KBRA Places the Ratings of Three Classes for WFRBS 2014-C22 on Watch Downgrade

KBRA places the ratings of three classes of WFRBS 2014-C22, a $405.6 million CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class B certificates. KBRA considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.

As of the January 2026 remittance period, six assets remain in the pool, all of which have been identified as K-LOCs. Of the remaining assets, two (12.8% of the pool balance) are current following loan modifications to extend the maturity. Bank of America Plaza (37.0% of the loan balance) and Columbus Square Portfolio (27.6%) have ASERs, while Stamford Plaza Portfolio (22.1% of the loan balance) and Rite Aid Portfolio (0.5%) loans were deemed non-recoverable by the servicer, which are driving interest shortfalls higher in the capital structure.

KBRA will continue to monitor the transaction and the underlying loans' performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes that have been placed on Watch are as follows:

To access ratings and relevant documents, click here.

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