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KBRA Downgrades Four Ratings and Affirms All Other Ratings for CSAIL 2015-C2

9 Oct 2025   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for CSAIL 2015-C2, a $261.3 million CMBS conduit transaction. Simultaneously, KBRA removes the ratings of six classes of certificates from Watch Downgrade (DN), where they were placed on July 11, 2025. The ratings actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in March 2025. The ratings actions also reflect KBRA's estimated losses for nine K-LOCS (79.7% of the pool balance) and the resulting loss adjusted C/E levels. The rating actions also consider the likelihood that interest shortfalls could reach higher in the capital stack during the resolution of the specially serviced assets.

As of the September 2025 remittance period, there are 10 specially serviced assets (79.9%), including four which are in foreclosure (25.7%). KBRA identified 12 K-LOCs (89.0%), including the specially serviced assets. Of the K-LOCs, nine(79.7%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 1 Westfield Wheaton RT 95,000 36.4% Y PM N Specially Serviced 04/14/2022 $40,740 42.9% 5 Westfield Trumbull RT 33,959 13.0% Y NPM N Foreclosure 04/28/2020 $22,200 65.4% 11 California Corporate Center OF 21,184 8.1% N C Y Modification 11/11/2021 $8,224 38.8% 17 Bayshore Mall RT 19,659 7.5% Y NPM N Foreclosure 06/29/2020 $12,995 66.1% 18 St. Louis Premium Outlets RT 18,733 7.2% Y PM N Specially Serviced 09/10/2024 - - 30 Synchrony Financial OF 11,141 4.3% Y PM N Specially Serviced 05/15/2025 $966 8.7% 32 Torrington Commons RT 10,458 4.0% Y NPM N Foreclosure 04/03/2020 $5,705 54.5% 42 Chalmette Retail RT 8,239 3.2% Y NPM N Specially Serviced 05/04/2021 $2,415 29.3% 54 Rialto Building OF 5,917 2.3% Y C Y Specially Serviced 06/09/2020 $948 16.0% 91 Riverview Plaza RT 3,096 1.2% Y NPM N Foreclosure 09/05/2019 $923 29.8% 99 Dick's/Big Lots RT 2,567 1.0% Y NPM N Specially Serviced 01/15/2025 - - 94 FBI Office - Savannah, GA OF 2,486 1.0% N NPM N Non-Performing Maturity Balloon 05/27/2025 - - Total K-LOCs $232,439 89.0% $95,114 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 94.9%, compared to 102.2% at KBRA's last ratings change in March 2025 and 104.7% at issuance. The WA KDSC is 1.38x, compared to 1.50x at KBRA's last rating change in March 2025 and 1.71x at issuance.

Details concerning the ratings adjustments are as follows:

Class C to BBB- (sf) from BBB (sf) DN

Class D to CCC (sf) from B- (sf) DN

Class E to C (sf) from CC (sf) DN

Class X-E to C (sf) from CC (sf) DN

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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.

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