns Ratings to BANK 2018-BNK11

NEW YORK, NY (April 26, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of BANK 2018-BNK11 (see ratings list below), a $688.2 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 76 properties.

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KBRA Withdraws Rating on MSBAM 2013-C13

NEW YORK, NY (April 26, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the MSBAM 2013-C13 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s April 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of BAMLL 2014-FRR5

NEW YORK, NY (April 24, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of BAMLL 2014-FRR5, a re-securitization of twelve certificates from four separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. At issuance, the re-securitization consisted of four principal only and two principal and interest certificates from four Freddie Mac K-Series multifamily securitizations (FREMF), which includes 2013-K502, 2013-K30, 2014-K714, and 2014-K37 (the underlying trusts). Classes A-K502, B-K502 and C-K502 have been fully paid off as of the October 2017 remittance report. The re-securitization currently consists of three principal only certificates and one principal and interest certificate secured by three separate securitizations. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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KBRA Affirms All Classes of FREMF 2013-K30

NEW YORK, NY (April 24, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-K30, a $1.5 billion CMBS multi-borrower transaction collateralized by 79 commercial mortgage loans secured by 70 properties 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 improved credit metrics since last review, but with increasing levels of subordinate debt.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2014-K715

NEW YORK, NY (April 24, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B certificates from “A” (sf) to “A+” (sf) and affirmed all other outstanding ratings for FREMF 2014-K715, a $1.4 billion CMBS multi-borrower transaction collateralized by 89 commercial mortgage loans secured by 76 properties originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The upgrade was primarily driven by the continued improvement in the pool’s credit performance, as well as defeasances.

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KBRA Assigns Preliminary Ratings to GPMT 2018-FL1

NEW YORK, NY (April 24, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of GPMT 2018-FL1, a $826.6 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction is initially expected to be collateralized by 23 whole loans (or participations thereof) with a total in-trust balance of $748.0 million, and $78.6 million cash collateral. The cash collateral is expected to be used to acquire two delayed-close loans ($68.1 million), and an unfunded companion participation ($10.5 million) related to one of the transaction’s initial assets, when such participation is funded.

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KBRA Affirms All Classes of COMM 2013-CCRE7

NEW YORK, NY (April 20, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of COMM 2013-CCRE7, a $745.3 million CMBS conduit transaction secured by 53 commercial mortgage loans. The transaction has exhibited stable credit metrics since last review and securitization. In addition, there has been an increase in credit enhancement levels from loan payoffs and amortization. Nine loans however (26.3% of the pool balance) have been identified as K-LOCs, including three of the 10 largest loans in the transaction. The review resulted in the affirmation of all of the transaction’s outstanding ratings.

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KBRA Withdraws Rating on MSBAM 2013-C10

NEW YORK, NY (April 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-2 of the MSBAM 2013-C10 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s April 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Publishes Research Highlighting Key Themes in CRE CLOs

NEW YORK, NY (April 20, 2018) – As the issuance of post-crisis commercial real estate (CRE) collateralized loan obligation (CLO) transactions continues to surge in 2018, Kroll Bond Rating Agency (KBRA) has published two new research reports that focus on key themes in CRE CLO space. The reports are CRE CLOs: A Primer, Today’s CRE CLOs aren’t Yesterday’s CRE CDOs and Something Old, Something New: A Synopsis of Post-Crisis CRE CLO Structural Features.

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KBRA Affirms All Classes of DBRR 2015-FRR1

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of DBRR 2015-FRR1, a re-securitization of the FREMF 2012-K711 securitization’s (the underlying trust) Class-D, X2-A, and X2-B certificates issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since re-securitization.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2012-K711

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the B certificates from “AA-” (sf) to “AA+” (sf) and affirmed all other outstanding ratings for FREMF 2012-K711, a $1.3 billion CMBS multi-borrower transaction collateralized by 76 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrade was primarily driven by the continued improvement in the pool’s credit performance, as well as defeasances.

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KBRA Withdraws Ratings on Three Classes of JPMCC 2014-FL5

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its A (sf) and B+ (sf) ratings from Class C and Class RH of the JPMCC 2014-FL5 transaction, respectively, following the reduction of the principal balances to zero, as reflected in the transaction’s April 2018 remittance report. In addition, during the same period, its AAA (sf) rating from Class X-EXT was also withdrawn following the reduction of the notional balance to zero. There were no principal losses to the Class C and RH certificates or interest shortfalls to any of the classes reported during the life of the securities.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2012-K709

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the B certificates from “AA-” (sf) to “AA+” (sf), C certificates from “A-” (sf) to “A” (sf) and affirmed all other outstanding ratings for FREMF 2012-K709, a $1.1 billion CMBS multi-borrower transaction. The transaction is collateralized by 54 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades were primarily driven by the continued improvement in the pool’s credit performance, as well as defeasances.

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KBRA Publishes CMBS Research: "Loans Stickier Despite Increased Pool Movement"

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) released a report Not All Loans Make the Final Cut in 2016 and subsequently, followed up with an update, Despite Turbulence, Loans Drops Flat in 2017. This report focuses on trends in loans that were dropped in the 40 KBRA rated transactions in 2017 and Q1 2018 between the time of preliminary and final feedback.

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KBRA Withdraws Rating on COMM 2014-CCRE17

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the COMM 2014-CCRE17 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s April 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of CGCMT 2017-P7

NEW YORK, NY (April 18, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2017-P7, a $1.0 billion CMBS conduit transaction collateralized by 46 mortgage loans secured by 58 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Ratings to BX 2018-MCSF

NEW YORK, NY (April 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of BX 2018-MCSF, a CMBS single-borrower securitization.

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KBRA Publishes CMBS Research: "Slowing Rents Bite the Big Apple, Part II"

NEW YORK, NY (April 17, 2018) – Kroll Bond Rating Agency (KBRA) releases the second research report in its two-part series entitled, “Slowing Rents Bite the Big Apple.”

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KBRA Affirms All Classes of JPMDB 2016-C2

NEW YORK, NY (April 13, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMDB 2016-C2, an $886 million CMBS conduit transaction collateralized by 30 mortgage loans secured by 79 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited relatively stable credit metrics since issuance.

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KBRA Publishes CMBS Research: "Slowing Rents Bite the Big Apple"

NEW YORK, NY (April 13, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report entitled, “Slowing Rents Bite the Big Apple.”

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KBRA Assigns Ratings to FREMF 2018-K731 and Freddie Mac Structured Pass-Through Certificates K-731

NEW YORK, NY (April 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to ten classes of FREMF Series 2018-K731 mortgage pass-through certificates and six classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0731 (see ratings list below). FREMF Series 2018-K731 is a $1.2 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K731 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of JPMBB 2014-C19

NEW YORK, NY (April 13, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C19, a $1.3 billion CMBS conduit transaction secured by 59 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Withdraws Rating on GSMS 2013-GC13

NEW YORK, NY (April 12, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the GSMS 2013-GC13 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s April 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Affirms All Classes of JPMCC 2015-MAR7

NEW YORK, NY (April 10, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of JPMCC 2015-MAR7, a $185.0 million CMBS single borrower transaction. The transaction collateral consists of the borrower’s fee simple interests in seven, full-service Marriott hotels totaling 2,080 keys located across five states. The transaction has exhibited declining performance since issuance, however, a KBRA Performance Outlook (KPO) of Perform has been maintained on to the loan as the decline in performance is attributed to the properties being negatively impacted by an extensive $65.1 million property improvement plan (PIP) that has been ongoing for the last 18 months, impacting normal operations at each hotel.

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KBRA Assigns Ratings to BENCHMARK 2018-B3

NEW YORK, NY (April 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of BENCHMARK 2018-B3, a $1.1 billion CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 89 properties.

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KBRA Downgrades Two Classes and Affirms All Other Classes of COMM 2013-LC13

NEW YORK, NY (April 6, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class E and F certificates and affirmed all other classes of COMM 2013-LC13, a $955.2 million CMBS conduit transaction collateralized by 54 mortgage loans secured by 90 properties. The downgrades reflect the transaction’s decline in performance since last review, KBRA’s estimated losses for eight (8.1% of the pool balance) of the 11 (13.5%) KBRA Loans of Concern (K-LOCs), including the sixth largest loan, Northpointe Apartments (4.0%). K-LOCs consist of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (April 6, 2018) – Kroll Bond Rating Agency (KBRA) releases March’s CMBS Trend Watch.

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KBRA Affirms All Classes of UBS-BB 2013-C6

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of UBS-BB 2013-C6, a $1.19 billion CMBS conduit transaction collateralized by 69 mortgage loans secured by 81 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since issuance.

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KBRA Downgrades One Class and Affirms All Other Classes of COMM 2014-UBS3

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) downgrades the Class G certificates and affirms all other classes of COMM 2014-UBS3, a $1.0 billion CMBS conduit transaction collateralized by 49 mortgage loans secured by 79 properties. The downgrade reflects KBRA’s estimated losses for each of the four KBRA Loans of Concern (K-LOCs, 8.3% of the pool balance), including the fifth largest loan, Sixty LES (6.0%). K-LOCs consist of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term. In addition, two loans (13.7%) have KBRA Performance Outlooks (KPOs) of Underperform.

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KBRA Assigns Ratings to BSPRT 2018-FL3

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of BSPRT 2018-FL3, a $610.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 120-day ramp-up period. BSPRT Operating Partnership, an affiliate of Benefit Street Partners, L.L.C., will serve as the transaction’s collateral manager.

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KBRA Assigns Preliminary Ratings to BANK 2018-BNK11

NEW YORK, NY (April 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of BANK 2018-BNK11, a $688.2 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 76 properties.

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KBRA Affirms All Classes of WFRBS 2014-C20

NEW YORK, NY (April 4, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFRBS 2014-C20, a $1.2 Billion CMBS conduit transaction collateralized by 98 mortgage loans secured by 135 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review.

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KBRA Affirms All Classes of JPMBB 2015-C28

NEW YORK, NY (April 3, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C28, a $1.1 billion CMBS conduit transaction collateralized by 66 mortgage loans secured by 118 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited a slight decline in credit metrics since securitization.

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KBRA Assigns Preliminary Ratings to BX 2018-MCSF

NEW YORK, NY (April 3, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of BX 2018-MCSF, a CMBS single-borrower securitization.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K731 and Freddie Mac Structured Pass-Through Certificates K-0731

NEW YORK, NY (April 3, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to ten classes of FREMF Series 2018-K731 mortgage pass-through certificates and six classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0731 (see ratings list below). FREMF Series 2018-K731 is a $1.2 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K731 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of CGCMT 2016-P3

NEW YORK, NY (April 2, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-P3, a $767.7 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 75 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Withdraws Ratings on Three Classes of JPMCC 2014-FRR1

NEW YORK, NY (April 2, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its BBB+ (sf), BBB- (sf) and BB- (sf) ratings from Class A-K702, Class B-K702 and Class C-K702 of the JPMCC 2014-FRR1 transaction, respectively, following the reduction of the principal balances to zero, as reflected in the transaction’s March 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Assigns Ratings to GSMS 2018-GS9

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of GSMS 2018-GS9, an $887.1 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 228 properties.

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KBRA Assigns Ratings to UBS 2018-C9

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of UBS 2018-C9, a $839.9 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 112 properties.

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KBRA Affirms All Classes of BANK 2017-BNK4

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BANK 2017-BNK4, a $1.0 billion CMBS conduit transaction collateralized by 46 mortgage loans secured by 64 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of JPMCC 2017-JP5

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2017-JP5, a $1.09 billion CMBS conduit transaction collateralized by 43 mortgage loans secured by 59 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since last review.

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KBRA Affirms All Classes of CSMC 2017-HD

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of CSMC 2017-HD, a $218.6 million CMBS single borrower transaction. The transaction’s outstanding ratings were affirmed, as the magnitude of the change in KBRA value and KLTV do not warrant ratings actions at this time.

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KBRA Affirms All Classes of GSMS 2014-GC20

NEW YORK, NY (March 28, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-GC20, a $1.0 billion CMBS conduit transaction collateralized by 62 mortgage loans secured by 124 properties. The affirmations follow a full surveillance review of the transaction, which has experienced a decline in credit metrics since issuance, but has exhibited some stabilization since last review.

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KBRA Affirms All Classes of CGCMT 2016-GC37

NEW YORK, NY (March 28, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-GC37, a $688.5 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 64 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of CGCMT 2013-GCJ11

NEW YORK, NY (March 27, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2013-GCJ11, an $881.1 million CMBS conduit transaction collateralized by 60 mortgage loans secured by 79 properties. The affirmations follow a full surveillance review of the transaction, which paid down by 22.8% since last review and 26.9% since issuance. Although KBRA credit metrics have weakened slightly compared to last review, the pool collateral has been stable overall. In addition, credit enhancement (C/E) levels have improved from the payoffs and amortization, and 11.0% of the pool is defeased.

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KBRA Affirms All Classes of LSTAR 2017-5

NEW YORK, NY (March 27, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of LSTAR 2017-5, a $756.8 million commercial real estate (CRE) multi-borrower securitization collateralized by 29 mortgage loans secured by 32 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Ratings to RETL 2018-RVP

NEW YORK, NY (March 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of RETL 2018-RVP, a CMBS single-borrower securitization.

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KBRA Affirms All Classes of CGCMT 2015-GC29

NEW YORK, NY (March 26, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-GC29, an $1.09 billion CMBS conduit transaction collateralized by 85 mortgage loans secured by 106 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since issuance.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2013-K713

NEW YORK, NY (March 22, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the B certificates from “A+” (sf) to “AA” (sf), C certificates from “BBB+” (sf) to “A” (sf) and affirmed all other outstanding ratings for FREMF 2013-K713, a $1.48 billion CMBS multi-borrower transaction. The transaction is collateralized by 80 fixed-rate commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades were primarily driven by the continued improvement in the pool’s credit performance, as well as defeasances.

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KBRA Affirms All Classes of FREMF 2016-K54

NEW YORK, NY (March 22, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K54, a $1.4 billion CMBS multi-borrower transaction collateralized by 76 commercial mortgage loans secured by 79 properties originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Withdraws Rating on JPMCC 2012-C8

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the JPMCC 2012-C8 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Assigns Preliminary Ratings to BSPRT 2018-FL3

NEW YORK, NY (March 21, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of BSPRT 2018-FL3, a $610.0 million managed commercial real estate collateralized loan obligation (CRE CLO) securitization, with a 24-month reinvestment period that includes a 120-day ramp-up period. BSPRT Operating Partnership, an affiliate of Benefit Street Partners, L.L.C., will serve as the transaction’s collateral manager.

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KBRA Assigns Ratings to CGCMT 2018-B2

NEW YORK, NY (March 20, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 12 classes of CGCMT 2018-B2, a $1.1 billion CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 142 properties.

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KBRA Withdraws Rating on WFCM 2014-LC16

NEW YORK, NY (March 20, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Class A-1 of the WFCM 2014-LC16 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s March 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Upgrades Two Classes and Affirms All Other Classes of COMM 2015-CCRE23 Courtyard by Marriott

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) has removed its ratings on Classes CM-B, CM-C, CM-D, and CM-E from Watch Upgrade where they were placed on December 21, 2017. The CM-B certificate was upgraded from “A-” (sf) to “A+” (sf), the CM-C certificate from “BBB-” (sf) to “BBB+” (sf), and the other two classes had their ratings affirmed at “BB- (sf) and “B (sf), respectively in the COMM 2015-CCRE23 transaction. The upgrades were based on the improved performance of the remaining assets and the partial defeasance of the whole loan. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Withdraws Rating on JPMCC 2014-FL6

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A of the JPMCC 2014-FL6 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s March 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Rating on WFRBS 2013-UBS1

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the WFRBS 2013-UBS1 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s March 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Assigns Preliminary Ratings to BENCHMARK 2018-B3

NEW YORK, NY (March 19, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BENCHMARK 2018-B3 a $1.1 billion CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 89 properties.

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KBRA Releases CMBS Exposure to Toys "R" Us

NEW YORK, NY (March 18, 2018) – Kroll Bond Rating Agency (KBRA) releases CMBS Exposure to Toys “R” Us. On Wednesday, March 14, Toys “R” Us announced plans to sell or close all of its U.S. stores, including those in Puerto Rico. The retailer operated stores under both the Toys “R” Us and Babies “R” Us brands. The announcement comes on the heels of several failed attempts to find a buyer to keep the business running and restructure its current debt obligations.

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KBRA Affirms All Classes of MSBAM 2015-C22

NEW YORK, NY (March 16, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2015-C22, a $1.0 billion CMBS conduit transaction secured by 76 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has exhibited a decline in performance since securitization.

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KBRA Assigns Ratings to BX 2018-BIOA

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to seven classes of BX 2018-BIOA, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Releases a KCP Special Report: Toys "R" Us Bankruptcy and Latest Developments

NEW YORK, NY (March 15, 2018) – Kroll Bond Rating Agency (KBRA) releases a KBRA Credit Profile Report (KCP) highlighting the recent developments with Toys “R” Us, Inc.

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KBRA Withdraws Ratings on UBS-BB 2013-C6

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the UBS-BB 2013-C6 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s March 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Ratings on COMM 2014-UBS5

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the COMM 2014-UBS5 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s March 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of JPMBB 2013-C15

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2013-C15, a $917.8 million CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 92 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of MSBAM 2014-C16

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all of the outstanding ratings of MSBAM 2014-C16, a $1.2 billion CMBS conduit transaction collateralized by 75 mortgage loans secured by 107 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization. 

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KBRA Assigns Preliminary Ratings to UBS 2018-C9

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2018-C9 (see ratings list below), a $839.9 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 112 properties.

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KBRA Affirms All Classes of JPMDB 2017-C5

NEW YORK, NY (March 13, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMDB 2017-C5, a $1.04 billion CMBS conduit transaction collateralized by 35 mortgage loans secured by 50 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since issuance.

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KBRA Affirms All Classes of FREMF 2016-K53

NEW YORK, NY (March 13, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K53, a $1.4 billion CMBS multi-borrower transaction that is collateralized by 88 mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Upgrades Three Classes and Affirms All Other Classes of MSBAM 2013-C9

NEW YORK, NY (March 13, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the B certificate from “AA- (sf)” to “AA (sf)”, the PST and C certificates from “A- (sf)” to “A (sf)” and affirmed all other outstanding ratings for MSBAM 2013-C9, a $1.04 billion CMBS conduit transaction collateralized by 56 mortgage loans secured by 71 properties. The upgrades reflect the increased credit enhancement due to deleveraging from loan payoffs and amortization.

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KBRA Affirms All Classes of Notes for PFP 2017-3

NEW YORK, NY (March 12, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of notes for PFP 2017-3, a $548.6 million commercial real estate collateralized loan obligation (CRE CLO) transaction with limited reinvestment ability. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of WFCM 2015-C27

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C27, a $1.0 billion CMBS conduit transaction collateralized by 89 commercial mortgage loans secured by 117 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of UBS 2012-C1

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS 2012-C1, a $1.1 billion CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 81 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review and securitization. Although transaction credit enhancement has increased since issuance due to amortization, defeasance and loan payoffs, there has also been a deterioration in collateral property operating performance for the pool’s three largest loans (24.2% of the current pool balance).

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KBRA Releases High Yield & Distressed Realty Asset Summit (HYDRA) Recap

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) attended this year’s HYDRA conference held at the New York Athletic Club. Opening remarks were made by Lisa Pendergast, executive director of CREFC, which hosted the event. Despite weather-related concerns, the conference appeared to be well attended.

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KBRA Affirms All Classes of WFRBS 2014-C19

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2014-C19, a $1.0 billion CMBS conduit transaction collateralized by 98 mortgage loans secured by 120 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited improved credit metrics, but also a decline in collateral performance since securitization.

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KBRA Affirms All Classes of COMM 2015-CCRE22

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-CCRE22, a $1.3 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 69 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of COMM 2014-CCRE17

NEW YORK, NY (March 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE17, a $1.1 billion CMBS conduit transaction collateralized by 59 mortgage loans secured by 78 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of COMM 2016-DC2

NEW YORK, NY (March 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2016-DC2, a $796.6 million CMBS conduit transaction collateralized by 64 mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Assigns Preliminary Ratings to GSMS 2018-GS9

NEW YORK, NY (March 8, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of GSMS 2018-GS9, an $887.1 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 228 properties.

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KBRA Upgrades One Class and Affirms All Other Classes of WFRBS 2012-C6

NEW YORK, NY (March 7, 2018) – Kroll Bond Rating Agency (KBRA) upgraded the Class C and affirmed all other outstanding ratings in WFRBS 2012-C6, a $704.8 million CMBS conduit transaction collateralized by 79 commercial mortgage loans secured by 104 properties. The transaction has benefited across the capital stack from increased certificate credit enhancement levels due to amortization and loan payoffs, including one original Top 10 loan. Since last review, the deal has paid down by 5.1%. Since issuance the transaction’s total principal balance has decreased by 23.8%.

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KBRA Affirms Rating for VSD 2017-PLT1

NEW YORK, NY (March 7, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its rating of ‘BBB-(sf)’ on the Class A notes of the VSD 2017-PLT1 transaction (see rating below). The transaction is a liquidating trust securitization comprised of small-balance performing loans, non-performing loans (NPL) and real-estate-owned (REO) properties.

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KBRA Assigns Ratings to Hilton Orlando Trust 2018-ORL

NEW YORK, NY (March 6, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to ten classes of Hilton Orlando Trust 2018-ORL, a $475.0 million CMBS single-asset, single-borrower transaction.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (March 6, 2018) – Kroll Bond Rating Agency (KBRA) releases February’s CMBS Trend Watch.

