Press Release|CMBS
View PDF

KBRA Downgrades the Ratings of Four Classes of Certificates, Affirms the Ratings for Five Classes, and Withdraws the Ratings for Two Classes for MSBAM 2015-C22

26 Sep 2025   |   New York

Contacts

KBRA downgrades the ratings of four classes of certificates, affirms the ratings for five classes, and withdraws the ratings for two classes for MSBAM 2015-C22, a $322.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction and are based on the performance and expected recovery of the transaction's nine remaining assets, all of which are identified as K-LOCs. Of the K-LOCs, seven (67.4% of the pool balance) have estimated losses. KBRA withdraws the ratings of two classes of interest-only (IO) certificates in accordance with KBRA's Methodology for Rating Interest-Only Certificates, as there are fewer than 10 loans remaining in the pool.

As of the September 2025 remittance period, there are seven specially serviced assets (59.6%), of which two are matured non-performing (12.0%), one (0.6%) is REO, and two (4.2%) are in foreclosure. KBRA identified all nine remaining assets as K-LOCs (100%). Of the K-LOCs, seven (67.4%) have estimated losses.

K-LOCs Loss Given Default (000s) Loss Severity 1 300 South Riverside Plaza Fee OF 100,000 31.1% N C N Maturity 11/11/2024 $7,036 7.0% 2 Waterfront at Port Chester RT 80,000 24.8% Y C Y Specially Serviced 05/26/2020 $51,917 64.9% 3 Hilton Garden Inn W 54th Street LO 75,000 23.3% Y PM N Specially Serviced 02/26/2025 - - 8 555 11th Street NW OF 30,000 9.3% N NPM N Prior SS 06/06/2023 - - 13 Doubletree by Hilton Hotel Chicago - Alsip LO 13,138 4.1% Y PM N Matured-Performing 08/14/2024 $1,809 13.8% 21 1400 Howard Boulevard OF 11,114 3.5% Y NPM N Specially Serviced 04/24/2025 $9,047 81.4% 33 ASRC Federal Building OF 8,609 2.7% Y NPM N Specially Serviced 02/09/2024 $5,205 60.5% 71 Rite Aid - Canonsburg, PA RT 2,260 0.7% Y NPM N Foreclosure 06/04/2024 $877 38.8% 76 Rite Aid  - Lansdale, PA RT 1,908 0.6% NPM N $1,140 59.7% Total K-LOCs $322,029 100.0% $77,030 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 104.2%, compared to 102.5% at KBRA's last ratings change in September 2022 and 105.9% at securitization. The KDSC is 1.78x, compared to 1.62x at KBRA's last ratings change and 1.73x at securitization.

Details concerning the rating changes are as follows:

  • Class C to BBB- (sf) from A- (sf)
  • Class PST to BBB- (sf) from A- (sf)
  • Class D to CC (sf) from B (sf)
  • Class E to C (sf) from CCC (sf)

Details concerning the withdrawn ratings are as follows:

  • Class X-A to WR (sf) from AAA (sf)
  • Class X-B to WR (sf) from AAA (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: 1011465