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KBRA Upgrades Three Ratings and Affirms All Other Ratings for CSAIL 2015-C4

8 Oct 2025   |   New York

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KBRA upgrades the ratings of three classes and affirms all other outstanding ratings of CSAIL 2015-C4, a $262.4 million CMBS conduit transaction. The rating actions follow a review of the transaction and reflect the deleveraging of the transaction from loan payoffs, amortization, and defeasances, as well as the positive maturity profiles of a majority of the remaining loans, all of which mature by November 2025.

As of the September 2025 remittance report, there is one loan (1.2% of the pool balance) that is non-performing matured balloon and expected to transfer to the special servicer. KBRA identified four K-LOCs (10.7%), including the non-performing matured balloon loan, none of which have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 29 Villas at Sonterra MF 9,620 3.7% N PM N Matured-Performing 09/22/2025 - - 30 Alamosa Plaza RT 9,482 3.6% N PM N Matured-Performing 09/22/2025 - - 45 Country Inn & Suites BWI LO 5,756 2.2% N PM Y Matured-Performing 09/03/2024 - - 69 Walgreens - Riverview RT 3,237 1.2% N NPM N NP Maturity Balloon 09/22/2025 - - Total K-LOCs $28,095 10.7% $0 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

The transaction's WA KLTV is 91.3%, compared to 83.3% at last review and 105.6% at securitization. The KDSC is 1.48x, compared to 2.21x at last review and 1.61x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class B to AA+ (sf) from AA (sf)
  • Class C to A+ (sf) from A (sf)
  • Class D to BBB+ (sf) from BBB (sf)

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.

Doc ID: 1011671

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