Press Release|CMBS
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KBRA Affirms All Ratings for MSCI 2015-420

30 Jan 2026   |   New York

Contacts

KBRA affirms its outstanding ratings for MSCI 2015-420, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since last review. The KLTV has improved since last review and securitization due to deleveraging from the amortization of the transaction collateral.

The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s leasehold interest in the Graybar Building, a 1.5 million sf Class-A office tower. The property is located at 420 Lexington Avenue in the Grand Central District of New York City’s Manhattan borough. The loan has an outstanding trust balance of $210.1 million ($141 per sf) as of the January 2026 remittance date. The loan sponsor is an affiliate of SL Green Realty Corporation. As of January 2026, the loan is current in payment.

The loan had an ARD in October 2024; however, the borrower exercised a 16-year extension option to extend the final maturity date to October 2040. Following the ARD, the interest rate for the loan increased to 8.02%.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $26.9 million and a KBRA value of $336.2 million ($225 per sf). The resulting in-trust KLTV is 62.5%, compared with 64.6% at last review and 72.3% at securitization. KBRA maintains a KPO of Perform on the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013273