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KBRA Rating Agency Affirms All Classes of JPMCC 2012-WLDN

NEW YORK, NY (March 5, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of JPMCC 2012-WLDN, a $258.1 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Assigns Ratings to VMC 2018-FL1

NEW YORK, NY (March 5, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment ratings to seven classes of VMC 2018-FL1, a $368.1 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the ability to acquire companion loan participations related to the initial transaction collateral for a two-year period following the closing date. In addition, the issuer can sell defaulted assets and impaired assets to the majority of the Class G holders at par.

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KBRA Comments on RAIT Special Servicing

NEW YORK, NY (March 2, 2018) – RAIT Financial Trust recently announced its intention to cease its lending business and sell its property portfolio, while continuing to service and manage RAIT's existing commercial real estate loan portfolio. KBRA had a telephonic meeting with RAIT and verified that its servicing and asset management platforms will remain intact while the lending platform and property portfolio are unwound. 

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KBRA Affirms All Classes of CSAIL 2015-C1

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSAIL 2015-C1, a $1.2 billion CMBS conduit transaction collateralized by 82 mortgage loans secured by 111 properties. The affirmations follow a full surveillance review of the transaction, which has experienced a decline in credit metrics since issuance, but has exhibited some stabilization since last review.

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KBRA Affirms All Classes of MSCI 2016-UBS9

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2016-UBS9, a $657.6 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 222 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Assigns Preliminary Ratings to RETL 2018-RVP

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of RETL 2018-RVP, a CMBS single-borrower securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of COMM 2013-CCRE6

NEW YORK, NY (March 1, 2018) – Kroll Bond Rating Agency (KBRA) upgraded the Class C and PEZ certificates and affirmed all other outstanding ratings for COMM 2013-CCRE6, a $1.1 billion CMBS conduit transaction collateralized by 42 mortgage loans secured by 59 properties. The upgrades follow a full surveillance review of the transaction and reflect the improvement in the pool’s overall credit performance, as well as increased credit enhancement due to deleveraging from amortization.

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KBRA Affirms All Classes of COMM 2014-CCRE16

NEW YORK, NY (March 1, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE16, a $1.0 billion CMBS conduit transaction secured by 55 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of JPMBB 2016-C1

NEW YORK, NY (March 1, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2016-C1, a $1.0 billion CMBS conduit transaction collateralized by 49 mortgage loans secured by 109 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Assigns Ratings to AREIT 2018-CRE1

NEW YORK, NY (February 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of AREIT 2018-CRE1, a $480.4 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 18 whole loans and participations, as well as cash equal to the par amount of the delayed close asset, as discussed below. Ten assets (55.3%) are whole loans and the remaining nine assets (44.7%) are pari passu participations with related companion participations that represent unfunded future advance obligations held outside of the trust.  

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KBRA Assigns Ratings to FREMF 2018-K73 and Freddie Mac Structured Pass-Through Certificates K-073

NEW YORK, NY (February 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2018-K73 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-073 (see ratings list below). FREMF Series 2018-K73 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K73 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Assigns Preliminary Ratings to CGCMT 2018-B2

NEW YORK, NY (February 28, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 12 classes of CGCMT 2018-B2, a $1.1 billion CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 142 properties. 

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KBRA Assigns Ratings to BENCHMARK 2018-B2

NEW YORK, NY (February 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of BENCHMARK 2018-B2 (see ratings list below), a $1.5 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 67 properties. 

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KBRA Assigns Ratings to UBS 2018-C8

NEW YORK, NY (February 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of UBS 2018-C8 (see ratings list below), a $1.0 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 126 properties. 

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KBRA Affirms All Classes of MSCI 2015-420

NEW YORK, NY (February 27, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2015-420, a $245.0 million CMBS single borrower securitization. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Assigns Ratings to BDS 2018-FL1

NEW YORK, NY (February 27, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of BDS 2018-FL1, a $510.2 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 27 whole loans and participations and for approximately three years following the closing date, the issuer can acquire funded, non-trust companion participations related to the initial collateral if the acquisition criteria are satisfied. With respect to two loans (14.1%), principal proceeds received from such loans will be distributed to the notes and preferred shares on a pro rata basis unless certain circumstances are occurring.

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KBRA Affirms All Classes of WFCM 2013-120B

NEW YORK, NY (February 27, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings of WFCM 2013-120B, a $310.0 million CMBS single borrower transaction. The loan is secured by the borrower’s leasehold interest in a 1.9 million sf office property located in the Manhattan borough of New York City, New York. The loan is interest-only for its seven-year term with an outstanding balance of $310.0 million. KBRA maintains a Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to BX 2018-BIOA

NEW YORK, NY (February 26, 2018) – Kroll Bond Rating Agency (KBRA) is announces the assignment of preliminary ratings to nine classes of BX 2018-BIOA, a CMBS single-asset, single borrower (SASB) securitization.

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KBRA Affirms All Classes of FREMF 2017-K62

NEW YORK, NY (February 23, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2017-K62, a $1.4 billion CMBS multi-borrower transaction collateralized by 67 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of FREMF 2015-K44

NEW YORK, NY (February 23, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K44, a $1.6 billion CMBS conduit transaction collateralized by 76 mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Withdraws Rating on CGCMT 2015-GC29

NEW YORK, NY (February 22, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the CGCMT 2015-GC29 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s February 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on COMM 2013-CCRE8

NEW YORK, NY (February 22, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the COMM 2013-CCRE8 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s February 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Publishes CMBS Research: "Upping the Ante on the Strip"

NEW YORK, NY (February 22, 2018) – Kroll Bond Rating Agency (KBRA) releases a research report entitled, “Upping the Ante on the Strip.”

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KBRA Withdraws Ratings on BBCMS 2015-RRI

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from 14 classes of BBCMS 2015-RRI, a $354.3 million CMBS single borrower transaction. The rating withdrawals follow the full repayment of the rated securities as reflected in the transaction’s February 2018 remittance report. There we no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on JPMCC 2014-FL6

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its BB- (sf) rating from Class WCP1 of the JPMCC 2014-FL6 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s February 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Withdraws Rating on JPMBB 2014-C18

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the JPMBB 2014-C18 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s February 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the security.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K73 and Freddie Mac Structured Pass-Through Certificates K-073

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2018-K73 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-073 (see ratings list below). FREMF Series 2018-K73 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K73 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of CD 2017-CD3

NEW YORK, NY (February 15, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CD 2017-CD3, a $1.32 billion CMBS conduit transaction collateralized by 52 mortgage loans secured by 59 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Affirms COMM 2013-GAM

NEW YORK, NY (February 15, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-GAM, a $292.0 million CMBS single borrower securitization. The affirmations follow a full surveillance review of the transaction, which has demonstrated improving credit metrics since securitization. While the credit metrics have exhibited a positive trend, four of the eight mall anchor tenants, as well as comparable in-line tenants have experienced a decline in sales since last review.

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KBRA Affirms All Classes of BAMLL 2015-200P

NEW YORK, NY (February 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2015-200P, a $1.4 billion CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Affirms All Classes of JPMBB 2015-C27

NEW YORK, NY (February 14, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C27, a $817.7 million CMBS conduit transaction collateralized by 44 mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Assigns Ratings to TRTX 2018-FL1

NEW YORK, NY (Febuary 14, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of TRTX 2018-FL1, a commercial real estate collateralized loan obligation (CRE CLO) securitization with post-closing ability to acquire loan participations related to the transaction collateral, provided that the pool’s loan HERF is 21.0 or higher, and dispose of loans at par under certain circumstances. The transaction, at $932.4 million, is the second largest CRE CLO to be issued post crisis.

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KBRA Downgrades Two Classes and Affirms All Other Classes of WFRBS 2013-C12

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) downgraded the Class E and F certificates and affirmed all other classes of WFRBS 2013-C12, a $1.0 billion CMBS conduit transaction collateralized by 93 mortgage loans secured by 119 properties. The downgrades reflect the transaction’s decline in performance since last review, KBRA’s estimated losses for three (4.5% of the pool balance) of the six (9.4%) KBRA Loans of Concern (K-LOCs), including the ninth largest specially-serviced loan, Studio Green Apartments (2.6%). K-LOCs consist of specially serviced and real estate owned (REO) assets as well as non-specially serviced loans in default or at heightened risk of default in the near term.

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KBRA Withdraws Ratings on FREMF 2013-KF02

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its AAA (sf) rating from Classes A-1 and A-2 and its AA- (sf) rating from Class A-3 of the FREMF 2013-KF02 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s January 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of FREMF 2015-K43

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K43, a $1.4 billion CMBS multi-borrower transaction collateralized by 80 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Assigns Preliminary Ratings to Hilton Orlando Trust 2018-ORL

NEW YORK, NY (February 13, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to ten classes of Hilton Orlando Trust 2018-ORL, a $475.0 million CMBS single-asset, single-borrower transaction. 

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KBRA Affirms All Classes of GSMS 2017-485L

NEW YORK, NY (February 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2017-485L a $350.0 million single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigned the loan a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of CGCMT 2015-GC27

NEW YORK, NY (February 9, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-GC27, a $1.17 billion CMBS conduit transaction collateralized by 100 mortgage loans secured by 114 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review.

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KBRA Affirms All Classes of GSMS 2015-GC28

NEW YORK, NY (February 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-GC28, an $894.9 million CMBS conduit transaction collateralized by 74 mortgage loans secured by 111 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of COMM 2015-DC1

NEW YORK, NY (February 8, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-DC1, an $1.37 billion CMBS conduit transaction collateralized by 66 mortgage loans secured by 79 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since issuance. 

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KBRA Assigns Preliminary Ratings to BDS 2018-FL1

NEW YORK, NY (February 8, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of BDS 2018-FL1, a $510.2 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 27 whole loans and participations and for approximately three years following the closing date, the issuer can acquire funded, non-trust companion participations related to the initial collateral if the acquisition criteria are satisfied. With respect to two loans (14.1%), absent the occurrence of certain circumstances, principal proceeds received from such loans will be distributed to the notes and preferred shares on a pro rata basis.

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KBRA Affirms All Classes of OMPT 2017-1MKT

NEW YORK, NY (February 7, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of OMPT 2017-1MKT a $975.0 million single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to CGCMT 2018-TBR

NEW YORK, NY (February 7, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to eight classes of CGCMT 2018-TBR, a $189.1 million CMBS single-asset, single-borrower transaction.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (February 7, 2018) – Kroll Bond Rating Agency (KBRA) releases January’s CMBS Trend Watch.

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KBRA Affirms All Classes of COMM 2016-787S

NEW YORK, NY (February 6, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2016-787S, a CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Preliminary Ratings to AREIT 2018-CRE1

NEW YORK, NY (February 6, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of AREIT 2018-CRE1, a $480.4 million commercial real estate collateralized loan obligation (CRE CLO) securitization. The transaction will initially be collateralized by 18 whole loans and participations, as well as cash equal to the par amount of the delayed close asset, as discussed below. Ten assets (55.3%) are whole loans and the remaining nine assets (44.7%) are pari passu participations, with related companion participations that represent unfunded future advance obligations held outside of the trust.  

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KBRA Assigns Preliminary Ratings to BENCHMARK 2018-B2

NEW YORK, NY (February 6, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of BENCHMARK 2018-B2, a $1.5 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 67 properties. 

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KBRA Affirms All Classes of JPMCC 2013-C10

NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2013-C10, a $1.0 billion CMBS conduit transaction collateralized by 43 mortgage loans secured by 85 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since last review. While credit enhancement levels have improved since last review due to loan payoffs (15.0% of securitization balance), there are also eight (14.6%) K-LOCs, three with estimated losses.

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KBRA Affirms All Classes of CGCMT 2013-375P

NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings of CGCMT 2013-375P, a $573.8 million CMBS single borrower transaction. The transaction collateral consists of a senior portion of a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in an 830,928 sf, trophy office property at 375 Park Avenue, New York, New York. The loan is interest-only for its ten year term with an outstanding balance of $782.8 million. The loan sponsor is RFR Holding LLC.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings of CGCMT 2013-375P, a $573.8 million CMBS single borrower transaction. The transaction collateral consists of a senior portion of a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in an 830,928 sf, trophy office property at 375 Park Avenue, New York, New York. The loan is interest-only for its ten year term with an outstanding balance of $782.8 million. The loan sponsor is RFR Holding LLC.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings of CGCMT 2013-375P, a $573.8 million CMBS single borrower transaction. The transaction collateral consists of a senior portion of a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in an 830,928 sf, trophy office property at 375 Park Avenue, New York, New York. The loan is interest-only for its ten year term with an outstanding balance of $782.8 million. The loan sponsor is RFR Holding LLC.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to Tharaldson Hotel Portfolio Trust 2018-THPT

NEW YORK, NY (February 5, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to eight classes of Tharaldson Hotel Portfolio Trust 2018-THPT, a $960.0 million CMBS single-asset, single-borrower transaction.

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KBRA Affirms All Ratings of BAMLL 2015-FRR11

NEW YORK, NY (February 2, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of BAMLL 2015-FRR11, a re-securitization of five subordinate certificates from two separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2013-K25

NEW YORK, NY (February 2, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the B certificate from “A+” (sf) to “AA-” (sf) and affirmed all other outstanding ratings for FREMF 2013-K25, a $1.46 billion CMBS multi-borrower transaction collateralized by 83 fixed-rate commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrade was primarily driven by the continued improvement in the pool’s credit performance, as well as defeasances.

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KBRA Upgrades Three Classes and Affirms All Other Classes of UBS-BB 2013 -C5

NEW YORK, NY (February 2, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B certificates from “AA- (sf)” to “AA (sf)” and the EC and C certificates from “A- (sf)” to “A (sf)” and affirmed all other outstanding ratings of UBS-BB 2013-C5, a $1.4 billion CMBS conduit transaction collateralized by 79 mortgage loans secured by 97 properties. The upgrades reflect the continued improvement in the pool’s credit performance, defeasances and increased credit enhancement due to deleveraging from amortization and loan payoffs. 

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KBRA Affirms All Classes of WFCM 2016-C32

NEW YORK, NY (February 1, 2018) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of WFCM 2016-C32, a $948.2 million CMBS conduit transaction collateralized by 112 commercial mortgage loans secured by 152 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of COMM 2013-CCRE10

NEW YORK, NY (February 1, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE10, a $953 million CMBS conduit transaction secured by 59 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Assigns Preliminary Ratings to TRTX 2018-FL1

NEW YORK, NY (Febuary 1, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of TRTX 2018-FL1, a commercial real estate collateralized loan obligation (CRE CLO) securitization with post-closing ability to acquire loan participations related to the transaction collateral and dispose of loans at par under certain circumstances. The transaction, at $932.4 billion, is the second largest CRE CLO to be issued post crisis.

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KBRA Affirms All Classes of JPMBB 2014-C18

NEW YORK, NY (February 1, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C18, a $911.4 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 80 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of COMM 2014-LC15

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-LC15, an $892 million CMBS conduit transaction collateralized by 48 mortgage loans secured by 195 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review and issuance. 

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KBRA Assigns Ratings to BENCHMARK 2018-B1

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of BENCHMARK 2018-B1 (see ratings list below), a $1.2 billion CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 173 properties. 

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KBRA Assigns Ratings to FREMF 2018-K72 and Freddie Mac Structured Pass-Through Certificates K-072

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FREMF Series 2018-K72 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-072 (see ratings list below). FREMF Series 2018-K72 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K72 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Assigns Preliminary Ratings to UBS 2018-C8

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2018-C8, a $1.0 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 126 properties. 

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KBRA Affirms All Classes of COMM 2014-CCRE15

NEW YORK, NY (January 29, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE15, a $931.0 million CMBS conduit transaction collateralized by 44 mortgage loans secured by 55 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Affirms All Classes of CGCMT 2016-GC36

NEW YORK, NY (January 26, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-GC36, a $1.1 billion CMBS conduit transaction collateralized by 58 mortgage loans secured by 104 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Withdraws Rating for Class B of BAMLL 2016-FRR15

NEW YORK, NY (January 26, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its B- (sf) rating from Class B of BAMLL 2016-FRR15, a re-securitization of the FREMF 2015-KF12 securitization’s Class C certificates; following the reduction of its principal balance to zero as reflected on the transaction’s January 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of CFCRE 2016-C3

NEW YORK, NY (January 25, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CFCRE 2016-C3, a $694.7 million CMBS conduit transaction collateralized by 38 mortgage loans secured by 67 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Upgrades Two Classes and Affirms All Other Classes of MSBAM 2013-C8

NEW YORK, NY (January 25, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded the PST and C certificates from “A-” (sf) to “A” (sf) and affirmed all other outstanding ratings for MSBAM 2013-C8, a $903.7 million CMBS conduit transaction collateralized by 49 mortgage loans secured by 56 properties. The upgrades are primarily driven by the continued improvement in the pool’s credit performance, as well as increased credit enhancement due to deleveraging from amortization.

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KBRA Assigns Ratings to WFCM 2018-BXI

NEW YORK, NY (January 25, 2018) – Kroll Bond Rating Agency (KBRA) has assigned ratings to seven classes of WFCM 2018-BXI, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Assigns Preliminary Ratings to VMC 2018-FL1

NEW YORK, NY (January 24, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of VMC 2018-FL1, a $368.1 million commercial real estate collateralized loan obligation (CRE CLO) securitization with the ability to acquire companion loan participations related to the initial transaction collateral for a two-year period following the closing date. In addition, the issuer can sell defaulted assets and impaired assets to the majority of the Class G holders at par. 

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KBRA Places Three Classes of COMM 2013-LC13 on Watch Downgrade

NEW YORK, NY (January 22, 2018) – Kroll Bond Rating Agency (KBRA) has placed the Class D, E and F certificates of the COMM 2013-LC13 transaction on Watch Downgrade. The certificates are currently rated BBB-(sf), BB-(sf) and B(sf), respectively. The Watch is based on the transfer of the pool’s sixth largest loan, NorthPointe Apartments (4.0% of the pool), to special servicing as well as additional credit concerns with other loans in the transaction.

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KBRA Assigns Preliminary Ratings to FREMF 2018-K72 and Freddie Mac Structured Pass-Through Certificates K-072

NEW YORK, NY (January 22, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of FREMF Series 2018-K72 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-072 (see ratings list below). FREMF Series 2018-K72 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2018-K72 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Withdraws Rating on JPMCC 2014-FL5

NEW YORK, NY (January 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AA+ (sf) rating from Class B of the JPMCC 2014-FL5 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s January 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Upgrades and Affirms Ratings for JPMCC 2014-FL4

NEW YORK, NY (January 19, 2018) – Kroll Bond Rating Agency (KBRA) upgraded the Class C certificates and affirmed the remaining outstanding ratings for all classes of JPMCC 2014-FL4, a CMBS large loan floating-rate transaction collateralized by two mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR). The upgrade and affirmations reflect the deleveraging of the transaction, as well as improved collateral performance since the last review.

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KBRA Withdraws Rating on WFRBS 2013-C12

NEW YORK, NY (January 19, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the WFRBS 2013-C12 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s January 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of these securities.

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KBRA Affirms CGRBS 2013-VNO5TH

NEW YORK, NY (January 18, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGRBS 2013-VNO5TH certificates, a $390.0 million CMBS single borrower securitization. The loan is secured by the borrower’s fee simple interest in a 38,814 sf retail condominium and also the leasehold interest in a 73,846 sf office condominium located at 666 Fifth Avenue, New York City, New York.  The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan. 

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KBRA Assigns Preliminary Ratings to Tharaldson Hotel Portfolio Trust 2018-THPT

NEW YORK, NY (January 18, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of Tharaldson Hotel Portfolio Trust 2018-THPT, a $960.0 million CMBS single-asset, single-borrower transaction.

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KBRA Assigns Preliminary Ratings to CGCMT 2018-TBR

NEW YORK, NY (January 17, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of CGCMT 2018-TBR, a $189.1 million CMBS single-asset, single-borrower transaction.

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KBRA Withdraws Rating on COMM 2013-LC13

NEW YORK, NY (January 16, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the COMM 2013-LC13 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s January 2018 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to BENCHMARK 2018-B1

NEW YORK, NY (January 16, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of BENCHMARK 2018-B1, a $1.2 billion CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 173 properties. 

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KBRA Affirms All Classes of WFCM 2015-C26

NEW YORK, NY (January 12, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C26, a $919.0 million CMBS conduit transaction collateralized by 101 mortgage loans secured by 114 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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KBRA Upgrades Two Classes and Affirms All Other Classes of MSC 2012-C4

NEW YORK, NY (January 12, 2018) – Kroll Bond Rating Agency (KBRA) upgraded the Class C and D certificates and affirmed all other outstanding ratings in MSC 2012-C4, a $759.0 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 66 properties. The transaction has benefited across the capital stack from increased certificate credit enhancement levels due to amortization and loan payoffs, including two original Top 10 loans. Since last review, the deal has paid down by $71.6 million (9.4%) which includes the payoffs of Sirata Beach Resort ($25.4 million) and 67 Livingston Street ($12.7 million). Since issuance the transaction’s total principal balance has decreased by 30.9%.

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KBRA Affirms All Classes of WFRBS 2012-C8

NEW YORK, NY (January 12, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2012-C8, a $1.0 billion CMBS conduit transaction collateralized by 72 mortgage loans secured by 84 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review and issuance. 

