KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2015-K47
19 Apr 2024 | New York
KBRA upgrades the rating of one class and affirms all other outstanding ratings of FREMF 2015-K47, 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 actions follow a surveillance review of the transaction,which has benefited 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 one K-LOC (1.3% of the pool balance) which is not within the Top 10 nor does it have an estimated loss.
The transaction's WA KLTV is 85.1%, compared to 87.1% at KBRA's last ratings change and 115.5% at securitization. The KDSC is 2.20x, compared to 2.08x at last ratings change and 1.59x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class C to AA- (sf) from A+ (sf)
To access rating and relevant documents, click here.
Click here to view the report.