KBRA Affirms All Ratings for BMO 2023-C5
13 Jun 2025 | New York
KBRA affirms all of its outstanding ratings for BMO 2023-C5 a $652.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in the number of the transaction's K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the May 2025 remittance period, there are five specially serviced assets (14.7% of the pool balance), four (10.1%) of which are 90+ days delinquent. KBRA identified eight K-LOCs (22.1%), including the specially serviced assets, of which one (2.2%) has an estimated loss. The K-LOCs are depicted in the table below:
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 92.5%, compared to 91.0% at last review and 91.3% at securitization. The WA KDSC is 1.56x, compared to 1.58x at last review and securitization.
To access ratings and relevant documents, click here.
Click here to view the report.