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KBRA Assigns Preliminary Ratings to WFCM 2018-BXI

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of WFCM 2018-BXI, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Downgrades One Class and Affirms All Other Classes of COMM 2014-UBS2

NEW YORK, NY (January 11, 2018) – Kroll Bond Rating Agency (KBRA) downgraded the Class F certificate from “B” (sf) to “B-” (sf) and affirmed its outstanding ratings for all other classes of COMM 2014-UBS2, a $1.2 billion CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 90 properties. The downgrade was driven by KBRA’s estimated loss for Creekside Mixed Use Development (2.0% of the pool balance) and credit concerns for two top 10 loans (17.1%) including One Kendall Square (10.0%) and Excelsior Crossings (7.1%). 

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KBRA Affirms MSC 2013-ALTM

NEW YORK, NY (January 11, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSC 2013-ALTM certificates, a $160.0 million CMBS single borrower securitization. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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KBRA Affirms All Classes of GSMS 2014-GC18

NEW YORK, NY (January 5, 2018) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-GC18, a $1.0 billion CMBS conduit transaction collateralized by 69 commercial mortgage loans secured by 132 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited a decline in credit metrics since the last review. 

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (January 5, 2018) – Kroll Bond Rating Agency (KBRA) released December’s CMBS Trend Watch today.

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KBRA Withdraws Rating on BAMLL 2015-FRR10

NEW YORK, NY (January 3, 2018) – Kroll Bond Rating Agency (KBRA) withdrew its rating from Class B of BAMLL 2015-FRR10, a re-securitization of the FREMF 2014-KF06 securitization’s Class C certificate. The rating withdrawal follows the full repayment of the rated security as reflected in the transaction’s December 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Publishes CMBS Research "The Earthquake Insurance Divide"

NEW YORK, NY (January 2, 2018) – Kroll Bond Rating Agency (KBRA) recently released a research report entitled “The Earthquake Insurance Divide.”

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KBRA Assigns Ratings to Atrium Hotel Portfolio Trust 2017-ATRM

NEW YORK, NY (December 29, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to six classes of Atrium Hotel Portfolio Trust 2017-ATRM, a $600.0 million CMBS single-borrower transaction. 

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KBRA Assigns Ratings to UBS 2017-C7

NEW YORK, NY (December 27, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of UBS 2017-C7, a $891.0 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 109 properties. 

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KBRA Assigns Ratings to FREMF 2017-K71 and Freddie Mac Structured Pass-Through Certificates K-071

NEW YORK, NY (December 22, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K71 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-071. FREMF Series 2017-K71 is a $1.5 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K71 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Assigns Ratings to BXMT 2017-FL1

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of BXMT 2017-FL1, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with post-closing ability to acquire loan participations related to the transaction collateral and dispose of loans at par under certain circumstances. The transaction, at $1.0 billion, is the largest CRE CLO to be issued post crisis.

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KBRA Assigns Ratings to WFCM 2017-C42

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of the WFCM 2017-C42 transaction. WFCM 2017-C42 is a $744.8 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 66 properties. 

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KBRA Affirms All Classes of JPMCC 2016-JP4

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2016-JP4, a $992.4 million CMBS conduit transaction collateralized by 40 mortgage loans secured by 72 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms GSMS 2013-PEMB

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2013-PEMB certificates, a $260.0 million CMBS single borrower securitization. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan. 

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KBRA Withdraws Ratings and Places Two Classes on Watch Upgrade for COMM 2015-CCRE23

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AA (sf) ratings for Classes CM-A, CM-X-CP and CM-X-EXT, loan-specific certificates issued in connection with the COMM 2015-CCRE23 transaction. The rating withdrawals follow a full repayment of the rated securities as reflected in the transaction’s December 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on MSBAM 2013-C8

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the MSBAM 2013-C8 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s December 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Ratings to BANK 2017-BNK9

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of BANK 2017-BNK9, a $1.1 billion CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 89 properties. 

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KBRA Affirms All Classes of DBCCRE 2014-ARCP

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DBCCRE 2014-ARCP, a $620.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Rating for JPMCC 2013-C10

NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-3 of the JPMCC 2013-C10 transaction following the full repayment of the class, as reflected in the transaction’s December 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms Ratings to FREMF 2016-K60

NEW YORK, NY (December 18, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K60, a $1.1 billion CMBS multi-borrower transaction collateralized by 62 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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KBRA Withdraws Ratings on CGCMT 2013-SMP

NEW YORK, NY (December 18, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from six classes of CGCMT 2013-SMP, a $214.6 million CMBS single borrower transaction.  The rating withdrawals follow the full repayment of the rated securities as reflected in the transaction’s December 2017 remittance report.  There we no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of COMM 2013-CCRE13

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE13, a $1.1 billion CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 60 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization. 

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KBRA Affirms All Classes of RBS Commercial Funding Inc. 2013-SMV Trust

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of RBS Commercial Funding Inc. 2013-SMV Trust, a CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of CSMC 2016-NXSR

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSMC 2016-NXSR, a $603.2 million CMBS conduit transaction collateralized by 33 mortgage loans secured by 54 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of WFRBS 2013-C11

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) upgraded the Class B certificate from “AA (sf)” to “AA+ (sf)” and the Class C certificate from “A- (sf)” to “A (sf)” and affirmed all other outstanding ratings in WFRBS 2013-C11, a $1.07 billion CMBS conduit transaction collateralized by 75 commercial mortgage loans secured by 110 properties. The upgrades are primarily driven by the deleveraging of the capital structure that occurred over the past year.  Since our last review in December 2016, the transaction’s balance decreased by approximately $200.7 million as result from loans paying off and amortization. In total, the transaction’s balance has been reduced by 25.5% since issuance and 15.8% since our last surveillance review.  Supporting the upgrades, the transaction’s balance includes the full defeasance of six loans (5.6% of pool). 

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KBRA Withdraws Rating on UBS-BB 2013-C6

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the UBS-BB 2013-C6 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s December 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on UBS-BB 2013-C5

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the UBS-BB 2013-C5 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s December 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of WFCM 2015-P2

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-P2, a $995.3 million CMBS conduit transaction collateralized by 71 commercial mortgage loans secured by 115 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited relatively stable performance since issuance.

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KBRA Assigns Preliminary Ratings to Atrium Hotel Portfolio Trust 2017-ATRM

NEW YORK, NY (December 14, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of Atrium Hotel Portfolio Trust 2017-ATRM, a $600.0 million CMBS single-borrower transaction. 

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KBRA Assigns Ratings to UBS 2017-C6

NEW YORK, NY (December 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of UBS 2017-C6 (see ratings list below), a $684.7 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 124 properties. 

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KBRA Assigns Ratings to FREMF 2017-K70 and Freddie Mac Structured Pass-Through Certificates K-070

NEW YORK, NY (December 12, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K70 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-070. FREMF Series 2017-K70 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K70 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Assigns Preliminary Ratings to UBS 2017-C7

NEW YORK, NY (December 12, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of UBS 2017-C7, a $891.0 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 109 properties. 

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KBRA Affirms All Ratings of BAMLL 2016-FRR16

NEW YORK, NY (December 11, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of BAMLL 2016-FRR16, a re-securitization of the FREMF 2011-K14 securitization’s (the underlying trust) Class C and X2 certificates issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated improved performance since re-securitization.

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KBRA Assigns Preliminary Ratings to FREMF 2017-K71 and Freddie Mac Structured Pass-Through Certificates K-071

NEW YORK, NY (December 11, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K71 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-071. FREMF Series 2017-K71 is a $1.5 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K71 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of CFCRE 2016-C7

NEW YORK, NY (December 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CFCRE 2016-C7, a $650.0 million CMBS conduit transaction collateralized by 37 mortgage loans secured by 64 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms AOA 2015-1177

NEW YORK, NY (December 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of AOA 2015-1177, a $360 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of JPMBB 2014-C26

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C26, a $1.4 billion CMBS conduit transaction collateralized by 68 mortgage loans secured by 80 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Affirms All Classes of DBWF 2016-85T

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DBWF 2016-85T, a CMBS single borrower transaction. The collateral for the transaction is a $271.0 million portion of a $396.0 million, non-recourse first lien mortgage loan. The whole mortgage loan is represented by six senior pari passu A notes totaling $255.0 million, and two subordinate B notes totaling $141.0 million. The trust collateral includes two senior pari passu A notes in the aggregate amount of $130.0 million, as well as the two subordinate B notes, which together total $271.0 million. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA assigned a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of WFRBS 2012-C10

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2012-C10, a $1.1 billion CMBS conduit transaction collateralized by 79 commercial mortgage loans secured by 105 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.

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KBRA Affirms All Classes of CGCMT 2015-GC35

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-GC35, a $1.09 billion CMBS conduit transaction collateralized by 64 mortgage loans secured by 93 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (December 7, 2017) – Kroll Bond Rating Agency (KBRA) releases November’s CMBS Trend Watch.

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KBRA Assigns Preliminary Ratings to WFCM 2017-C42

NEW YORK, NY (December 6, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of the WFCM 2017-C42 transaction (see ratings list below). WFCM 2017-C42 is a $744.8 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 66 properties. 

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KBRA Affirms All Classes of WFCM 2014-LC18

NEW YORK, NY (December 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2014-LC18, a $1.1 billion CMBS conduit transaction collateralized by 99 commercial mortgage loans secured by 117 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Affirms All Classes of MSCI 2015-UBS8

NEW YORK, NY (December 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2015-UBS8, a $795.6 million CMBS conduit transaction collateralized by 57 mortgage loans secured by 72 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since last review and issuance.  

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KBRA Affirms Ratings to CD 2016-CD2

NEW YORK, NY (December 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CD 2016-CD2, a $973.5 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 37 properties. The affirmations follow a surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Preliminary Ratings to BXMT 2017-FL1

NEW YORK, NY (December 4, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of BXMT 2017-FL1, a managed commercial real estate collateralized loan obligation (CRE CLO) securitization with post-closing ability to acquire loan participations related to the transaction collateral and dispose of loans at par under certain circumstances.  The transaction, at $1.0 billion, is the largest CRE CLO to be issued post crisis.

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KBRA Affirms All Classes of JPMBB 2013-C17

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2013-C17, a $988.3 million CMBS conduit transaction collateralized by 61 mortgage loans secured by 66 properties. The affirmations follow a full surveillance review of the transaction. Although the transaction’s credit metrics have improved since securitization, KBRA affirmed all rated classes due to the transaction’s increased exposure to KBRA Loans of Concern (K-LOCs) (8.8% of the pool), principal loss from the liquidation of one loan (1.1%), and three top ten loans (14.7%) that have a KBRA Performance Outlook (KPO) of Underperform.  K-LOCs are loans that are either in default or at heightened risk of default.

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KBRA Affirms All Classes of MSC 2016-UBS12

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSC 2016-UBS12, a $818.3 million CMBS conduit transaction collateralized by 42 mortgage loans secured by 72 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of MSBAM 2014-C19

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2014-C19, a $1.4 billion CMBS conduit transaction collateralized by 76 mortgage loans secured by 111 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Affirms CG-CCRE 2014-FL2

NEW YORK, NY (December 1, 2017) – Kroll Bond Rating Agency (KBRA) affirms its outstanding ratings for all classes of CG-CCRE 2014-FL2, a $341.7 million CMBS large loan floating-rate transaction. In determining these actions, consideration was given to the increased credit enhancements of the rated securities, as well as the increased risks arising from uncertainties pertaining to the refinancing of the pool’s two largest loans which are collateralized by Class B malls, the longer than expected stabilization time for the third largest property, and declining performance of the pools fourth asset.  

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KBRA Assigns Ratings to WFCM 2017-C41

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of the WFCM 2017-C41 transaction (see ratings list below). WFCM 2017-C41 is a $785.9 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 97 properties. 

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KBRA Assigns Ratings to Caesars Palace Las Vegas Trust 2017-VICI

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to nine classes of Caesars Palace Las Vegas Trust 2017-VICI, a $1.6 billion CMBS single-asset, single-borrower transaction.

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KBRA Assigns Ratings to CCUBS 2017-C1

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of CCUBS 2017-C1, a $696.7 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 98 properties. 

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KBRA Assigns Ratings to GSMS 2017-GS8

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of GSMS 2017-GS8, a $1.0 billion CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 200 properties. 

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KBRA Assigns Ratings to CSAIL 2017-CX10

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 19 classes of CSAIL 2017-CX10 (see ratings list below), an $855.3 million CMBS conduit transaction collateralized by 31 commercial mortgage loans that are secured by 76 properties. 

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KBRA Affirms All Classes of CGCMT 2016-P6

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-P6, a $909.3 million CMBS conduit transaction collateralized by 54 mortgage loans secured by 94 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Assigns Ratings to BSPRT 2017-FL2

NEW YORK, NY (November 29, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to seven classes of BSPRT 2017-FL2, a $440.7 million CRE CLO transaction with limited post-closing acquisition ability. 

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KBRA Affirms All Classes of JPMCC 2014-FL6

NEW YORK, NY (November 28, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2014-FL6, a CMBS large loan floating-rate transaction collateralized by nine mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR). Although the current credit enhancements of the rated pooled securities indicate the potential for an upgrade, KBRA tempered its actions due to the retail exposure and closing of Kmart (collateral tenant) at the largest loan, Southland Mall (20.9%), as well as the poor performance of the third largest loan, MTP Northeast Hospitality Portfolio (12.6%). The affirmations follow a full surveillance review of the transaction. 

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KBRA Assigns Preliminary Ratings to FREMF 2017-K70 and Freddie Mac Structured Pass-Through Certificates K-070

NEW YORK, NY (November 28, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K70 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-070 (see ratings list below). FREMF Series 2017-K70 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K70 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to BANK 2017-BNK9

NEW YORK, NY (November 28, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of BANK 2017-BNK9, a $1.1 billion CMBS conduit transaction collateralized by 45 commercial mortgage loans secured by 89 properties. 

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KBRA Withdraws Rating for WFRBS 2013-C16

NEW YORK, NY (November 27, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its “AAA (sf)” rating from Class A-1 of the WFRBS 2013-C16 transaction following the full redemption of the rated security as reflected in the transaction’s November 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security. 

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KBRA Assigns Preliminary Ratings to UBS 2017-C6

NEW YORK, NY (November 27, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2017-C6, a $684.7 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 124 properties. 

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KBRA Withdraws Rating for JPMBB 2014-C19

NEW YORK, NY (November 22, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-1 of the JPMBB 2014-C19 transaction following the full repayment of the class, as reflected in the transaction’s November 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Affirms All Classes of RCMT 2016-3

NEW YORK, NY (November 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of RCMT 2016-3, a $130.6 million small balance commercial loan securitization collateralized by 55 mortgage loans secured by 57 properties. 

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KBRA Affirms All Classes of FREMF 2015-K721

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K721, a $1.0 billion CMBS multi-borrower transaction that is collateralized by 48 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization. 

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KBRA Affirms All Classes of FREMF 2014-K41

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2014-K41, a $1.4 billion CMBS multi-borrower transaction that is collateralized by 96 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of GSMS 2016-GS4

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2016-GS4, a $1.0 billion CMBS conduit transaction collateralized by 33 mortgage loans secured by 95 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Upgrades Two Classes and Affirms All Other Classes of CLNY 2014-FL2

NEW YORK, NY (November 20, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B certificate from “AA- (sf)” to “AAA (sf)” and C certificate from “A- (sf)” to “A+ (sf)”  and affirmed all other outstanding ratings for CLNY 2014-FL2, a $162.9 million CRE CLO transaction. The transaction is collateralized by six floating-rate commercial mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR), which are secured by 26 properties. The upgrades are primarily driven by increased credit enhancement stemming from the repayment of six loans (33.2% of the original pool balance) since last review.

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KBRA Withdraws Rating for JPMCC 2013-C10

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-2 of the JPMCC 2013-C10 transaction following the full repayment of the class, as reflected in the transaction’s November 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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KBRA Releases 2018 CMBS Outlook

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) released a report summarizing its views and outlook for the CMBS industry in 2018.

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KBRA Affirms All Classes of GSMS 2015-GS1

NEW YORK, NY (November 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-GS1, a $812.6 million CMBS conduit transaction collateralized by 39 mortgage loans secured by 69 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of FREMF 2015-K50

NEW YORK, NY (November 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K50, a $1.5 billion CMBS multi-borrower transaction that is collateralized by 86 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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KBRA Affirms All Classes of GSMS 2012-BWTR

NEW YORK, NY (November 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of GSMS 2012-BWTR, a $300 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of WFCM 2015-NXS4

NEW YORK, NY (November 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-NXS4, a $767.3 million CMBS conduit transaction collateralized by 62 mortgage loans secured by 73 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance.

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KBRA Assigns Ratings to UBS 2017-C5

NEW YORK, NY (November 16, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of UBS 2017-C5 (see ratings list below), a $743.4 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 131 properties. 

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KBRA Assigns Ratings to BANK 2017-BNK8

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 12 classes of BANK 2017-BNK8 (see ratings list below), a $1.1 billion CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 83 properties. 

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KBRA Affirms All Classes of MSBAM 2015-C27

NEW YORK, NY (November 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2015-C27, an $808.6 million CMBS conduit transaction collateralized by 55 mortgage loans secured by 167 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of CSAIL 2015-C4

NEW YORK, NY (November 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSAIL 2015-C4, a $929.2 million CMBS conduit transaction collateralized by 87 mortgage loans secured by 101 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since last review and issuance.

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KBRA Assigns Preliminary Ratings to CCUBS 2017-C1

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of CCUBS 2017-C1 (see ratings list below), a $696.7 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 98 properties. 

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KBRA Assigns Ratings to BSPRT 2017-FL2

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to seven classes of BSPRT 2017-FL2, a $440.7 million CRE CLO transaction with limited post-closing acquisition ability. 

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KBRA Affirms All Classes of RCMT 2015-2

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of RCMT 2015-2, a $188.9 million small balance commercial securitization collateralized by 86 mortgage loans secured by 93 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization.  

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KBRA Affirms All Classes of JPMDB 2016-C4

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMDB 2016-C4, a $1.1 billion CMBS conduit transaction collateralized by 36 mortgage loans secured by 42 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Assigns Ratings to FREMF 2017-K728 and Freddie Mac Structured Pass-Through Certificates K-0728

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K728 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0728 (see ratings list below). FREMF Series 2017-K728 is a $1.2 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K728 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Assigns Preliminary Ratings to CSAIL 2017-CX10

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of CSAIL 2017-CX10 (see ratings list below), a $855.3 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 76 properties. 

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KBRA Assigns Preliminary Ratings to WFCM 2017-C41

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the WFCM 2017-C41 transaction (see ratings list below). WFCM 2017-C41 is a $785.9 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 97 properties. 

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KBRA Withdraws Rating on UBS-Barclays 2012-C2

NEW YORK, NY (November 10, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the UBS-Barclays 2012-C2 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s November 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of COMM 2014-CCRE21

NEW YORK, NY (November 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE21, an $809.8 million CMBS conduit transaction collateralized by 59 mortgage loans secured by 79 properties. The affirmations follow a full surveillance review of the transaction, which since issuance has experienced a slight increase in credit enhancement levels, as well as a slight decline in performance. The decline is primarily associated with the performance of the pool’s 7th largest loan, The James Hotel Chicago (4.3%), and three (3.7%) KBRA Loans of Concern (K-LOCs). All four loans are with the master servicer and remain current. 

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KBRA Withdraws Rating for GSMS 2012-GCJ9

NEW YORK, NY (November 10, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its “AAA (sf)” rating from Class A-2 of the GSMS 2012-GCJ9 transaction following the full redemption of the rated security as reflected in the transaction’s November 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security. 

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KBRA Affirms All Classes of COMM 2014-UBS6

NEW YORK, NY (November 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-UBS6, a $1.2 billion CMBS conduit transaction collateralized by 88 commercial mortgage loans secured by 265 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization. 

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KBRA Assigns Preliminary Ratings to GSMS 2017-GS8

NEW YORK, NY (November 8, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of GSMS 2017-GS8, a $1.0 billion CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 200 properties. 

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KBRA Affirms All Classes of GSMS 2012-GCJ9

NEW YORK, NY (November 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2012-GCJ9, a $1.1 billion CMBS conduit transaction collateralized by 67 mortgage loans secured by 89 properties. The affirmations follow a full surveillance review of the transaction, which has benefited from increased credit enhancement from loan payoffs and amortization. However, despite the increased credit enhancement throughout the capital stack, the transaction metrics have worsened since last review and securitization. The decline is primarily attributed to nine K-LOCs (14.0%) and the KBRA Performance Outlook (KPO) of Underperform for four loans (16.7%) in the top 10.

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KBRA Assigns Preliminary Ratings to Caesars Palace Las Vegas Trust 2017-VICI

NEW YORK, NY (November 7, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of Caesars Palace Las Vegas Trust 2017-VICI, a $1.6 billion CMBS single-asset, single-borrower transaction.

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (November 7, 2017) – Kroll Bond Rating Agency (KBRA) released October’s CMBS Trend Watch today.

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KBRA Affirms All Classes of BAMLL 2012-PARK

NEW YORK, NY (November 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2012-PARK certificates, a $300.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan. 

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KBRA Affirms All Classes of COMM 2014-FL5

NEW YORK, NY (November 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-FL5, a CMBS large loan floating-rate transaction collateralized by three mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR). Although the current credit enhancements of the rated securities indicate the potential for an upgrade, KBRA tempered its actions due to the continued deterioration in performance of the largest loan (41.9%) in the pool, which is currently with the special servicer due to its maturity default. The affirmations follow a full surveillance review of the transaction. 

