KBRA Affirms All Ratings for FREMF 2015-K49
17 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2015-K49, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (FreddieMac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA's last ratings change in August 2022. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified five K-LOCs (2.2% of the pool balance). These include:
Two K-LOCs with estimated losses:
- The Fleur De Lis (0.5%, 45.6% estimated loss severity)
- Cactus Gardens RV (0.4%, 14.2%)
The remaining three K-LOCs do not have estimated losses and represent 1.3% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 76.7%, compared to 90.4% at KBRA's last ratings change in August 2022 and 113.5% at securitization. The KDSC is 2.30x, compared to 1.93x at KBRA's last ratings change and 1.54x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.