KBRA Affirms All Ratings for MSCI 2016-UBS11
26 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for MSCI 2016-UBS11, a $561.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA’s last ratings change in July 2021 primarily due to a reduction in the number of K-LOCs and specially serviced loans. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the April 2024 remittance period, there are no delinquent or specially serviced loans, and no loans are identified as K-LOCs.
The transaction’s WA KLTV is 79.2% compared to 94.3% at KBRA's last ratings change and 91.5% at securitization. The KDSC is 2.55x, compared to 2.15x at last ratings change and 2.20x at securitization.
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