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KBRA Affirms All Classes of COMM 2015-LC23

NEW YORK, NY (November 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-LC23, a $948.4 million CMBS conduit transaction collateralized by 62 mortgage loans secured by 120 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance.

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KBRA Affirms All Classes of FREMF 2015-K720

NEW YORK, NY (November 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K720, a $1.6 billion CMBS multi-borrower transaction that is collateralized by 75 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization. However, four loans (6.5% of pool balance) have been identified as KBRA Loans of Concern (K-LOCs).

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KBRA Affirms All Classes of MSBAM 2013-C13

NEW YORK, NY (November 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2013-C13, a $951.4 million CMBS conduit transaction collateralized by 62 mortgage loans secured by 73 properties. The affirmations follow a full surveillance review of the transaction. Although the transaction metrics have improved since closing, KBRA affirmed all rated classes due to the transaction’s exposure to the challenged retail sector.

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KBRA Assigns Ratings to CGCMT 2017-C4

NEW YORK, NY (October 31, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of CGCMT 2017-C4, a $977.1 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 95 properties. 

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KBRA Withdraws Ratings on BAMLL 2014-FRR5

NEW YORK, NY (October 31, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its BBB- (sf) rating from Class A-K502 and its BB- (sf) rating from Class B-K502 of the BAMLL 2014-FRR5, a re-securitization of twelve certificates from four separate securitizations; following the reduction of its principal balance to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of BAMLL 2014-FL1

NEW YORK, NY (October 30, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2014-FL1, a $424.5 million CMBS large loan floating transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on each of the loans.

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KBRA Assigns Preliminary Ratings to FREMF 2017-K728 and Freddie Mac Structured Pass-Through Certificates K-0728

NEW YORK, NY (October 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K728 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0728 (see ratings list below). FREMF Series 2017-K728 is a $1.2 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K728 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Affirms All Classes of GSMS 2014-GC26

NEW YORK, NY (October 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-GC26, a $1.2 billion CMBS conduit transaction collateralized by 92 mortgage loans secured by 133 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance.

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KBRA Assigns Ratings to FREMF 2017-K68 and Freddie Mac Structured Pass-Through Certificates K-068

NEW YORK, NY (October 27, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K68 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-068 (see ratings list below). FREMF Series 2017-K68 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K68 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of MSBAM 2015-C26

NEW YORK, NY (October 26, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2015-C26, a $1.04 billion CMBS conduit transaction collateralized by 69 mortgage loans secured by 102 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Assigns Preliminary Ratings to UBS 2017-C5

NEW YORK, NY (October 25, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of UBS 2017-C5, a $743.4 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 131 properties. 

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KBRA Affirms All Classes of FREMF 2013-K35

NEW YORK, NY (October 24, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-K35, a $1.5 billion CMBS multi-borrower transaction that is collateralized by 78 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Markets Execution (CME) program. The affirmations follow a full surveillance review of the transaction, which has demonstrated improved credit metrics since securitization. However, three loans (7.6% of pool balance) including the fourth and fifth largest have been identified as KBRA Loans of Concern (K-LOCs).

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KBRA Withdraws Rating on Wells Fargo Resecuritization Trust 2012-IO

NEW YORK, NY (October 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class B, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of FREMF 2016-K58

NEW YORK, NY (October 24, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K58, a $1.3 billion CMBS multi-borrower transaction that is collateralized by 74 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of CLMT 2016-CLNE

NEW YORK, NY (October 24, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CLMT 2016-CLNE certificates, a $452.3 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA assigned a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Withdraws Ratings for JPMCC 2014-FL5

NEW YORK, NY (October 23, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its “AAA (sf)” rating from Class A and its “BB- (sf)” rating from Class BRS1 of the JPMCC 2014-FL5 transaction following the reduction of the certificate’s principal balances to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on UBS-BB 2013-C5

NEW YORK, NY (October 23, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the UBS-BB 2013-C5 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating on COMM 2014-CCRE15

NEW YORK, NY (October 23, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the COMM 2014-CCRE15 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating for WFRBS 2013-C11

NEW YORK, NY (October 23, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-2 of the WFRBS 2013-C11 transaction following the full repayment of the class, as reflected in the transaction’s October 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on GSMS 2013-GC13

NEW YORK, NY (October 23, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the GSMS 2013-GC13 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s October 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to BANK 2017-BNK8

NEW YORK, NY (October 23, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 12 classes of BANK 2017-BNK8, a $1.1 billion CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 83 properties. 

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KBRA Affirms All Ratings of BAMLL 2014-FRR8

NEW YORK, NY (October 20, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of BAMLL 2014-FRR8, a re-securitization of the FREMF 2014-K40 securitization’s (the underlying trust) Class D, Class X2-A, Class X2-B certificates issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated improved performance since re-securitization.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2014-K40

NEW YORK, NY (October 20, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B certificate from “A+ (sf)” to “AA- (sf)” and all other outstanding ratings have been affirmed for FREMF 2014-K40, a $1.5 billion CMBS multi-borrower transaction that is collateralized by 105 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades are primarily driven by the continued improvement in KNCF and KLTV year over year since issuance.

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KBRA Assigns Ratings to MSBAM 2017-C34

NEW YORK, NY (October 19, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of the MSBAM 2017-C34 transaction (see ratings list below). MSBAM 2017-C34 is a $1.05 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 179 properties. 

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KBRA Withdraws Rating for GSMS 2014-GSFL

NEW YORK, NY (October 19, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its “AAA (sf)” rating from Class X-EXT of the GSMS 2014-GSFL transaction. KBRA had previously withdrawn all of its outstanding ratings on the transaction’s principal and interest certificates after their principal balances were reduced to zero on the transaction’s August 2017 remittance report. These included the Class A, B, and C certificates.  KBRA does not rate the transaction’s remaining principal and interest classes. 

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KBRA Assigns Ratings to UBS 2017-C4

NEW YORK, NY (October 18, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of UBS 2017-C4 (see ratings list below), a $818.3 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 85 properties. 

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KBRA Affirms All Classes of GSMS 2012-TMSQ

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2012-TMSQ, a $208.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Affirms Ratings to CGCMT 2016-P5

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-P5, a $912.1 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 73 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Assigns Ratings to LCCM 2017-FL1

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to seven classes of LCCM 2017-FL1, a $456.9 million CRE CLO transaction with limited post-closing acquisition ability. 

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KBRA Assigns Ratings to WFCM 2017-C40

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of the WFCM 2017-C40 transaction (see ratings list below). WFCM 2017-C40 is a $705.4 million CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 150 properties. 

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KBRA Assigns Preliminary Ratings to FREMF 2017-K68 and Freddie Mac Structured Pass-Through Certificates K-068

NEW YORK, NY (October 17, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K68 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-068. FREMF Series 2017-K68 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K68 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Affirms All Classes of MSBAM 2016-C31

NEW YORK, NY (October 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2016-C31, a $947.5 million CMBS conduit transaction collateralized by 60 mortgage loans secured by 101 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Assigns Preliminary Ratings to CGCMT 2017-C4

NEW YORK, NY (October 16, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of CGCMT 2017-C4  (see ratings list below), a $977.1 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 95 properties. 

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KBRA Affirms All Classes of GSMS 2015-GC34

NEW YORK, NY (October 11, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-GC34, a $840.7 million CMBS conduit transaction collateralized by 56 mortgage loans secured by 75 properties. The affirmations follow a full surveillance review of the transaction, which since issuance has experienced a slight increase in credit enhancement levels, as well as a slight decline in performance. The decline is primarily associated with four (5.9%) KBRA Loans of Concern (K-LOCs). However all four loans are with the master servicer and remain current. 

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KBRA Upgrades Three Classes and Affirms All Other Classes of GSMS 2013-GCJ16

NEW YORK, NY (October 11, 2017) – Kroll Bond Rating Agency (KBRA) upgraded the Class B certificate from “AA- (sf)” to “AA (sf)” and the Class C certificate from “A- (sf)” to “A (sf).” KBRA also upgraded the PEZ certificate to “A (sf).”  All of the other outstanding ratings have been affirmed for GSMS 2013-GCJ16, a $1.0 billion CMBS conduit transaction collateralized by 75 commercial mortgage loans secured by 103 properties. The upgrades are primarily driven by the full defeasance of six loans (13.1% of pool), including four loans (6.1%) since KBRA’s last review. In addition, the transaction has exhibited improving credit metrics since securitization. 

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KBRA Affirms All Classes of WFCM 2015-NXS3

NEW YORK, NY (October 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-NXS3, a $806.3 million CMBS conduit transaction collateralized by 56 mortgage loans secured by 59 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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KBRA Affirms All Classes of CGCMT 2014-GC25

NEW YORK, NY (October 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2014-GC25, a $823.5 million CMBS conduit transaction collateralized by 57 mortgage loans secured by 98 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (October 9, 2017) – Kroll Bond Rating Agency (KBRA) released September’s CMBS Trend Watch today.

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KBRA Affirms All Ratings of WFRR 2013-FRR1

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of WFRR 2013-FRR1, a re-securitization of six certificates from four separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The re-securitization consists of four principal only (PO) certificates and two interest only (IO) certificates from four Freddie Mac K-Series multifamily securitizations (FREMF), which include FREMF 2011-K16, FREMF 2012-K20, FREMF 2012-K706 and FREMF 2013-K26 (the underlying trusts). The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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KBRA Affirms All Classes of JPMCC 2015-UES

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2015-UES, a $500.0 million CMBS large loan transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loans.

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KBRA Affirms All Classes of WFRBS 2014-C24

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2014-C24, a $1.1 billion CMBS conduit transaction collateralized by 86 mortgage loans secured by 109 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited a slight decline in performance since issuance.  The decline is primarily the result of KBRA’s assessment for Two Westlake Park (8.5% of the pool balance), an office building in Houston, Texas.

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KBRA Affirms All Classes of GSMS 2015-590M

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-590M, a $450.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan. 

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KBRA Affirms All Classes of FREMF 2013-KF02

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-KF02, a $114.3 million CMBS multi-borrower transaction that is collateralized by five commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited improved performance since securitization, but has become significantly more concentrated due to loan payoffs.

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KBRA Withdraws Rating for Class A of BAMLL 2016-FRR15

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its BB- (sf) rating from Class A of BAMLL 2016-FRR15, a re-securitization of the FREMF 2015-KF12 securitization’s Class C certificates; following the reduction of its principal balance to zero as reflected on the transaction’s September 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to MSBAM 2017-C34

NEW YORK, NY (October 2, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of the MSBAM 2017-C34 transaction (see ratings list below). MSBAM 2017-C34 is a $1.05 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 179 properties. 

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KBRA Publishes CMBS Research: "As Off-Price Department Store Sales Decline, Different Strategies Emerge"

NEW YORK, NY (October, 2017) –Kroll Bond Rating Agency (KBRA) releases a research report entitled “As Off-Price Department Store Sales Decline, Different Strategies Emerge.” 

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KBRA Assigns Preliminary Ratings to LCCM 2017-FL1

NEW YORK, NY (October 2, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to assign preliminary ratings to seven classes of LCCM 2017-FL1, a $456.9 million CRE CLO transaction with limited post-closing acquisition ability. 

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KBRA Upgrades Two Classes of FORT CRE 2016-1

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) recently completed a full surveillance review of FORT CRE 2016-1, a floating-rate commercial real estate collateralized loan obligation (CRE CLO) transaction, and has upgraded the ratings on the Class B and C certificates and affirmed the ratings for all other classes.  The upgrades were primarily driven by the increase in credit enhancement levels due to loan payoffs, supported by the transactions fairly stable credit metrics since issuance.

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KBRA Affirms All Classes of COMM 2016-COR1

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2016-COR1, a $886.4 million CMBS conduit transaction collateralized by 42 mortgage loans secured by 50 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. 

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KBRA Assigns Ratings to Great Wolf Trust 2017-WOLF

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to nine classes of Great Wolf Trust 2017-WOLF, a $1.0 billion CMBS single-borrower transaction.

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KBRA Assigns Ratings to CSAIL 2017-CX9

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 19 classes of CSAIL 2017-CX9 (see ratings list below), an $858.9 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 70 properties. 

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KBRA Affirms All Classes of BB-UBS Trust 2012-TFT

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BB-UBS Trust 2012-TFT, a $552.9 million CMBS large loan transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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KBRA Affirms All Classes of JPMBB 2015-C32

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C32, a $1.1 billion CMBS conduit transaction collateralized by 89 mortgage loans secured by 273 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited fairly stable credit metrics since last review.

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KBRA Affirms All Classes of MSBAM 2015-C25

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2015-C25, a $1.2 billion CMBS conduit transaction collateralized by 56 mortgage loans secured by 102 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review and issuance.

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KBRA Affirms All Classes of VNDO 2013-PENN

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of VNDO 2013-PENN, a $450.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to 280 Park Avenue 2017-280P

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to four classes of 280 Park Avenue 2017-280P, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Assigns Ratings to COMM 2017-COR2

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of COMM 2017-COR2, a $916.5 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 55 properties. 

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KBRA Assigns Ratings to FREMF 2017-K67 and Freddie Mac Structured Pass-Through Certificates K-067

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K67 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-067 (see ratings list below). FREMF Series 2017-K67 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K67 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Assigns Preliminary Ratings to WFCM 2017-C40

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the WFCM 2017-C40 transaction. WFCM 2017-C40 is a $705.4 million CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 150 properties. 

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KBRA Affirms All Classes of BB-UBS Trust 2012-SHOW

NEW YORK, NY (September 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BB-UBS Trust 2012-SHOW certificates, an $835.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Affirms All Classes of MSCI 2014-MP

NEW YORK, NY (September 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2014-MP, a $463.9 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to FREMF 2017-K727 and Freddie Mac Structured Pass-Through Certificates K-0727

NEW YORK, NY (September 25, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K727 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0727 (see ratings list below). FREMF Series 2017-K727 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K727 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Affirms All Classes of FREMF 2015-K49

NEW YORK, NY (September 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K49, a $1.6 billion CMBS multi-borrower transaction that is collateralized by 96 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Affirms All Classes of JPMBB 2014-C24

NEW YORK, NY (September 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C24, a $1.3 billion CMBS conduit transaction collateralized by 54 mortgage loans secured by 64 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance.

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KBRA Affirms All Classes of CGCMT 2013-GC17

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2013-GC17, an $831.8 million CMBS conduit transaction collateralized by 65 loans secured by 68 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2014-K503

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the rating on the Class B certificates and affirmed its other outstanding ratings for FREMF 2014-K503, a $1.0 billion CMBS multi-borrower transaction collateralized by 33 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrade is primarily driven by the continued improvement in the pool’s credit performance, as well as increased credit enhancement due to deleveraging from amortization. In addition, a total of six loans (18.0% of the pool balance) have fully defeased since securitization. 

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KBRA Assigns Preliminary Ratings to UBS 2017-C4

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of UBS 2017-C4, a $818.3 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 85 properties. 

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KBRA Assigns Preliminary Ratings to Great Wolf Trust 2017-WOLF

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of Great Wolf Trust 2017-WOLF, a $1.0 billion CMBS single-borrower transaction.

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KBRA Affirms All Classes of COMM 2015-CCRE26

NEW YORK, NY (September 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-CCRE26, a $1.1 billion CMBS conduit transaction collateralized by 59 mortgage loans secured by 98 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Affirms All Classes of COMM 2014-CCRE20

NEW YORK, NY (September 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE20, a $1.2 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 97 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since last review and securitization. 

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KBRA Withdraws Rating for JPMCC 2014-FL6

NEW YORK, NY (September 20, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its “BB- (sf)“rating from Class VINE of the JPMCC 2014-FL6 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s September 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Withdraws Rating for Class A-2 for WFRBS 2012-C10

NEW YORK, NY (September 20, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its “AAA (sf)” rating from Class A-2 of the WFRBS 2012-C10 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s September 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Assigns Preliminary Ratings to FREMF 2017-K67 and Freddie Mac Structured Pass-Through Certificates K-067

NEW YORK, NY (September 19, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K67 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-067. FREMF Series 2017-K67 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K67 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Affirms All Classes of BCRR 2014-FRR1

NEW YORK, NY (September 18, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BCRR 2014-FRR1, a re-securitization of the FREMF 2014-K716 securitization’s (the underlying trust) Class D certificates. FREMF 2014-K716 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Market Execution (CME) program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since re-securitization.

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KBRA Withdraws Ratings for Great Wolf Trust 2015-WOLF

NEW YORK, NY (September 18, 2017) – Kroll Bond Rating Agency (KBRA) withdrew all of its ratings from the Great Wolf Trust 2015-WOLF transaction following the full redemption of the rated securities as reflected on the transaction’s September 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities. 

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KBRA Withdraws Rating for GSMS 2013-GCJ14

NEW YORK, NY (September 18, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-1 of the GSMS 2013-GCJ14 transaction following the full repayment of the class, as reflected in the transaction’s September 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating for UBSBB 2012-C3

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the UBSBB 2012-C3 transaction following the reduction of its principal balance to zero, as reflected in the transaction’s September 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Rating on CGCMT 2013-GCJ11

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the CGCMT 2013-GCJ11 transaction, following the reduction of its principal balance to zero, as reflected in the transaction’s September 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities.

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KBRA Affirms All Classes of COMM 2014-UBS5

NEW YORK, NY (September 15th, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-UBS5, a $1.4 billion CMBS conduit transaction collateralized by 69 mortgage loans secured by 93 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated a slight decline in performance since issuance. 

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KBRA Publishes REITs Research: A Deeper Dive on REIT Bond Leverage - AAA in Disguise?

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) has issued a new report, “A Deeper Dive on REIT Bond Leverage – AAA in Disguise?”. 

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KBRA Affirms Ratings to MSBAM 2016-C30

NEW YORK, NY (September 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2016-C30, an $881.3 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 58 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of CGCMT 2016-SMPL

NEW YORK, NY (September 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-SMPL, a $540.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. A KBRA Performance Outlook (KPO) of Perform was assigned to the loan.

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KBRA Affirms All Classes of JPMCC 2016-JP3

NEW YORK, NY (September 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2016-JP3, a $1.2 billion CMBS conduit transaction collateralized by 52 mortgage loans secured by 62 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. 

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KBRA Affirms All Classes of WFCM 2016-LC24

NEW YORK, NY (September 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2016-LC24, a $1.0 billion CMBS conduit transaction collateralized by 90 mortgage loans secured by 128 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. 

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KBRA Affirms All Classes of JPMBB 2014-C23

NEW YORK, NY (September 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C23, a $1.3 billion CMBS conduit transaction collateralized by 64 mortgage loans secured by 99 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Releases Report on Tropical Storm Irma and KBRA Rated CMBS Exposure

NEW YORK, NY (September 12, 2017) – Kroll Bond Rating Agency (KBRA) identified 1,103 loans within its $290 billion universe of rated CMBS that are collateralized by properties in Florida. In total there are 1,569 properties ($17.2 billion allocated loan amount) located in the state, across 234 KBRA rated transactions. 

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KBRA Affirms All Classes of MSBAM 2012-CKSV

NEW YORK, NY (September 12, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2012-CKSV certificates, a $390.0 million CMBS large loan transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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KBRA Assigns Preliminary Ratings to CSAIL 2017-CX9

NEW YORK, NY (September 12, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of CSAIL 2017-CX9 (see ratings list below), a $858.9 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 70 properties.

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KBRA Affirms All Classes of JPMCC 2012-C8

NEW YORK, NY (September 11, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2012-C8, an $877.8 million CMBS conduit transaction collateralized by 38 mortgage loans secured by 56 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited fairly stable credit metrics since last review and securitization.

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KBRA Assigns Ratings to Motel 6 Trust 2017-MTL6

NEW YORK, NY (September 11, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to nine classes of Motel 6 Trust 2017-MTL6, a $2.1 billion CMBS single-borrower transaction.

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KBRA Assigns Preliminary Ratings to COMM 2017-COR2

NEW YORK, NY (September 11, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of COMM 2017-COR2 (see ratings list below), a $916.5 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 55 properties. 

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KBRA Assigns Preliminary Ratings to Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P1

NEW YORK, NY (September 11, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2017-P1 (“CLUB 2017-P1”). This is a $363.098 million consumer loan ABS transaction that is expected to close September 28, 2017. 

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KBRA Assigns Preliminary Ratings to 280 Park Avenue 2017-280P

NEW YORK, NY (September 11, 2017) – Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to six classes of 280 Park Avenue 2017-280P, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Assigns Preliminary Ratings to FREMF 2017-K727 and Freddie Mac Structured Pass-Through Certificates K-0727

NEW YORK, NY (September 11, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K727 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0727(see ratings list below). FREMF Series 2017-K727 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K727 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. 

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KBRA Affirms All Classes of GSMS 2016-GS3

NEW YORK, NY (September 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2016-GS3, a $1.0 billion CMBS conduit transaction collateralized by 34 mortgage loans secured by 152 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Affirms All Classes of MSBAM 2013-C12

NEW YORK, NY (September 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2013-C12, a $1.2 billion CMBS conduit transaction collateralized by 72 mortgage loans secured by 90 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited slightly improved credit metrics and also reflects the three K-LOCs with estimated losses.  

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KBRA Releases Monthly CMBS Trend Watch

NEW YORK, NY (September 8, 2017) – Kroll Bond Rating Agency (KBRA) released August’s CMBS Trend Watch today.

