Press Release|CMBS

KBRA Affirms All Ratings for BAMLL Re-REMIC Trust 2024-FRR2

17 Apr 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for BAMLL Re-REMIC Trust 2024-FRR2, a re-securitization of the FREMF 2017-K65 securitization’s (the underlying trust) Class D (principal-only) and Class X2-A and X2-B (interest only) certificates. FREMF 2017-K65 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the underlying trust, which has exhibited an improvement in pool performance since re-securitization. However, the magnitude of the changes does not warrant ratings adjustments for the re-securitized certificates at this time. The review was conducted using data from the March 2025 remittance report for the underlying trust, borrower financial statements, rent rolls, and market information provided by REIS.

In the FREMF 2017-K65 underlying trust, as of the March 2025 remittance period, none of the loans are specially serviced or delinquent. Four loans (2.8%) were identified as K-LOCs, none of which are within the Top 10 nor have estimated losses. In addition, 19 loans (30.6% of the K65 pool balance) are fully defeased, including the former ninth-largest loan (3.1%). The WA KLTV is 82.5%, compared to 87.6% at re-securitization. The KDSC is 1.78x, compared to 1.71x at re-securitization. For information on the FREMF 2017-K65 underlying trust, which is KBRA-rated, please refer to the FREMF 2017-K65 February 2025 Surveillance Report .

Rating Sensitivities

Future ratings actions will be dependent upon the ability of the remaining loans to pay off as the loans in the transaction are approaching their maturity in the near term. However, rating changes can occur for a variety of reasons that are not dependent upon maturity defaults and subsequent losses. For example, unforeseen trust expenses that cause recurring interest shortfalls to the securities could prompt negative rating changes.

To access ratings and relevant documents, click here.

Related Publications

Methodologies

Disclosures

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: 1009058

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