KBRA Downgrades One Rating and Affirms All Other Ratings for JPMBB 2015-C31
11 Jul 2025 | New York
KBRA downgrades the rating of one class of certificates and affirms all other outstanding ratings of JPMBB 2015-C31, a $414.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in July 2024. The rating actions also reflect KBRA's estimated losses for six K-LOCs (47.2% of the pool balance) and the resulting loss adjusted C/E levels.
As of the June 2025 remittance period, there are four specially serviced loans (51.2% of the pool balance), of which two (23.8%) are in foreclosure and one (19.0%) is 90+ days delinquent. KBRA identified nine K-LOCs (61.1%), including the specially serviced loans. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 95.9%, compared to 99.0% at KBRA’s last ratings change in July 2024 and 108.6% at securitization. The KDSC is 1.09x, compared to 1.18x at KBRA’s last ratings change and 1.42x at securitization.
Details concerning the class with a ratings change is as follows:
- Class B to BBB (sf) from A- (sf)
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