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KBRA Assigns Rating to FREMF 2015-K1501

NEW YORK, NY (September 7, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of a ‘BB- (sf)’ rating to the Class B certificates of the FREMF 2015-K1501 transaction. FREMF 2015-K1501 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program in July 2015. Bank of America, NA recently requested that KBRA issue a rating for the Class B certificates.

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KBRA Affirms All Classes of GSMS 2014-GC24

NEW YORK, NY (September 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-GC24, a $1.0 billion CMBS conduit transaction collateralized by 74 mortgage loans secured by 113 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance. 

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KBRA Upgrades Two Classes and Affirms All Other Classes of UBSBB 2012-C3

NEW YORK, NY (September 1, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B and Class C certificates and affirmed all other outstanding ratings from UBSBB 2012-C3, an $887.8 million CMBS conduit transaction collateralized by 70 loans secured by 103 properties. The upgrades reflect the sound credit metrics, as well as increased credit enhancement due to deleveraging from loan payoffs and amortization. Since last review, the transaction’s total principal balance has decreased by 13.1%.

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KBRA Assigns Ratings to UBS 2017-C3

NEW YORK, NY (August 31, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of UBS 2017-C3, a $708.6 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 65 properties. 

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KBRA Assigns Ratings to Bancorp 2017-CRE2

NEW YORK, NY (August 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to five classes of Bancorp 2017-CRE2, a $314.4 million static CRE CLO securitization. The transaction is structured as a REMIC trust, and unlike to other CRE CLOs rated by KBRA in 2017, it does not permit any ramp-up or acquisition/reinvestment of assets post-closing. In addition, the subject transaction differs from the other 2017 KBRA-rated CRE CLOs because the sponsor does not retain the first-loss position; here, the first-loss position will be sold to a third party.

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KBRA Publishes Report on CMBS Exposure to Hurricane Harvey Affected Counties

NEW YORK, NY (August 30, 2017) –On August 30, 2017 Tropical Storm Harvey made landfall for the second time near the Louisiana-Texas border and continues to pose significant risk to an already rain saturated area. The storm originally made landfall in the U.S. as a Category 4 hurricane on August 26th through the Gulf coast of Texas. As of August 29th, 58 counties had been declared disaster areas by the state of Texas and five by the state of Louisiana. The Federal Emergency Management Agency (FEMA) had also placed 24 of those counties under a disaster declaration. 

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KBRA Assigns Preliminary Ratings to Motel 6 Trust 2017-MTL6

NEW YORK, NY (August 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of Motel 6 Trust 2017-MTL6, a $2.1 billion CMBS single-borrower transaction.

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KBRA Upgrades One Class and Affirms All Other Classes of FREMF 2012-K23

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the rating on the Class B certificates and affirmed its other outstanding ratings for FREMF 2012-K23, a $1.3 billion CMBS multi-borrower transaction collateralized by 76 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrade is primarily driven by the continued improvement in the pool’s credit performance, as well as increased credit enhancement due to deleveraging from amortization. In addition, a total of five loans (7.0% of the pool balance) have fully defeased since securitization, including two loans (3.4%) since last review. 

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KBRA Withdraws Rating for RIAL, Series 2015-LT7

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its rating for Class A of RIAL, Series 2015-LT7, a non-performing loan (NPL) securitization which currently consists of real-estate-owned (REO) properties and NPLs. The withdrawal follows the full repayment of its only rated class, as reflected in the August 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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KBRA Withdraws Ratings for Hyatt 2015-HYT

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew all of its ratings from the Hyatt 2015-HYT transaction following the full redemption of the rated securities as reflected on the transaction’s August 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities. 

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KBRA Withdraws the Rating for One Class of Certificates for JPMBB 2013-C17

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the JPMBB 2013-C17 transaction following the reduction of its principal balance to zero as reflected on the transaction’s August 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities

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KBRA Withdraws the Rating for One Class of Certificates for CG-CCRE 2014-FL1

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A of the CG-CCRE 2014-FL1 transaction following the reduction of its principal balance to zero as reflected on the transaction’s August 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities. 

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KBRA Assigns Ratings to GSMS 2017-GS7

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 16 classes of the GSMS 2017-GS7 transaction (see ratings list below). GSMS 2017-GS7 is a $1.1 billion CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 35 properties. 

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KBRA Affirms All Classes of BBCMS 2016-ETC

NEW YORK, NY (August 23, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BBCMS 2016-ETC, a $512.5 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited fairly stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Assigns Ratings to MSSG 2017-237P

NEW YORK, NY (August 23, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to seven classes of MSSG 2017-237P commercial mortgage pass-through certificates, a CMBS single asset, single borrower (SASB) securitization.

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KBRA Affirms All Classes of MAD 2015-11MD

NEW YORK, NY (August 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MAD 2015-11MD certificates, a $708.2 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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KBRA Assigns Ratings to WFCM 2017-C39

NEW YORK, NY (August 22, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 15 classes of the WFCM 2017-C39 transaction (see ratings list below). WFCM 2017-C39 is a $1.1 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 149 properties. 

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KBRA Assigns Ratings to FREMF 2017-K66 and Freddie Mac Structured Pass-Through Certificates K-066

NEW YORK, NY (August 22, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K66 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-066 (see ratings list below). FREMF Series 2017-K66 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K66 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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KBRA Upgrades Two Classes and Affirms All Other Classes of FREMF 2013-K32

NEW YORK, NY (August 21, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B and Class C certificates and affirmed all other outstanding ratings for FREMF 2013-K32, a $1.4 billion CMBS conduit transaction collateralized by 90 mortgage loans secured by 86 properties. The upgrades are primarily driven by the continued improvement in KNCF and KLTV year over year since issuance. Additionally, four loans (5.1% of the pool balance) have defeased, including three from last review. 

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KBRA Affirms All Classes of JPMCC 2016-NINE

NEW YORK, NY (August 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2016-NINE, an $857.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. A KBRA Performance Outlook (KPO) of Perform was assigned to the loan.

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KBRA Releases KCP Special Report: CMBS Exposure - Hawaii 2.0

NEW YORK, NY (August 17, 2017) – The geopolitical tension between the United States and North Korea has influenced the development of protocols by the Hawaii Emergency Management Agency, including siren alarms to signal an immediate threat as well as recommendations for residents to have a 14-day preparedness kit on hand. While many experts believe the risk of a North Korean attack on the Hawaiian Islands is low, increased tension or outright conflict would be likely to have an adverse impact on tourism, the state’s largest economic driver. Should this occur, it will inevitably dampen property fundamentals, which will in turn affect CMBS credit performance—particularly in the lodging and retail segments

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KBRA Assigns Ratings to UBS 2017-C2

NEW YORK, NY (August 17, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of the UBS 2017-C2 transaction (see ratings list below). UBS 2017-C2 is an $898.7 million CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 205 properties. 

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KBRA Assigns Ratings to CGDBB 2017-BIOC

NEW YORK, NY (August 17, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) has assigned ratings to six classes of CGDBB 2017-BIOC.

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KBRA Downgrades Four Classes and Affirms All Other Classes of WFRBS 2014-C22

NEW YORK, NY (August 16, 2017) – Kroll Bond Rating Agency (KBRA) downgraded the Class E certificate from BB (sf) to BB- (sf) and the Class F certificate from B (sf) to B- (sf). KBRA also downgraded the referenced Class X-C and Class X-D certificates to BB- (sf) and B- (sf), respectively. All of the other outstanding ratings have been affirmed for WFRBS 2014-C22, a $1.5 billion CMBS conduit transaction collateralized by 129 commercial mortgage loans secured by 172 properties. The downgrades were primarily driven by KBRA’s estimated loss for States Addition Apartments, a specially serviced asset located in the Bakken Shale Oil region of North Dakota. In addition, the transaction has exhibited declining credit metrics since securitization. 

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KBRA Affirms All Classes of BACM 2015-UBS7

NEW YORK, NY (August 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BACM 2015-UBS7, a $746.3 million CMBS conduit transaction collateralized by 42 mortgage loans secured by 57 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Affirms All Classes of WFRBS 2013-C16

NEW YORK, NY (August 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2013-C16, a $1.0 billion CMBS conduit transaction collateralized by 86 commercial mortgage loans secured by 131 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited fairly stable credit metrics since last review and securitization. 

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KBRA Assigns Ratings to CD 2017-CD5

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 15 classes of the CD 2017-CD5 transaction (see ratings list below). CD 2017-CD5 is a $931.6 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 134 properties.

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KBRA Affirms All Classes of AOTA 2015-1211

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of AOTA 2015-1211, a $1.04 billion, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform for the loan.

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KBRA Assigns Ratings to RCMF 2017-FL1

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of RCMF 2017-FL1, a $243.8 million CRE CLO transaction with limited reinvestment ability.

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KBRA Assigns Ratings to BX Trust 2017-SLCT

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to eight classes of BX Trust 2017-SLCT commercial mortgage pass-through certificates, a CMBS single borrower securitization. 

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KBRA Affirms Ratings on WFCM 2016-BNK1

NEW YORK, NY (August 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2016-BNK1, a $865.5 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 46 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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KBRA Affirms All Classes of JPMBB 2015-C31

NEW YORK, NY (August 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C31, a $1.0 billion CMBS conduit transaction collateralized by 58 mortgage loans secured by 155 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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KBRA Upgrades Class B, Downgrades Class RH and Affirms All Other Classes of JPMCC 2014-FL5

NEW YORK, NY (August 11, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B certificate to AA+ (sf) from AA- (sf), primarily reflecting the increase in credit enhancement levels from loan payoffs. The non-pooled class RH rating was downgraded to B+ (sf) from BB- (sf) due to the continuing decline in collateral operating performance of the underlying Roosevelt Hotel loan and in addition, according to the servicer, the loan has not been meeting its debt yield test and as a result all excess cash flow is being trapped. All other outstanding ratings have been affirmed. 

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KBRA Releases KCP Special Report: Bed Bath & Bad News: Looking Beyond the Layoffs

NEW YORK, NY (August 10, 2017) – In August 2017, Bed Bath & Beyond announced plans to lay off 880 store managers working at roughly half of its stores and a dozen buybuy BABY locations in the U.S. The announcement followed disappointing Q1 2017 earnings, released in June 2017, which fell 39% year over year as a result of lower brick-and-mortar store sales and high labor expenses. To further reduce expenses, the company is renegotiating the terms of its real estate leases as they expire while considering the closure of up to 100 stores over the next few years, which represent approximately 6.5% of the company’s 1,548-store portfolio. Many large-scale retailers have pursued a similar closure strategy to streamline operations and boost liquidity. 

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KBRA Affirms All Classes of COMM 2015-CCRE25

NEW YORK, NY (August 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-CCRE25, a $1.1 billion CMBS conduit transaction collateralized by 84 mortgage loans secured by 145 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to UBS 2017-C3

NEW YORK, NY (August 9, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2017-C3  (see ratings list below), a $708.6 million CMBS conduit transaction collateralized by 42 commercial mortgage loans secured by 65 properties. 

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Kroll Bond Rating Agency Withdraws Ratings for Motel 6 Trust 2015-MTL6

NEW YORK, NY (August 9, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from 11 classes of the Motel 6 Trust 2015-MTL6 transaction following the full redemption of the rated securities as reflected in the transaction’s July 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn securities.

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KBRA Upgrades Three Classes and Affirms One Class of COMM 2014-277P

NEW YORK, NY (August 9, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class B, Class C, and Class D certificates and affirmed the Class A certificates for COMM 2014-277P, a $750.0 million CMBS single borrower transaction. The Class B certificates were upgraded from AA- (sf) to AA (sf), the Class C certificates from A (sf) to A+ (sf), and the Class D from A- (sf) to A (sf). The upgrades and affirmation follow a full surveillance review of the transaction, which has demonstrated improved performance since securitization. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Bancorp 2017-CRE2

NEW YORK, NY (August 9, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to assign preliminary ratings to five classes of Bancorp 2017-CRE2, a $314.4 million static CRE CLO securitization. The transaction is structured as a REMIC trust, and unlike to other CRE CLOs rated by KBRA in 2017, it does not permit any ramp-up or acquisition/reinvestment of assets post-closing. In addition, the subject transaction differs from the other 2017 KBRA-rated CRE CLOs because the sponsor does not retain the first-loss position; here, the first-loss position will be sold to a third party.

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Kroll Bond Rating Agency Affirms All Classes of CSAIL 2015-C3

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSAIL 2015-C3, a $1.4 billion CMBS conduit transaction collateralized by 89 mortgage loans secured by 168 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to MSSG 2017-237P

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to seven classes of MSSG 2017-237P commercial mortgage pass-through certificates, a CMBS single asset, single borrower (SASB) securitization.

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Kroll Bond Rating Agency Affirms All Classes of GSMS 2012-ALOHA

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2012-ALOHA, a $1.4 billion, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited improved performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Outperform for the loan.

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) releases July’s CMBS Trend Watch. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for BAMLL 2014-FRR9

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its B (sf) rating from Class C of the BAMLL 2014-FRR9 transaction following the reduction of its principal balance to zero as reflected on the transaction’s July 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities. 

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Kroll Bond Rating Agency Affirms All Classes of COMM 2013-LC13

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-LC13, a $1.0 billion CMBS conduit transaction collateralized by 52 mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since issuance.

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Kroll Bond Rating Agency Affirms All Classes of CGCMT 2012-GC8

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2012-GC8, a $797.4 million CMBS conduit transaction collateralized by 49 mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has benefited from increased credit enhancement throughout the capital stack. However, due to the significant decline in operating performance of the second, third and fourth largest loans, 17 Battery Place South (11.1%), Pinnacle at Westchase (9.2%) and Gansevoort Park Avenue (9.0%) respectively, the transaction has experienced higher leverage since last review.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GSMS 2017-GS7

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of the GSMS 2017-GS7 transaction. GSMS 2017-GS7 is a $1.1 billion CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 35 properties.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FREMF 2017-K66 and Freddie Mac Structured Pass-Through Certificates K-066

NEW YORK, NY (August 7, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K66 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-066 (see ratings list below). FREMF Series 2017-K66 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K66 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Affirms All Classes of BAMLL 2014-520M

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2014-520M certificates, a $675.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms All Classes of MSCI 2016-UBS11

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2016-UBS11, a $712.5 million CMBS conduit transaction collateralized by 38 mortgage loans secured by 75 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WFCM 2017-C39

NEW YORK, NY (August 3, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the WFCM 2017-C39 transaction. WFCM 2017-C39 is a $1.1 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 149 properties. 

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Kroll Bond Rating Agency Affirms All Classes of MSBAM 2015-C24

NEW YORK, NY (August 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2015-C24, a $925 million CMBS conduit transaction collateralized by 74 mortgage loans secured by 130 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for BAMLL 2014-FRR7

NEW YORK, NY (August 2, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AA+ (sf) rating from Class B of the BAMLL 2014-FRR7 transaction following the reduction of its principal balance to zero as reflected on the transaction’s July 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities. 

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Kroll Bond Rating Agency Affirms All Classes of COMM 2012-LTRT

NEW YORK, NY (August 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2012-LTRT, a $238.4 million, CMBS large loan transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms All Classes of CGCMT 2015-P1

NEW YORK, NY (August 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-P1, a $1.1 billion CMBS conduit transaction collateralized by 45 mortgage loans secured by 146 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-CCRE19

NEW YORK, NY (July 31, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE19, a $1.1 billion CMBS conduit transaction collateralized by 69 uncrossed commercial mortgage loans secured by 85 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CGDBB 2017-BIOC

NEW YORK, NY (July 31, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of CGDBB 2017-BIOC.

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Kroll Bond Rating Agency Publishes CMBS Research: "For Now, Supply Concerns Bypass Securitized Multifamily"

NEW YORK, NY (July 28, 2017) –Kroll Bond Rating Agency (KBRA) releases a research report, “For Now, Supply Concerns Bypass Securitized Multifamily.”

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Kroll Bond Rating Agency Assigns Preliminary Ratings to RCMF 2017-FL1

NEW YORK, NY (July 28, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to six classes of RCMF 2017-FL1, a $243.8 million CRE CLO transaction with limited reinvestment ability.

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Kroll Bond Rating Agency Affirms All Classes of CGCMT 2014-GC23

Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2014-GC23, a $1.2 billion CMBS conduit transaction collateralized by 79 commercial mortgage loans secured by 93 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and securitization. 

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Kroll Bond Rating Agency Affirms all Classes of WFRBS 2013-C15

NEW YORK, NY (July 26, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2013-C15, a $1.0 billion CMBS conduit transaction collateralized by 82 mortgage loans secured by 133 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited fairly flat credit metrics since last review and securitization.

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Kroll Bond Rating Agency Affirms All Classes of Madison Avenue Trust 2013-650M

NEW YORK, NY (July 26, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of Madison Avenue Trust 2013-650M certificates, a $675.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review. 

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Kroll Bond Rating Agency Releases Research Report on Whole Business Securitizations

NEW YORK, NY (July 26, 2017) – Kroll Bond Rating Agency (KBRA) has released a new structured finance research report titled “Food for Thought: Opportunities in Whole Business Securitization.”

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Kroll Bond Rating Agency Assigns Preliminary Ratings to UBS 2017-C2

NEW YORK, NY (July 25, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the UBS 2017-C2 transaction (see ratings list below). UBS 2017-C2 is an $898.7 million CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 205 properties. 

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Kroll Bond Rating Agency Assigns Ratings to FREMF 2017-K65 and Freddie Mac Structured Pass-Through Certificates K-065

NEW YORK, NY (July 24, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K65 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-065 (see ratings list below). FREMF Series 2017-K65 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K65 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2016-K56

NEW YORK, NY (July 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K56, a $1.2 billion CMBS multi-borrower transaction collateralized by 82 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2012-K20

NEW YORK, NY (July 21, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2012-K20, a $1.2 billion CMBS multi-borrower transaction collateralized by 77 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated improved performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of DBJPM 2016-C3

NEW YORK, NY (July 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DBJPM 2016-C3, a $889.5 million CMBS conduit transaction collateralized by 32 mortgage loans secured by 54 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for WFRBS 2013-C14

NEW YORK, NY (July 20, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the WFRBS 2013-C14 transaction following the reduction of its principal balance to zero as reflected on the transaction’s July 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for CLNY 2014-FL2

NEW YORK, NY (July 20, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A of the CLNY 2014-FL2 transaction following the reduction of its principal balance to zero as reflected on the transaction’s July 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the securities. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for CGCMT 2012-GC8

NEW YORK, NY (July 19, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) ratings from the Class A-2 of the CGCMT 2012-GC8 transaction following the reduction of its principal balance to zero as reflected on the transaction’s July 2017 remittance report.  There were no principal losses or interest shortfalls reported during the life of the securities. 

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Kroll Bond Rating Agency Affirms All Classes of DBJPM 2016-SFC

NEW YORK, NY (July 19, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DB 2016-SFC, a $306.9 million, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to BX Trust 2017-SLCT

NEW YORK, NY (July 19, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of BX Trust 2017-SLCT, a $1.4 billion CMBS single-borrower transaction.

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Kroll Bond Rating Agency Affirms All Classes of Shops at Crystals 2016-CSTL

NEW YORK, NY (July 18, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of Shops at Crystals 2016-CSTL, a $300.0 million, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform to the loan.

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Kroll Bond Rating Agency Assigns Ratings to IMT Trust 2017-APTS

NEW YORK, NY (July 18, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to three classes of IMT Trust 2017-APTS, a $536.0 million CMBS single-borrower transaction (see ratings list below).

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Kroll Bond Rating Agency Affirms Ratings to SGCMS 2016-C5

NEW YORK, NY (July 17, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of SGCMS 2016-C5, a $731.8 million CMBS conduit transaction collateralized by 47 mortgage loans secured by 138 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CD 2017-CD5

NEW YORK, NY (July 17, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of the CD 2017-CD5 transaction (see ratings list below). CD 2017-CD5 is a $931.6 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 134 properties.

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Kroll Bond Rating Agency Assigns Ratings to WFCM 2017-C38

NEW YORK, NY (July 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the WFCM 2017-C38 transaction (see ratings list below). WFCM 2017-C38 is a $1.2 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 210 properties. 

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Kroll Bond Rating Agency Affirms All Classes of GSMS 2015-GC32

NEW YORK, NY (July 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-GC32, a $985.5 million CMBS conduit transaction collateralized by 62 mortgage loans secured by 222 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FREMF 2017-K65 and Freddie Mac Structured Pass-Through Certificates K-065

NEW YORK, NY (July, 10 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K65 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-065 (see ratings list below). FREMF Series 2017-K65 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K65 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency: RAIT 2017-FL7 Transaction Fully Ramped

NEW YORK, NY (July 7, 2017) – Kroll Bond Rating Agency (KBRA) received confirmation from representatives of RAIT Financial Trust that the RAIT 2017-FL7 commercial real estate collateralized loan obligation (CRE CLO) transaction has been fully ramped.

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Kroll Bond Rating Agency Affirms All Classes of WFCM 2013-LC12

NEW YORK, NY (July 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2013-LC12, a $1.3 billion CMBS conduit transaction collateralized by 84 mortgage loans secured by 149 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited overall stable credit metrics since last review and issuance. 

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Kroll Bond Rating Agency Affirms All Classes of GSMS 2013-GCJ14

NEW YORK, NY (July 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2013-GCJ14, a $1.16 billion CMBS conduit transaction collateralized by 81 mortgage loans secured by 121 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance.

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Kroll Bond Rating Agency Affirms All Classes of GSMS 2013-GC13

NEW YORK, NY (July 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2013-GC13, a $1.3 billion CMBS conduit transaction collateralized by 66 commercial mortgage loans secured by 88 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited slightly declining credit metrics since last review and securitization. 

