KBRA Downgrades Three Ratings and Affirms All Other Outstanding Ratings for BBCMS 2022-C15
7 Mar 2025 | New York
KBRA downgrades three ratings and affirms all other outstanding ratings for BBCMS 2022-C15, a $1.0 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which shows an increase in KBRA's estimated losses for three (5.9% of the pool) of the deal's 10 K-LOCs (20.0%). Four additional loans (18.8%) among the top ten have been assigned KPOs of Underperform.
As of the February 2025 remittance period, there are three specially serviced loans (7.4%), including one in foreclosure (2.4%). KBRA identified 10 K-LOCs (20.0%), including the specially serviced loans. These include one top 10 loan:
- Coleman Highline Phase IV (3rd largest, 6.1%)
Three K-LOCs have estimated losses:
- Salina Meadows Office Park (2.4% of the pool, 73.0% estimated loss severity)
- VVF (2.0%, 20.9%)
- NYC MFRT Portfolio (1.5%, 21.1%)
The remaining six K-LOCs do not have estimated losses and represent 8.0% of the pool.
Excluding the K-LOCs with losses, the transaction's WA KLTV is 103.3%, compared to 97.8% at last review and 96.7% at securitization. The WA KDSC is 2.25x, compared to 2.36x at last review and 2.40x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class F to B- (sf) from BB (sf)
- Class G-RR to CCC (sf) from B (sf)
- Class X-F to B- (sf) from BB (sf)
To access ratings and relevant documents, click here.
Click here to view the report.