Press Release|CMBS

KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2015-K44

23 Apr 2024   |   New York

Contacts

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.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004063

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