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Kroll Bond Rating Agency Assigns Ratings to CSAIL 2017-C8

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 16 classes of the CSAIL 2017-C8 transaction. CSAIL 2017-C8 is an $811.1 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 55 properties. 

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Kroll Bond Rating Agency Affirms All Classes of CGCMT 2015-GC31

NEW YORK, NY (June 30, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-GC31, a $715.6 million CMBS conduit transaction collateralized by 50 mortgage loans secured by 76 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization. 

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Kroll Bond Rating Agency Affirms all Classes of COMM 2013-CCRE9

NEW YORK, NY (June 30, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE9, a $1.2 billion CMBS conduit transaction collateralized by 78 commercial mortgage loans secured by 100 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited slightly declining credit metrics since last review and securitization. 

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Kroll Bond Rating Agency Assigns Ratings to BXP Trust 2017-GM

NEW YORK, NY (June 30, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to six classes of BXP Trust 2017-GM commercial mortgage pass-through certificates, a CMBS single asset, single borrower (SASB) securitization. 

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Kroll Bond Rating Agency Assigns Ratings to FREMF 2017-K726 and Freddie Mac Structured Pass-Through Certificates K-726

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2017-K726 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-726 (see ratings list below). FREMF Series 2017-K726 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K726 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Assigns Ratings to BSPRT 2017-FL1

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to three classes of the BSPRT 2017-FL1 transaction, a $418.1 million managed CRE CLO securitization.

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Kroll Bond Rating Agency Assigns Ratings to DBCG 2017-BBG

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) has assigned ratings to six classes of DBCG 2017-BBG commercial mortgage pass-through certificates, a CMBS single asset, single borrower (SASB) securitization. 

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Kroll Bond Rating Agency Affirms All Classes of WFCM 2016-C35

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2016-C35, a $1.0 billion CMBS conduit transaction collateralized by 102 mortgage loans secured by 140 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable collateral performance since securitization. 

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Kroll Bond Rating Agency Assigns Ratings to LCCM 2017-LC26

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of the LCCM 2017-LC26 transaction (see ratings list below). LCCM 2017-LC26 is a $625.7 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 69 properties.

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Kroll Bond Rating Agency Affirms All Classes of DBUBS 2011-LC3 Providence Place Mall

NEW YORK, NY (June 28, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DBUBS 2011-LC3 Providence Place Mall, a CMBS conduit/fusion transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms All Classes of BAMLL 2015-ASTR

NEW YORK, NY (June 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2015-ASTR, a $273.5 million, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Assigns Ratings to RAIT 2017-FL7

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to assign ratings to seven classes of the RAIT 2017-FL7 transaction, a $342.4 million floating-rate CRE CLO securitization.

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Kroll Bond Rating Agency Affirms All Classes of JPMBB 2015-C30

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C30, a $1.3 billion CMBS conduit transaction collateralized by 69 mortgage loans secured by 149 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization. 

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-UBS4

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-UBS4, a $1.3 billion CMBS conduit transaction collateralized by 88 mortgage loans secured by 119 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to IMT Trust 2017-APTS

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to three classes of IMT Trust 2017-APTS, a $536.0 million CMBS single-borrower transaction (see ratings list below).

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2015-K47

NEW YORK, NY (June 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K47, a $1.4 billion CMBS multi-borrower transaction collateralized by 91 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WFCM 2017-C38

NEW YORK, NY (June 21, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the WFCM 2017-C38 transaction (see ratings list below). WFCM 2017-C38 is a $1.2 billion CMBS conduit transaction collateralized by 76 commercial mortgage loans secured by 210 properties. 

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Kroll Bond Rating Agency Affirms Ratings to CGCMT 2016-P4

NEW YORK, NY (June 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-P4, a $718.4 million CMBS conduit transaction collateralized by 44 crossed commercial mortgage loans secured by 64 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable collateral performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FREMF 2017-K726 and Freddie Mac Structured Pass-Through Certificates K-0726

NEW YORK, NY (June, 19 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of FREMF Series 2017-K726 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-0726 (see ratings list below). FREMF Series 2017-K726 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K726 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Withdraws Rating for COMM 2013-CCRE7

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-2 of the COMM 2013-CCRE7 transaction following the full repayment of the class, as reflected in the transaction’s June 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Withdraws Ratings for BAMLL 2014-INLD

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from eight classes of the BAMLL 2014-INLD transaction following the full redemption of the rated securities as reflected in the transaction’s June 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn securities.

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Kroll Bond Rating Agency Withdraws Ratings for JPMCC 2014-FL5

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its B+ (sf) rating from Class RVW1 and B- (sf) from Class RVW2 of the JPMCC 2014-FL5 transaction following the full redemption of the rated securities as reflected in the transaction’s June 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

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Kroll Bond Rating Agency Affirms Ratings to BAMLL 2016-FRR15

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2016-FRR15, a re-securitization of the FREMF 2015-KF12 securitization’s (the underlying trust) Class C certificates. The affirmations follow a surveillance review of the underlying transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Withdraws Rating for COMM 2013-CCRE6

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-1 of the COMM 2013-CCRE6 transaction following the full repayment of the class, as reflected in the transaction’s June 2017 remittance report. There were no principal losses or interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Affirms All Classes of WFRBS 2012-C7

NEW YORK, NY (June 15, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2012-C7, a $993.9 million CMBS conduit transaction collateralized by 56 mortgage loans secured by 73 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since last review and issuance. 

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Kroll Bond Rating Agency Affirms All Classes of BBSG 2016-MRP

NEW YORK, NY (June 14, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding
ratings for all classes of BBSG 2016-MRP, a $162.0 million CMBS single borrower transaction.
The affirmations follow a full surveillance review of the transaction, which has exhibited stable
performance since issuance. KBRA assigned a KBRA Performance Outlook (KPO) of Perform to
the loan.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CSAIL 2017-C8

NEW YORK, NY (June 14, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of the CSAIL 2017-C8 transaction (see ratings list below). CSAIL 2017-C8 is an $811.1 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 55 properties. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to BXP Trust 2017-GM

NEW YORK, NY (June 14, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of BXP Trust 2017-GM, a CMBS single asset, single borrower (SASB) securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to LCCM 2017-LC26

NEW YORK, NY (June 14, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 14 classes of the LCCM 2017-LC26 transaction (see ratings list below). LCCM 2017-LC26 is a $625.7 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 69 properties. 

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Kroll Bond Rating Agency Assigns Ratings to UBS 2017-C1

NEW YORK, NY (June 12, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 14 classes of the UBS 2017-C1 transaction (see ratings list below). UBS 2017-C1 is a $959.0 million CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 134 properties.

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Kroll Bond Rating Agency Affirms All Classes of GSMS 2012-SHOP

NEW YORK, NY (June 12, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2012-SHOP, a $625.0 million, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms Ratings to CG-CCRE 2014-FL1

NEW YORK, NY (June 12, 2017) –Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CG-CCRE 2014-FL1, a CMBS large loan floating-rate transaction indexed to the one-month London Interbank Offered Rate. The transaction is collateralized by two commercial mortgage loans that are secured by one retail property and a portfolio of 20 office assets. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DBCG 2017-BBG

NEW YORK, NY (June 12, 2017) – Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to six classes of DBCG 2017-BBG commercial mortgage pass-through certificates, a CMBS single asset, single borrower (SASB) securitization.

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Kroll Bond Rating Agency Affirms All Classes of UBS-Barclays 2012-C2

NEW YORK, NY (June 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS-Barclays 2012-C2, a $972 million CMBS conduit transaction collateralized by 52 mortgage loans secured by 77 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited fairly stable credit metrics since issuance. However, due to the significant decline in operating performance of the seventh largest loan, Pierre Bossier Mall (4.6% of the pool balance), the transaction has experienced higher leverage since last review. 

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Kroll Bond Rating Agency Affirms Ratings to RR 2015-1

NEW YORK, NY (June 9, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of RR 2015-1, a re-securitization of FREMF 2015-K46 securitization’s (the underlying trust) Class D certificates. FREMF 2015-K46 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the underlying transactions, which have demonstrated stable performance since re-securitization.

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Kroll Bond Rating Agency Affirms FREMF 2015-K46

NEW YORK, NY (June 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K46, a $1.6 billion, CMBS multi-borrower transaction collateralized by 82 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance
since securitization.

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Kroll Bond Rating Agency Affirms All Classes of MSCI 2015-MS1

NEW YORK, NY (June 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2015-MS1, an $875.9 million, CMBS conduit transaction collateralized by 53 mortgage loans secured by 59 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Assigns Ratings to CFCRE 2017-C8

NEW YORK, NY (June 8, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of the CFCRE 2017-C8 transaction (see ratings list below). CFCRE 2017-C8 is a $644.7 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 67 properties. 

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Kroll Bond Rating Agency Releases NYU International Hospitality Industry Investment Conference Briefing

NEW YORK, NY (June 8, 2017) – Kroll Bond Rating Agency (KBRA) today released its briefing on the 2017 NYU International Hospitality Industry Investment Conference, which was held on June 5th and 6th in New York City. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to BSPRT 2017-FL1

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to three classes of the BSPRT 2017-FL1 transaction, a $418.1 million managed CRE CLO securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to RAIT 2017-FL7

NEW YORK, NY (June 8, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of the RAIT 2017-FL7 transaction, a $342.4 million floating-rate CRE CLO securitization.

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Kroll Bond Rating Agency Assigns Ratings to CLNS Trust 2017-IKPR

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to eight classes of CLNS Trust 2017-IKPR, a $754.0 million CMBS SASB transaction (see ratings list below).

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency (KBRA) released this month’s CMBS Trend Watch today. In May, CMBS private-label pricing volume was $8.1 billion, more than doubling last month’s pricing of $3.7 billion. This month’s issuance activity included six conduits ($5.1 billion) and six single-borrower ($3.0 billion) transactions, bringing the year-to-date volume to $24.3 billion. Although volume is slightly down by 6.3% on a year-over-year comparison, momentum is building.

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Kroll Bond Rating Agency Affirms All Classes of JPMCC 2014-DSTY

NEW YORK, NY (June 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2014-DSTY, a $430.0 million, CMBS large loan transaction. The review resulted in the affirmation of all of the transaction’s outstanding ratings, as the magnitude of the change in KBRA value and KBRA Loan to Value (KLTV) do not warrant ratings actions at this time.  However, the KBRA Performance Outlooks (KPOs) for each of the loans have been revised to Underperform from Perform. In determining this KPO revision, KBRA considered the decline in operating performance since issuance, higher deal level KLTV reflecting lower KNCF and the capitalization rate increases, and above average lease roll in 2018 and 2019 when the loan nears its final maturity date in a potentially less favorable financing environment for malls.

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Kroll Bond Rating Agency Affirms Ratings for MSBAM 2013-C10

NEW YORK, NY (June 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2013-C10, a $1.4 billion CMBS conduit transaction collateralized by 72 commercial mortgage loans secured by 83 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings to BAMLL 2011-FSHN

NEW YORK, NY (June 2, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class C certificate to “AA- (sf)” from “A+ (sf)” and the Class D certificate to “A- (sf)” from “BBB+ (sf)”. All other outstanding ratings have been affirmed for BAMLL 2011-FSHN, a $410.0 million CMBS single borrower transaction. The upgrades were primarily driven by the improvement in collateral performance and an increase in KBRA value. KBRA revised the KBRA Performance Outlook (KPO) from Perform to Outperform on the loan.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2013-CCRE8

NEW YORK, NY (June 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE8, a $1.3 billion CMBS conduit transaction collateralized by 59 mortgage loans secured by 75 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. 

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Kroll Bond Rating Agency Affirms All Classes of WFCM 2015-C29

NEW YORK, NY (June 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C29, a $1.2 billion, CMBS conduit transaction collateralized by 133 mortgage loans secured by 151 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable
credit metrics since securitization. 

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Kroll Bond Rating Agency Affirms JPMCC 2015-MAR7

NEW YORK, NY (June 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of JPMCC 2015-MAR7, a $185 million CMBS single borrower transaction. The transaction collateral consists of the borrower’s fee simple interests in seven, full-service Marriott hotels totaling 2,080 keys located across five states. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms All Classes of WFCM 2015-NXS2

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-NXS2, a $905 million CMBS conduit transaction collateralized by 63 mortgage loans secured by 77 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Assigns Ratings to GSMS 2017-GS6

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 13 classes of the GSMS 2017-GS6 transaction (see ratings list below). GSMS 2017-GS6 is a $959.1 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 73 properties.

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KBRA Publishes CMBS Research: "Oil Price Increases Won't Plug CMBS Losses"

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency (KBRA) released a research report: Oil Price Increases Won’t Plug CMBS Losses.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2012-CCRE1

NEW YORK, NY (May 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of 245 Park Avenue Trust 2017-245P, a $500.0 million CMBS single borrower transaction (see ratings list below).

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Kroll Bond Rating Agency Assigns Ratings to 245 Park Avenue Trust 2017-245P

NEW YORK, NY (May 30, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to eight classes of 245 Park Avenue Trust 2017-245P, a $500.0 million CMBS single borrower transaction (see ratings list below).


The collateral for the securitization consists of a $500.0 million portion of a $1.2 billion single, non-recourse, first lien, fixed-rate mortgage loan that is secured by the borrower’s fee simple interest in 245 Park Avenue, a 1.7 million sf, 44-story, Class A office tower on Park Avenue between East 46th and 47th Streets. The property, which was constructed in 1967, is primarily comprised of office space, but also includes 40,138 sf of retail space. As of April 2017, the property was 91.1% leased to 19 tenants, the five largest of which account for 84.4% of total base rent.

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Kroll Bond Rating Agency Affirms all Classes of WFCM 2014-LC16

NEW YORK, NY (May 26, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2014-LC16, a $937 million CMBS conduit transaction collateralized by 81 commercial mortgage loans secured by 182 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms All Classes of UBS-BAMLL Trust 2012-WRM

NEW YORK, NY (May 26, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS-BAMLL Trust 2012-WRM, a $415.0 million, CMBS large loan transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms Ratings to GSMS 2016-GS2

NEW YORK, NY (May 25, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2016-GS2, a $749.0 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 115 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited collateral performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings for WFRBS 2013-C14

NEW YORK, NY (May 25, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2013-C14, a $1.4 billion CMBS conduit transaction comprised of 72 commercial mortgage loans collateralized by 96 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Ratings to Olympic Tower 2017-OT

NEW YORK, NY (May 24, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of Olympic Tower 2017-OT, a $480.0 million CMBS single borrower transaction (see ratings list below).

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Kroll Bond Rating Agency Affirms Ratings for GS 2015-FRR1

NEW YORK, NY (May 24, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of GS 2015-FRR1, a re-securitization of COMM 2009-K3 securitization’s (the underlying trust) Class B certificates and the FHMS K-003 securitization’s Class A-X1 certificates. COMM 2009-K3 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program and FHMS K-003 was issued under a Freddie Mac master trust agreement for which Freddie Mac acts as the depositor. The affirmations follow a full surveillance review of the underlying transactions, which have demonstrated stable performance since re-securitization.

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Kroll Bond Rating Agency Affirms Ratings for JPMCC 2014-FRR1

NEW YORK, NY (May 24, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of JPMCC 2014-FRR1, a re-securitization of 11 certificates from three separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The re-securitization consists of three principal only certificates and four interest only certificates from three Freddie Mac K-Series multifamily securitizations (FREMF), which include 2011-K10, 2011-K702 and 2012-K707 (the underlying trusts). The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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Kroll Bond Rating Agency Withdraws Rating on MSBAM 2013-C10

NEW YORK, NY (May 23, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating on Class A-1 of the MSBAM 2013-C10 transaction following the full repayment of the class, as reflected in the transaction’s May 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to UBS 2017-C1

NEW YORK, NY (May 22, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the UBS 2017-C1 transaction (see ratings list below). UBS 2017-C1 is a $959.0 million CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 134 properties.

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Kroll Bond Rating Agency Affirms Ratings to CFCRE 2016-C4

Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CFCRE 2016-C4, an $833.7 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 154 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited collateral performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of FREMF 2013-K27

Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-K27, a $1.6 billion CMBS multi-borrower transaction collateralized by 78 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review.

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Kroll Bond Rating Agency Withdraw Ratings for JPMCC 2014-INN

NEW YORK, NY (May 16, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its ratings from eight classes of the JPMCC 2014-INN transaction following the full redemption of the rated securities as reflected in the transaction’s May 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn securities. 

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Kroll Bond Rating Agency Affirms FREMF 2015-K45

NEW YORK, NY (May 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K45, a $1.6 billion, CMBS multi-borrower  transaction collateralized by 74 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Withdraws Rating for JPMCC 2014-FL5

Kroll Bond Rating Agency (KBRA) withdrew its A- (sf) rating from Class OVL of the JPMCC 2014-FL5 transaction following the full redemption of the rated security as reflected in the transaction’s May 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Affirms All Classes of WFRBS 2013-UBS1

Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2013-UBS1, a $709 million CMBS conduit transaction collateralized by 57 mortgage loans secured by 100 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since last review and securitization.

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Kroll Bond Rating Agency Affirms Ratings to WFCM 2015-C28

Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C28, a $1.2 billion, CMBS conduit transaction collateralized by 99 mortgage loans secured by 134 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CLNS Trust 2017-IKPR

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of CLNS Trust 2017-IKPR, a $754.0 million CMBS SASB transaction (see ratings list below).

The collateral for the securitization consists of a $754.0 million single, non-recourse, first lien, floating-rate mortgage loan that is secured by the borrowers’ fee simple interests in 46 lodging properties totaling 5,962 keys and leasehold interest in one 136-key hotel asset. For the TTM 2/2017 period, the portfolio’s occupancy was 77.9% with an average daily rate (ADR) of $138.76, resulting in revenue per available room (RevPAR) of $108.13.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GSMS 2017-GS6

NEW YORK, NY (May 15, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 13 classes of the GSMS 2017-GS6 transaction (see ratings list below). GSMS 2017-GS6 is a $959.1 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 73 properties.

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Kroll Bond Rating Agency Affirms All Classes of JPMBB 2013-C12

NEW YORK, NY (May 12, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2013-C12, a $1.2 billion, CMBS conduit transaction collateralized by 75 mortgage loans secured by 103 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since issuance.

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Kroll Bond Rating Agency Affirms all Classes of GSMS 2014-GC22

NEW YORK, NY (May 11, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-C22, a $943.4 million CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 113 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2015-LC21

NEW YORK, NY (May 11, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-LC21, a $1.3 billion, CMBS conduit transaction collateralized by 101 mortgage loans secured by 198 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. 

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Kroll Bond Rating Agency Affirms Ratings to BACM 2016-UBS10

NEW YORK, NY (May 11, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BACM 2016-UBS10, a $872.4 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 84 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited collateral performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to 245 Park Avenue Trust 2017-245P

NEW YORK, NY (May 11, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to eight classes of 245 Park Avenue Trust 2017-245P, a $500.0 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Affirms All Classes of GSMS 2015-GC30

NEW YORK, NY (May 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-GC30, a $1.2 billion, CMBS conduit transaction collateralized by 89 mortgage loans secured by 178 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. 

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Kroll Bond Rating Agency Downgrades Two Classes and Affirms All Other Classes of COMM 2013-CCRE12

NEW YORK, NY (May 9, 2017) – Kroll Bond Rating Agency (KBRA) downgraded the Class E certificate from “BB-(sf)” to “B+(sf)” and the Class F certificate  from “B-(sf)” to “CCC(sf).” All of the transaction’s other outstanding ratings for COMM 2013-CCRE12, a $1.2 billion CMBS conduit transaction collateralized by 63 fixed-rate commercial mortgage loans secured by 122 properties, were affirmed. The downgrades were primarily driven by KBRA’s estimated losses for one REO (1.3%), and two delinquent loans (0.6%) located in the Bakken Shale Oil region of North Dakota, as well as one delinquent loan (1.1%) located in Elkview, West Virginia. The REO and delinquent loans have each been assigned Appraisal Reduction Amounts (ARAs) and associated Appraisal Subordinate Entitlement Reductions (ASERs). As a result, the lowest subordinate class is currently experiencing interest shortfalls. 

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (May 9, 2017) – Kroll Bond Rating Agency (KBRA) released this month’s CMBS Trend Watch today. In April, CMBS private-label pricing volume was $3.7 billion across two conduits ($1.9 billion) and two single borrower deals ($1.8 billion). The sluggish volume represents a 20.4% decline from this time last year. However, we are aware of approximately nine conduits and 14 single borrower deals expected to price by the end of June. In addition, there are also a handful of CRE CLOs and large loan floating rate transactions in the works.

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Kroll Bond Rating Agency Affirms FREMF 2014-K39

NEW YORK, NY (May 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2014-K39, a $1.3 billion CMBS multi-borrower transaction collateralized by 105 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated improved performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to JPMCC 2015-FRR2

NEW YORK, NY (May 9, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of JPMCC 2015-FRR2, a re-securitization of six certificates from two separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) Capital Market Execution (CME) program. The re-securitization consists of two principal only certificates and four interest only certificates from two Freddie Mac K-Series multifamily securitizations (FREMF), which include 2014-K36 and 2014-K39 (the underlying trusts). The affirmations follow a full surveillance review of the transaction, which has demonstrated improved performance since re-securitization.

