KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2015-K44
23 Apr 2024 | New York
KBRA upgrades the rating of one class of certificates and affirms all other outstanding ratings for FREMF 2015-K44, a $1.3 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating action follow a surveillance review of the transaction, which has benefitted from transaction deleveraging from loan defeasances, payoffs, and amortization.
As of the March 2024 remittance period, none of the loans are specially serviced or delinquent, however KBRA identified three K-LOCs (1.3% of the pool). These include:
One K-LOC with an estimated loss:
- Cherrywood Pointe of Roseville (0.8%, 15.0% estimated loss severity)
The remaining two K-LOCs do not have estimated losses and represent 0.5% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 99.5%, compared to 105.1% at KBRA's last ratings change in August 2022 and 115.9% at securitization. The KDSC is 1.95x, compared to 1.68x at KBRA's last ratings change and 1.48x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class B to AA (sf) from AA- (sf)
To access rating and relevant documents, click here.
Click here to view the report.