KBRA Downgrades Two Ratings and Affirms All Other Ratings for GSMS 2015-GC30
26 Apr 2024 | New York
KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for GSMS 2015-GC30, a $960.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction which has an increase in KBRA's estimated losses including the Bank of America Plaza K-LOC (4th largest, 4.6% of the pool balance). The rating action also considers the deleveraging of the pool from loan payoffs, amortization and defeasance.
As of the April 2024 remittance period, there are two specially serviced loans (4.9%), of which, one (4.6%) is 90+ days delinquent and one (0.3%) is REO. KBRA identified nine loans as K-LOCs (13.4%), including the specially serviced assets, three of which (5.5%) have estimated losses. These include:
Three of the top 10 loans (9.1%):
- Bank of America Plaza (4th largest, 4.6% of pool balance, 57.6% estimated loss severity)
- Hilton Scotts Valley (7th largest, 2.3%)
- Northern Lights Shopping Center (8th largest, 2.1%)
Two additional K-LOCs (0.9%) have estimated losses:
- Shops of Walterboro (0.6%, 12.5%)
- Northside Indy Medical Center (0.3%, 68.0%)
The remaining five K-LOCs do not have estimated losses and represent 3.4% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 100.4%, compared to 105.6% at last review and 99.7% at securitization. The KDSC is 1.65x, compared to 1.64x at last review and 2.13x at securitization.
Details concerning the classes with rating changes are as follows:
- Class E to B (sf) from BB (sf)
- Class F to CCC (sf) from B (sf)
To access rating and relevant documents, click here.
Click here to view the report.