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Kroll Bond Rating Agency Affirms All Classes of CSAIL 2015-C2

NEW YORK, NY (May 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSAIL 2015-C2, a $1.4 billion, CMBS conduit transaction collateralized by 118 mortgage loans secured by 160 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited a decline in performance since securitization. 

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Kroll Bond Rating Agency Affirms Great Wolf 2015-WOLF

NEW YORK, NY (May 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of Great Wolf 2015-WOLF, a $715 million CMBS single borrower transaction. The transaction collateral is secured by the borrower’s fee simple interests in eight indoor waterpark resort properties, as well as a pledge of certain interests in non-real estate collateral consisting of certain franchise assets, equity interests and intellectual property.  The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to OLYMPIC TOWER 2017-OT

NEW YORK, NY (May 8, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of OLYMPIC TOWER 2017-OT, a $480.0 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CFCRE 2017-C8

NEW YORK, NY (May 8, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of the CFCRE 2017-C8 transaction (see ratings list below). CFCRE 2017-C8 is a $644.7 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 67 properties. 

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Kroll Bond Rating Agency Affirms Ratings to ACM 2016-1

NEW YORK, NY (May 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of ACM 2016-1, a small balance seasoned commercial loan securitization. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms Ratings to CGCMT 2016-C1

NEW YORK, NY (May 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-C1, a $751.0 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 130 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms All Classes of MSBAM 2014-C18

NEW YORK, NY (May 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its ratings for MSBAM 2014-C18, a $1.0 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 98 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review.  

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Kroll Bond Rating Agency Affirms Ratings to DBRR 2015-FRR1

NEW YORK, NY (May 4, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of DBRR 2015-FRR1, a re-securitization of the FREMF 2012-K711 securitization’s (the underlying trust) Class-D, X2-A, and X2-B certificates issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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Kroll Bond Rating Agency Upgrades and Affirms Ratings to FREMF 2012-K711

Kroll Bond Rating Agency (KBRA) has upgraded the ratings on the Class B and C certificates and affirmed its other outstanding ratings for FREMF 2012-K711, a $1.3 billion CMBS multi-borrower transaction collateralized by 76 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades reflect the improvement in the pool’s credit metrics, as well as the full defeasance of eight loans (12.5% of the pool balance) since last review.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2014-K715

NEW YORK, NY (May 4, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2014-K715, a $1.4 billion CMBS multi-borrower transaction collateralized by 89 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has exhibited improved credit metrics since securitization. 

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Kroll Bond Rating Agency Upgrades and Affirms Ratings to FREMF 2012-K709

NEW YORK, NY (May 4, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the ratings on the Class B and C certificates and affirmed its other outstanding ratings for FREMF 2012-K709, a $1.2 billion CMBS multi-borrower transaction collateralized by 54 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrades are primarily driven by the full defeasance of 12 loans since last review (29.2% of the pool balance) and the transactions performance.

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Kroll Bond Rating Agency Affirms All Classes of JPMBB 2014-C19

NEW YORK, NY (May 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C19, a $1.4 billion CMBS conduit transaction collateralized by 68 commercial mortgage loans secured by 98 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since securitization. 

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Kroll Bond Rating Agency Affirms Ratings to JPMDB 2016-C2

NEW YORK, NY (May 1, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMDB 2016-C2, an $889.6 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 79 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms JPMBB 2013-C15

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2013-C15, a $990.5 million CMBS conduit transaction comprised of 65 commercial mortgage loans collateralized by 103 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of MSC 2012-STAR

NEW YORK, NY (April 28, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSC 2012-STAR, a $310.5 million, CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. 

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Kroll Bond Rating Agency Affirms Ratings to BAMLL 2014-FRR5

NEW YORK, NY (April 25, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its outstanding ratings for all classes of BAMLL 2014-FRR5, a re-securitization of twelve certificates from four separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The re-securitization consists of ten principal only and two principal and interest certificates from four Freddie Mac K-Series multifamily securitizations (FREMF), which includes 2013-K502, 2013-K30, 2014-K714, and 2014-K37 (the underlying trusts). The affirmations follow a full surveillance review of the underlying transactions, which have demonstrated stable performance since re-securitization.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2013-K30

NEW YORK, NY (April 24, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-K30, a $1.4 billion CMBS multi-borrower transaction collateralized by 79 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Withdraws Rating for WFRBS 2012-C6

NEW YORK, NY (April 21, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-2 of the WFRBS 2012-C6 transaction following the full repayment of the class, as reflected in the transaction’s April 2017 remittance report.

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Kroll Bond Rating Agency Withdraws Rating for UBS-BB 2012-C3

NEW YORK, NY (April 21, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-1 of the UBSBB 2012-C3 transaction following the full repayment of the class, as reflected in the transaction’s April 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Withdraws Rating from GSMS 2013-GCJ16

NEW YORK, NY (April 21, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-1 of the GSMS 2013-GCJ16 transaction following the full repayment of the class, as reflected in the transaction’s April 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Downgrades Two Classes and Affirms All Other Classes of COMM 2013-CCRE7

NEW YORK, NY (April 20, 2017) – Kroll Bond Rating Agency (KBRA) downgraded the Class F and G certificates and affirmed its ratings on all other classes of COMM 2013-CCRE7, a $889.6 million, CMBS conduit transaction collateralized by 57 mortgage loans secured by 78 properties. The downgrades are primarily due to the identification of eight K-LOCs (22.6%) which include three of the top ten loans, as well as the Underperformance of the fifth largest loan (5.4%). Two of the KLOCs (7.2%) were assigned losses. K-LOCs are loans that are either in default or at heightened risk of default.

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Kroll Bond Rating Agency Assigns Ratings to BANK 2017-BNK4

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of the BANK 2017-BNK4 transaction (see ratings list below). BANK 2017-BNK4 is a $1.0 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 64 properties. 

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Kroll Bond Rating Agency Assigns Ratings to CGCMT 2017-P7

NEW YORK, NY (April 18, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 22 classes (including the retained Class V exchangeable certificates) of the CGCMT 2017-P7 transaction (see ratings list below). CGCMT 2017-P7 is a $1.0 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 58 properties. 

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-UBS3

NEW YORK, NY (April 11, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-UBS3, a $1.0 billion, CMBS conduit transaction collateralized by 49 mortgage loans secured by 80 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance.

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (April 10, 2017) – Kroll Bond Rating Agency (KBRA) released this month’s CMBS Trend Watch today. In March, CMBS private-label pricing volume was $6.0 billion across five conduits, two single borrowers, one liquidating trust securitization and a commercial real estate (CRE) multi-borrower securitization. For the quarter, pricing volume ended at $11.5 billion, a 34% decrease year over year.

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Kroll Bond Rating Agency Affirms All Classes of WFRBS 2014-C20

NEW YORK, NY (April 7, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2014-C20, a $1.2 billion CMBS conduit transaction secured by 93 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Hosts CREFC After-Work Seminar

NEW YORK, NY (April 6, 2017) – Kroll Bond Rating Agency (KBRA) hosted a CREFC after work seminar and panel discussion on trends in the Commercial Real Estate industry that was moderated by Eric Thompson, head of the Mortgage group at KBRA.

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Kroll Bond Rating Agency Affirms all Classes of UBS 2012-C1

NEW YORK, NY (April 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS 2012-C1, a $1.1 billion CMBS conduit transaction collateralized by 60 commercial mortgage loans secured by 83 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated relatively stable credit metrics since securitization.

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Kroll Bond Rating Agency Upgrades and Affirms UBS-BB 2013-C6

NEW YORK, NY (April 3, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the ratings on the Class B and C certificates and affirmed its other outstanding ratings for UBS-BB 2013-C6, a $1.2 billion CMBS conduit transaction secured by 71 commercial mortgage loans secured by 87 properties. The upgrades are primarily driven by the full defeasance of three loans since last review (2.7% of the pool balance), and the transaction’s performance.

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Kroll Bond Rating Agency Affirms Ratings to JPMBB 2015-C28

NEW YORK, NY (April 4, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C28, a $1.1 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 122 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated fairly stable performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to CGCMT 2016-GC37

NEW YORK, NY (April 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-GC37, a $691.9 million CMBS conduit transaction collateralized by 54 commercial mortgage loans secured by 64 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Affirms MSBAM 2014-C16

NEW YORK, NY (April 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2014-C16, a $1.2 billion CMBS conduit transaction comprised of 75 commercial mortgage loans collateralized by 108 properties.  The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms COMM 2015-CCRE23

NEW YORK, NY (April 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its ratings on seven classes of CM certificates from COMM 2015-CCRE23, a CMBS conduit/fusion transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms Ratings to CGCMT 2016-P3

NEW YORK, NY (April 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-P3, a $769.5 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 75 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Assigns Ratings to LSTAR 2017-5

NEW YORK, NY (March 31, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to twelve classes of the LSTAR 2017-5 transaction (see ratings list below). LSTAR 2017-5 is a $758.8 million commercial real estate (CRE) multi-borrower transaction collateralized by 29 commercial mortgage loans secured by 32 properties. The transaction sponsor intends to satisfy the US credit risk requirements by purchasing and retaining certificates that represent an “eligible horizontal residual interest” or “EHRI” in the transaction with a fair value equal to at least 5% of the certificates issued as of the closing date calculated using GAAP. The Class E, F and G certificates will constitute the EHRI and will be retained by the sponsor or its majority owned affiliate in accordance with US risk retention rules.

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Kroll Bond Rating Agency Assigns Ratings to JPMDB 2017-C5

NEW YORK, NY (March 31, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 15 classes of the JPMDB 2017-C5 transaction. JPMDB 2017-C5 is a $1.0 billion CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 50 properties. 

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Kroll Bond Rating Agency Releases PropertyBeat/Secular Trends - The 'My' To 'Our' Office Space Transformation

NEW YORK, NY (March 31, 2017) – Kroll Bond Rating Agency (KBRA) today released a research report: The ‘My’ To ‘Our’ Office Space Transformation.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-CCRE17

NEW YORK, NY (March 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE17, a $1.2 billion, CMBS conduit transaction collateralized by 59 mortgage loans secured by 82 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since issuance. 

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Kroll Bond Rating Agency Affirms All Classes of MSBAM 2015-C22

NEW YORK, NY (March 29, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2015-C22, a $1.0 billion CMBS conduit transaction secured by 76 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Ratings to JPMCC 2017-JP5

NEW YORK, NY (March 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 16 classes of the JPMCC 2017-JP5 transaction (see ratings list below). JPMCC 2017-JP5 is a $1.1 billion CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 59 properties. On the securitization closing date, the transaction’s retaining sponsor, Starwood Mortgage Funding VI LLC, intends to comply with the U.S. credit risk retention rules by having a majority owned affiliate, LNR Securities Holdings, LLC, purchase an “eligible horizontal retained interest” in the transaction. The eligible horizontal retained interest will represent at least 5.0% of the fair value of all the classes issued in the transaction. This is the first CMBS conduit transaction to utilize a horizontal risk retention structure.

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Kroll Bond Rating Agency Assigns Ratings to CSMC 2017-HD

NEW YORK, NY (March 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of CSMC 2017-HD, a $218.6 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to BANK 2017-BNK4

NEW YORK, NY (March 29, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of the BANK 2017-BNK4 transaction. BANK 2017-BNK4 is a $1.0 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 64 properties. 

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Kroll Bond Rating Agency Upgrades and Affirms CGCMT 2013-GCJ11

NEW YORK, NY (March 28, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the ratings on the Class B, C, and D certificates and affirmed its other outstanding ratings for CGCMT 2013-GCJ11, a $1.1 billion CMBS conduit transaction secured by 70 commercial mortgage loans. The upgrades are primarily driven by the full defeasance of five loans since last review (8.1% of the pool balance), and the transaction’s performance.

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Kroll Bond Rating Agency Affirms Ratings to CGCMT 2015-GC29

NEW YORK, NY (March 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-GC29, a $1.1 billion CMBS conduit transaction collateralized by 86 commercial mortgage loans secured by 108 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Comments on Steelyard Commons: JPMBB 2013-C12

NEW YORK, NY (March 27, 2017) – Kroll Bond Rating Agency (KBRA) has been in discussion with the master servicer, Midland Loan Services, a division of PNC Bank, N.A (Midland), regarding the recently reported full-year 2016 net cash flow amount for the transactions’ six largest loan, Steelyard Commons Shopping Center (3.1%).  While in the process of completing our 2017 annual surveillance review, KBRA contacted Midland due to a significant reduction in the property’s net cash flow. 

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Kroll Bond Rating Agency Releases PropertyBeat/Secular Trends - Generational Gap Does Not Divide Living Preferences

NEW YORK, NY (March 24, 2017) – Kroll Bond Rating Agency (KBRA) today released a research report: Generational Gap Does Not Divide Living Preferences.

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Kroll Bond Rating Agency Affirms all Classes of COMM 2015-CCRE22

NEW YORK, NY (March 23, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-CCRE22, a $1.3 billion CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 72 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CGCMT 2017-P7

NEW YORK, NY (March 23, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the CGCMT 2017-P7 transaction (see ratings list below). CGCMT 2017-P7 is a $1.0 billion CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 58 properties. 

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Kroll Bond Rating Agency Withdraws Rating for JPMCC 2013-C10

NEW YORK, NY (March 22, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating for Class A-1 of the JPMCC 2013-C10 transaction following the full repayment of the class, as reflected in the transaction’s March 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Assigns Ratings to PFP 2017-3

NEW YORK, NY (March 22, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to assign ratings to seven classes of the PFP 2017-3 transaction, a $567.4 million floating-rate commercial real estate collateralized loan obligation (CRE CLO) securitization.

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Kroll Bond Rating Agency Affirms All Classes of FREMF 2013-K713

NEW YORK, NY (March 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-K713, a $1.5 billion CMBS multi-borrower transaction secured by 74 fixed-rate commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable credit metrics since the last review.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-CCRE16

NEW YORK, NY (March 20, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE16, a $1.0 billion CMBS conduit transaction collateralized by 55 commercial mortgage loans secured by 77 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. However, the trust has realized a principal loss on its lowest subordinate class.

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Kroll Bond Rating Agency Releases Property Beat/ Secular Trends - Hotels Are Not Taking Airbnb Lying Down

NEW YORK, NY (March 20, 2017) – Kroll Bond Rating Agency (KBRA) today released a research report - “Hotels Are Not Taking Airbnb Lying Down.”

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Kroll Bond Rating Agency Withdraws Rating for RIAL, Series 2014-LT5

NEW YORK, NY (March 17, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its rating for Class A of RIAL, Series 2014-LT5, a non-performing loan (NPL) securitization which currently consists of real-estate-owned properties and NPLs. The withdrawal follows the full repayment of its only rated class, as reflected in the March 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Releases CMBS Research: "A Lookback on New Issue Conduit Credit"

NEW YORK, NY (March 17, 2017) – Kroll Bond Rating Agency (KBRA) released a report today which provides an analysis of 2016 credit quality relative to the performance of previous years. Credit metrics for both KBRA rated and non-rated transactions were compared. This is an update to last year’s report “Is the Tide Turning for Conduit Credit?” which was published in June 2016.  

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Kroll Bond Rating Agency Downgrades Two Classes and Affirms All Other Classes of GSMS 2014-GC20

NEW YORK, NY (March 16, 2017) – Kroll Bond Rating Agency (KBRA) downgraded the Class F and G certificates and affirmed its ratings on all other classes of GSMS 2014-GC20, a $1.1 billion, CMBS conduit transaction collateralized by 62 mortgage loans secured by 125 properties. The downgrades are primarily due to the identification of six K-LOCs (14.7%) including three (12.1%) that were assigned losses. K-LOCs are loans that are either in default or at heightened risk of default in the near term.

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for CGCMT 2012-GC8

NEW YORK, NY (March 15, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from the Class A-1 of the CGCMT 2012-GC8 transaction following the reduction of its principal balance to zero as reflected on the transaction’s March 2017 remittance report.  There were no interest shortfalls reported during the life of the securities. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to LSTAR 2017-5

NEW YORK, NY (March 15, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to twelve classes of the LSTAR 2017-5 transaction (see ratings list below). LSTAR 2017-5 is a $758.8 million commercial real estate (CRE) multi-borrower transaction collateralized by 29 commercial mortgage loans secured by 32 properties. The transaction sponsor intends to satisfy the US credit risk requirements by purchasing and retaining certificates that represent an ““eligible horizontal residual interest” or “EHRI” in the transaction with a fair value equal to at least 5% of the certificates issued as of the closing date calculated using GAAP. The Class E, F and G certificates will constitute the EHRI and will be retained by the sponsor or its majority owned affiliate in accordance with US risk retention rules.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CSMC 2017-HD

NEW YORK, NY (March 14, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of CSMC 2017-HD, a $218.6 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Affirms MSBAM 2013-C9

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSBAM 2013-C9, a $1.2 billion CMBS conduit transaction comprised of 58 commercial mortgage loans collateralized by 75 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2016-K53

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K53, a $1.4 billion CMBS multi-borrower transaction collateralized by 88 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of FREMF 2015-K44

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K44, a $1.6 billion CMBS multi-borrower transaction secured by 74 fixed-rate commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Withdraws Ratings for GSMS 2014-GC20

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) ratings from Class A-1 and A-2 of the GSMS 2014-GC20 transaction following the full redemption of the rated securities as reflected in the transaction’s March 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn securities. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMDB 2017-C5

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the JPMDB 2017-C5 transaction (see ratings list below). JPMDB 2017-C5 is a $1.0 billion CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 50 properties. 

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Kroll Bond Rating Agency Affirms All Classes of WFRBS 2014-C19

NEW YORK, NY (March 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2014-C19, a $1.1 billion CMBS conduit transaction secured by 98 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

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Kroll Bond Rating Agency Publishes Recap of the CREFC HYDRA Summit in New York City

NEW YORK, NY (March 10, 2017) – Kroll Bond Rating Agency (KBRA) attended this year’s High Yield & Distressed Realty Asset Summit (HYDRA) hosted by CREFC at the New York Athletic Club in New York City on March 8 and 9. Today we published an overview of the topics that were discussed and the main take-aways. 

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Kroll Bond Rating Agency Assigns Rating to VSD 2017-PLT1

NEW YORK, NY (March 10, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of a rating to the Class A notes, which are the sole class of securities issued in the VSD 2017-PLT1 transaction.

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Kroll Bond Rating Agency Affirms Ratings to COMM 2016-DC2

NEW YORK, NY (March 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2016-DC2, a $802.1 million CMBS conduit transaction collateralized by 64 commercial mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of WFCM 2015-C27

NEW YORK, NY (March 9th, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C27, a $1.0 billion CMBS conduit transaction secured by 95 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has exhibited stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of WFRBS 2012-C6

NEW YORK, NY (March 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2012-C6, a $743.0 million CMBS conduit transaction secured by 72 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms BAMLL 2015-200P

NEW YORK, NY (March 9, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2015-200P certificates, a $1.4 billion CMBS single borrower transaction. The transaction collateral consists of a first lien mortgage loan secured by the borrower’s fee simple interest in a 3.0 million sf, Class-A office property at 200 Park Avenue, New York, New York, more commonly referred to as the MetLife Building. The loan sponsor is an investment venture between Tishman Speyer Properties and affiliates of The Irvine Company. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Releases Property Beat/Secular Trends- Online Retailers Check Out Neighborhood Shopping Centers

NEW YORK, NY (March 8, 2017) – Kroll Bond Rating Agency (KBRA) today released research report “Online Retailers Check Out Neighborhood Shopping Centers.”

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (March 7, 2017) – Kroll Bond Rating Agency (KBRA) released this month’s CMBS Trend Watch today. 2017 continued its sluggish start with $3.8 billion of private label securities priced in February. Year-to-date volume is down 48.5% from this time last year and is the lowest it has been since 2012.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2016-K54

NEW YORK, NY (March 23, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2016-K54, a $1.4 billion CMBS multi-borrower transaction collateralized by 76 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms MSCI 2015-420

NEW YORK, NY (March 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2015-420, a $245.00 million single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms JPMCC 2012-WLDN

NEW YORK, NY (March 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of JPMCC 2012-WLDN, a $262.6 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Affirms All Classes of COMM 2013-CCRE6

NEW YORK, NY (March 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCCRE6, a $1.4 billion CMBS conduit transaction secured by 48 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms WFCM 2013-120B

NEW YORK, NY (March 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2013-120B, a $310.0 million CMBS single borrower transaction. The loan is secured by the borrower’s leasehold interest in a 1.9 million sf office property located in the Manhattan borough of New York City, New York. The loan is interest-only for its seven year term with an outstanding balance of $310.0 million. KBRA maintains a Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms All Classes of CSAIL 2015-C1

NEW YORK, NY (March 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CSAIL 2015-C1, a $1.2 billion CMBS conduit transaction secured by 82 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has exhibited a decline in performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to MSCI 2016-UBS9

NEW YORK, NY (March 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSCI 2016-UBS9, a $662.5 million CMBS conduit transaction collateralized by 31 commercial mortgage loans secured by 222 properties. The affirmations follow a full surveillance review of the transaction, which has exhibited stable operating performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to JPMBB 2016-C1

NEW YORK, NY (March 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2016-C1, a $1.0 billion CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 110 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to JPMBB 2015-C27

NEW YORK, NY (March 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2015-C27, a $824.4 million CMBS conduit transaction collateralized by 44 commercial mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to PFP 2017-3

NEW YORK, NY (March 2, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to assign preliminary ratings to seven classes of the PFP 2017-3 transaction, a $567.4 million floating-rate commercial real estate collateralized loan obligation (CRE CLO) securitization.

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Kroll Bond Rating Agency Releases Property Beat/Secular Trends- E-Commerce and Marijuana Light Up Warehouse Space

NEW YORK, NY (March 1, 2017) – Kroll Bond Rating Agency (KBRA) today released research report entitled “E-Commerce and Marijuana Light Up Warehouse Space.”

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Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMCC 2017-JP5

NEW YORK, NY (March 1, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of the JPMCC 2017-JP5 transaction (see ratings list below). JPMCC 2017-JP5 is a $1.1 billion CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 59 properties. On the securitization closing date, the transaction’s retaining sponsor, Starwood Mortgage Funding VI LLC, intends to comply with the US credit risk retention rules by having a majority owned affiliate, LNR Securities Holdings, LLC, purchase an “eligible horizontal retained interest” in the transaction. The eligible horizontal retained interest will represent at least 5.0% of the fair value of all the classes issued in the transaction. This is the first CMBS conduit transaction to utilize a horizontal risk retention structure. 

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Kroll Bond Rating Agency Affirms All Classes of COMM 2016-787S

NEW YORK, NY (February 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2016-787S, a CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA has assigned a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Affirms CGCMT 2013-375P

NEW YORK, NY (February 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2013-375P, a $573.8 million CMBS single borrower transaction. The transaction collateral consists of a senior portion of a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in an 830,928 sf, trophy office property at 375 Park Avenue, New York, New York. The loan is interest-only for its ten year term with an outstanding balance of $782.8 million. The loan sponsor is RFR Holding LLC.  KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Assigns Ratings to FREMF 2017-K62 and Freddie Mac Structured Pass-Through Certificates K-062

NEW YORK, NY (February, 27 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of FREMF Series 2017-K62 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-062 (see ratings list below). FREMF Series 2017-K62 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K62 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for COMM 2012-CCRE1

NEW YORK, NY (February 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA
(sf) rating from Class A-2 of the COMM 2012-CCRE1 transaction following the full
redemption of the rated security as reflected in the transaction’s February 2017 remittance
report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for MSC 2012-C4

NEW YORK, NY (February 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-2 of the MSC 2012-C4 transaction following the full redemption of the rated security as reflected in the transaction’s February 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to VSD 2017-PLT1

NEW YORK, NY (February 23, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to the Class A notes, which are the sole class of securities issued in the VSD 2017-PLT1 transaction.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2013-CCRE10

NEW YORK, NY (February 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2013-CCRE10, a $967 million CMBS conduit transaction secured by 59 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated relatively stable credit metrics since securitization. However, the trust has realized a principal loss on its lowest subordinate class.

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Kroll Bond Rating Agency Affirms GSMS 2015-GC28

NEW YORK, NY (February 22, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2015-GC28, a $901.9 million CMBS conduit transaction comprised of 74 commercial mortgage loans collateralized by 112 properties.  The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms COMM 2013-GAM

NEW YORK, NY (February 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of COMM 2013-GAM, a $299.1 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated improved performance since securitization. 

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Kroll Bond Rating Agency Affirms All Classes of WFRBS 2013-C12

NEW YORK, NY (February 16, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFRBS 2013-C12, a $1.2 billion CMBS conduit transaction secured by 98 commercial mortgage loans. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Ratings to GSMS 2017-485L

NEW YORK, NY (February 16, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to seven classes of GSMS 2017-485L, a $350.0 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2015-K43

NEW YORK, NY (February 15, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2015-K43, a $1.4 billion CMBS multi-borrower transaction collateralized by 80 commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for GSMS 2012-GCJ9

NEW YORK, NY (February 14, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the GSMS 2012-GCJ9 transaction following the full redemption of the rated security as reflected in the transaction’s February 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security. 

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Kroll Bond Rating Agency Assigns Ratings to CD 2017-CD3

NEW YORK, NY (February 14, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to fourteen classes of the CD 2017-CD3 transaction (see ratings list below). CD 2017-CD3 is a $1.3 billion CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 59 properties. The transaction sponsors intend to comply with the US credit risk retention rules by employing an “L-shaped” structure: the sponsors will each retain a portion of an “eligible vertical interest” that comprises a percentage the principal amount of all interests in the issuing entity and a third party will purchase certificates comprising a percentage of the fair value of all the interests and representing an “eligible horizontal retained interest”. This is the first CMBS conduit transaction that was announced since the US risk retention rules became effective for CMBS and the first CMBS transaction to employ an L-shaped structure. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FREMF 2017-K62 and Freddie Mac Structured Pass-Through Certificates K-062

NEW YORK, NY (February 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of FREMF Series 2017-K62 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPCs), Series K-062. FREMF Series 2017-K62 is a $1.4 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2017-K62 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to OMPT 2017-1MKT

NEW YORK, NY (February 13, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to ten classes of OMPT 2017-1MKT, a $975.0 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Affirms BAMLL 2015-FRR11

NEW YORK, NY (February 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of BAMLL 2015-FRR11, a re-securitization of five subordinate certificates from two separate securitizations issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since re-securitization. 

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Kroll Bond Rating Agency Affirms FREMF 2013-K25

NEW YORK, NY (February 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of FREMF 2013-K25, a $1.5 billion CMBS multi-borrower transaction collateralized by 83 fixed-rate commercial mortgage loans originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Upgrades Class C and Affirms All Other Classes of JPMCC 2014-FL4

NEW YORK, NY (February 10, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the Class C certificate to “AA+ (sf)” from “AA (sf)” and affirmed its other outstanding ratings for JPMCC 2014-FL4, a CMBS large loan floating-rating transaction collateralized by two mortgage loans indexed to the one-month London Interbank Offered Rate (LIBOR). The upgrade was driven by the further deleveraging of the capital structure that was primarily due to two additional loan payoffs. The affirmations reflect the stable performance of the two remaining loans.   

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Kroll Bond Rating Agency Affirms CGCMT 2015-GC27

NEW YORK, NY (February 10, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2015-GC27, a $1.2 billion CMBS conduit transaction collateralized by 100 commercial mortgage loans secured by 116 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Affirms COMM 2015-DC1

NEW YORK, NY (February 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2015-DC1, a $1.4 billion CMBS conduit transaction collateralized by 67 commercial mortgage loans secured by 81 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms CGRBS 2013-VNO5TH

NEW YORK, NY (February 8, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings on all classes of CGRBS 2013-VNO5TH, a $390 million CMBS single borrower transaction. The loan is secured by the borrower’s fee simple interest in a 38,814 sf retail condominium and also the leasehold interest in a 73,846 sf office condominium located at 666 Fifth Avenue, New York City, New York.  The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for BAMLL 2014-FRR6

NEW YORK, NY (February 7, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its BB- (sf) rating from Class B of the BAMLL 2014-FRR6 transaction following the full repayment of the rated security as reflected in the transaction’s January 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Affirms All Classes of JPMCC 2013-C10

NEW YORK, NY (February 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMCC 2013-C10, a $1.2 billion CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 91 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since last review.

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (February 6, 2017) – Kroll Bond Rating Agency (KBRA) released this month’s CMBS Trend Watch today. CMBS private-label pricing volume was just $1.7 billion this month, the lowest it has been since 2012. The transactions that priced consisted of one conduit ($1.3 billion), which is the first to employ an L-shaped risk retention structure, and one single-asset single-borrower (SASB) ($365.0 million).

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Kroll Bond Rating Agency Affirms all Classes of WFCM 2016-C32

NEW YORK, NY (February 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2016-C32, a $954.7 million CMBS conduit transaction collateralized by 112 commercial mortgage loans secured by 152 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms JPMBB 2014-C18

NEW YORK, NY (February 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C18, a $925.5 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 82 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Affirms UBS-BB 2013-C5

NEW YORK, NY (February 3, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of UBS-BB 2013-C5, a $1.4 billion CMBS conduit transaction collateralized by 80 commercial mortgage loans secured by 107 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Affirms COMM 2014-LC15

NEW YORK, NY (February 2, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-LC15, a $903.3 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 196 properties.  The affirmations follow a full surveillance review of the transaction, which has demonstrated relatively stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of CGCMT 2016-GC36

NEW YORK, NY (January 31, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CGCMT 2016-GC36, a $1.2 billion CMBS conduit transaction collateralized by 58 commercial mortgage loans secured by 104 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-CCRE15

NEW YORK, NY (January 31, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-CCRE15, a $983 million CMBS conduit transaction collateralized by 49 commercial mortgage loans secured by 62 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to GSMS 2017-485L

NEW YORK, NY (January 31, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of GSMS 2017-485L, a $350.0 million CMBS single borrower transaction.

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Kroll Bond Rating Agency Withdraws and Upgrades BAMLL 2015-FRR10

NEW YORK, NY (January 27, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its BB- (sf) rating from Class A and upgraded the rating on the Class B of BAMLL 2015-FRR10, a re-securitization of the FREMF 2014-KF06 securitization’s Class C certificates issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The upgrade follows a full surveillance review of the transaction, which has demonstrated stable performance since re-securitization.

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Kroll Bond Rating Agency Affirms All Classes of COMM 2014-UBS2

NEW YORK, NY (January 27, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of COMM 2014-UBS2, a $1.2 billion CMBS conduit transaction collateralized by 59 commercial mortgage loans secured by 94 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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KBRA Publishes CMBS Research: "Despite Turbulence, Loan Drops Flat in 2016"

NEW YORK, NY (January 27, 2017) - Kroll Bond Rating Agency (KBRA) released a report that looks into the changes of CMBS loan pools securitized in 2016, a follow-up of “Not All Loans Make the Final Cut,” which was published in April 2016. The report focuses on trends in loans that were dropped in the 34 KBRA rated transactions in 2016 between the time of preliminary and final feedback. KBRA found that almost a quarter (24.3%) of the transaction balance changed during the year which is on par with the 2015 figure of 24.5%. 

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Kroll Bond Rating Agency Monitoring WFRBS 2014-C20 Due to Large Special Servicing Transfer

NEW YORK, NY (January 26, 2017) – Kroll Bond Rating Agency (KBRA) is monitoring WFRBS 2014-C20, a $1.2 billion CMBS conduit transaction, regarding the special servicing transfer of the transaction’s 10th largest loan, Minneapolis Apartment Portfolio (2.2% of the pool balance), which is secured by 17 multifamily properties. The master servicer, Wells Fargo Bank, National Association, transferred the $26.2 million loan to the special servicer, Rialto Capital Advisors, during the January 2017 remittance period. Although a reason for the transfer was not noted, the loan had appeared on the master servicer’s watchlist since August 2016 due to delinquent principal and interest prepayments. As a result, KBRA had identified the loan as a KBRA Loan of Concern (K-LOC). K-LOCs are loans that are either in default or at heightened risk of default in the near term. 

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Kroll Bond Rating Agency Affirms All Classes of CFCRE 2016-C3

NEW YORK, NY (January 26, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of CFCRE 2016-C3, a $700.0 million CMBS conduit transaction collateralized by 38 commercial mortgage loans secured by 67 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Upgrades Class B and Affirms all Other Classes of MSBAM 2013-C8

NEW YORK, NY (January 25, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the rating on the Class B certificates and affirmed its other outstanding ratings for MSBAM 2013-C8. MSBAM 2013-C8 is a $932.3 million CMBS conduit transaction collateralized by 52 fixed-rate commercial mortgage loans secured by 58 properties. The upgrade follows a full surveillance review of the transaction and reflects the deleveraging of the transaction and defeasances.

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for WFRBS 2012-C10

NEW YORK, NY (January 24, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the WFRBS 2012-C10 transaction following the full redemption of the rated security as reflected in the transaction’s January 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security. 

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Kroll Bond Rating Agency Affirms All Classes of WFCM 2015-C26

NEW YORK, NY (January 23, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-C26, a $929 million CMBS conduit transaction collateralized by 101 commercial mortgage loans secured by 115 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CD 2017-CD3

NEW YORK, NY (January 23, 2017) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of the CD 2017-CD3 transaction. CD 2016-CD3 is a $1.3 billion CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 59 properties. On the securitization closing date, the transaction sponsors intend to comply with the US credit risk retention rules by employing an “L-shaped” structure: the sponsors will each retain a portion of an “eligible vertical interest” that comprises 1.9% of the principal amount of all interests in the issuing entity and a third party will purchase certificates comprising 3.1% of the fair value of all the interests and representing an “eligible horizontal retained interest”. This is the first CMBS conduit transaction to be announced since the US risk retention rules became effective for CMBS and the first CMBS transaction to employ an L-shaped structure. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for CGCMT 2014-GC23

NEW YORK, NY (January 18, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its AAA (sf) rating from Class A-1 of the CGCMT 2014-GC23 transaction following the full redemption of the rated security as reflected in the transaction’s January 2017 remittance report. There were no interest shortfalls reported during the life of the withdrawn security. 

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Kroll Bond Rating Agency Affirms all Classes of MSC 2012-C4

NEW YORK, NY (January 17, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSC 2012-C4, a $831 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 70 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated relatively stable performance since securitization.

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Kroll Bond Rating Agency Affirms GSMS 2013-PEMB

NEW YORK, NY (January 17, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for  all classes of GSMS 2013-PEMB certificates, a $260.0 million CMBS single borrower securitization. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan. 

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Kroll Bond Rating Agency Upgrades Classes C and D and Affirms all Other Classes of WFRBS 2012-C8

NEW YORK, NY (January 13, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded the class C and D certificates that were placed on Watch Upgrade on October 21, 2016. All other outstanding ratings have been affirmed. WFRBS 2012-C8 is a $1.1 billion CMBS conduit transaction collateralized by 78 fixed-rate commercial mortgage loans secured by 94 properties. The upgrades follow a full surveillance review of the transaction and reflect the deleveraging of the transaction and defeasances.

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Kroll Bond Rating Agency Affirms DBCCRE 2014-ARCP

NEW YORK, NY (January 13, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of DBCCRE 2014-ARCP, a $620.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings for MSC 2013-ALTM

NEW YORK, NY (January 12, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of MSC 2013-ALTM certificates, a $160.0 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Withdraws the Rating for One Class of Certificates for ORES 2014-LV3

NEW YORK, NY (January 11, 2017) – Kroll Bond Rating Agency (KBRA) withdrew its BBB-(sf) rating from the Class A of the ORES 2014-LV3 transaction following the full redemption of the rated security as reflected in the transaction’s December 2016 remittance report. There were no interest shortfalls reported during the life of the withdrawn security.

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Kroll Bond Rating Agency Affirms GSMS 2014-GC18

NEW YORK, NY (January 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of GSMS 2014-GC18, a $1.1 billion CMBS conduit transaction collateralized by 71 commercial mortgage loans secured by 135 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. 

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Kroll Bond Rating Agency Affirms RBS Commercial Funding Inc. 2013-SMV Trust

NEW YORK, NY (January 6, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of the RBS Commercial Funding Inc. 2013-SMV Trust certificates, a $295 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Releases Monthly CMBS Trend Watch

NEW YORK, NY (January 6, 2017) – Kroll Bond Rating Agency (KBRA) released this month’s CMBS Trend Watch today. In December, CMBS private-label pricing volume was $5.3 billion, bringing the 2016 total to $69.9 billion. This year’s pricing volume represents a 27.0% decrease compared to $95.8 billion in 2015. The transactions that priced this month consisted of six conduit transactions ($4.8 billion) and two single-borrower deals ($504.3 million). 

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Kroll Bond Rating Agency Affirms AOA 2015-1177

NEW YORK, NY (January 5, 2017) – Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of AOA 2015-1177, a $360 million CMBS single borrower transaction. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.

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Kroll Bond Rating Agency Releases CMBS Research - PropertyBeat: Student Housing...in for a long recess?

NEW YORK, NY (January 5, 2017) – Kroll Bond Rating Agency (KBRA) today released a report summarizing current trends and its views on the student housing industry. 

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Kroll Bond Rating Agency Updates Its U.S. CMBS Multi-Borrower Rating Methodology

NEW YORK, NY (January 4, 2017) – Today, Kroll Bond Rating Agency (KBRA) updated its U.S. CMBS Multi-Borrower Rating Methodology. This methodology supersedes the previous version that was published on December 3, 2015, which did not reflect substantive updates since its initial publication on February 23, 2012.

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Kroll Bond Rating Agency Releases CMBS Research: Lodging PropertyBeat - Miami Lodging Market Update

NEW YORK, NY (January 3, 2017) – Kroll Bond Rating Agency (KBRA) today released a report summarizing its updated views on the greater Miami lodging sector.

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Kroll Bond Rating Agency Assigns Ratings to CSMC 2016-NXSR

NEW YORK, NY (December 22, 2016) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 19 classes of the CSMC 2016-NXSR transaction (see ratings list below). CSMC 2016-NXSR is a $606.8 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 54 properties. Natixis Real Estate Capital LLC intends to retain certificates representing 5.0% of each class of securities issued in order to satisfy the definition of an “eligible vertical interest” under the US credit risk retention rules (as if such rules were applicable to this transaction).

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Kroll Bond Rating Agency Assigns Ratings to JPMCC 2016-JP4

NEW YORK, NY (December 22, 2016) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 14 classes of the JPMCC 2016-JP4 transaction (see ratings list below). JPMCC 2016-JP4 is a $997.6 million CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 72 properties.

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Kroll Bond Rating Agency Assigns Ratings to FREMF 2016-K60 and Freddie Mac Structured pass-Through Certificates K-060

NEW YORK, NY (December 22, 2016) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to nine classes of FREMF Series 2016-K60 mortgage pass-through certificates and five classes of Freddie Mac structured pass-through certificates (SPC), Series K-60. FREMF Series 2016-K60 is a $1.1 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2016-K60 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs.

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Kroll Bond Rating Agency Assigns Ratings to CFCRE 2016-C7

NEW YORK, NY (December 21, 2016) – Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of ratings to 14 classes of the CFCRE 2016-C7 transaction (see ratings list below). CFCRE 2016-C7 is a $652.9 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 64 properties.

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Kroll Bond Rating Agency Assigns Ratings to DBWF 2016-85T

NEW YORK, NY (December 5, 2016) – Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to six classes of DBWF 2016-85T, a $271.0 million CMBS single borrower transaction.  

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Kroll Bond Rating Agency Affirms WFCM 2015-P2

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Kroll Bond Rating Agency Assigns Ratings to BAMLL 2016-FRR16

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Kroll Bond Rating Agency Assigns Ratings to CGCMT 2016-P6

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Kroll Bond Rating Agency Upgrades Class B and Affirms all Other Classes of WFRBS 2013-C11

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Kroll Bond Rating Agency Proposes Updates to its U.S. CMBS Multi-Borrower Rating Methodology

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Kroll Bond Rating Agency Affirms FREMF 2015-K721

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FREMF 2016-K60 and Freddie Mac Structured Pass-Through Certificates K-060

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Kroll Bond Rating Agency Affirms JPMBB 2014-C26

NEW YORK, NY (December 9, 2016) - Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of JPMBB 2014-C26, a $1.4 billion CMBS conduit transaction collateralized by 69 commercial mortgage loans secured by 94 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms WFRBS 2012-C10

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Kroll Bond Rating Agency Assigns Ratings to CD 2016-CD2

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Kroll Bond Rating Agency Affirms WFCM 2014-LC18

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Kroll Bond Rating Agency Affirms CGCMT 2015-GC35

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Kroll Bond Rating Agency Affirms MSCI 2015-UBS8

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CSMC 2016-NXSR

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Kroll Bond Rating Agency Withdraws the Ratings for Two Classes of Certificates for RRF 2014-1

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KBRA Releases Monthly CMBS Trend Watch

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Kroll Bond Rating Agency Assigns Preliminary Ratings to DBWF 2016-85T

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Kroll Bond Rating Agency Affirms JPMBB 2013-C17

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2014-K41

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Kroll Bond Rating Agency Affirms MSBAM 2014-C19

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Kroll Bond Rating Agency Assigns Ratings to RCMT 2016-3

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Kroll Bond Rating Agency Assigns Ratings to GSMS 2016-GS4

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CFCRE 2016-C7

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Kroll Bond Rating Agency Affirms JPMCC 2014-FL6 Ratings

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Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMCC 2016-JP4

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Kroll Bond Rating Agency Assigns Preliminary Ratings to CGCMT 2016-P6

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Kroll Bond Rating Agency Affirms CLNY 2014-FL2

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Kroll Bond Rating Agency Releases 2017 CMBS Outlook

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Kroll Bond Rating Agency Affirms GSMS 2012-BWTR

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Kroll Bond Rating Agency Affirms Ratings to FREMF 2015-K50

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Kroll Bond Rating Agency Assigns Ratings to JPMDB 2016-C4

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Kroll Bond Rating Agency Withdraws the Rating for Two Classes of Certificates for Annaly 2014-FL1

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Kroll Bond Rating Agency Affirms WFCM 2015-NXS4

NEW YORK, NY (November 21, 2016) - Kroll Bond Rating Agency (KBRA) affirmed its outstanding ratings for all classes of WFCM 2015-NXS4, a $771.0 million CMBS conduit transaction collateralized by 62 commercial mortgage loans secured by 73 properties. The affirmations follow a full surveillance review of the transaction, which has demonstrated stable performance since securitization.

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Kroll Bond Rating Agency Affirms Ratings to GSMS 2015-GS1

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Kroll Bond Rating Agency Affirms COMM 2014-CCRE21

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Kroll Bond Rating Agency Assigns Ratings to CLMT 2016-CLNE

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Kroll Bond Rating Agency Withdraws Ratings for JPMCC 2015-COSMO

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Kroll Bond Rating Agency Affirms CSAIL 2015-C4

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