Press Release|CMBS
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KBRA Downgrades One Rating and Affirms All Other Ratings for CF 2020-P1

27 Mar 2026   |   New York

Contacts

KBRA downgrades one rating and affirms all other outstanding ratings for CF 2020-P1, a $269.0 million CMBS large loan transaction collateralized by 14 fixed-rate first mortgage loans, including one loan (2.5% of the pool balance) which has fully defeased. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses on three of the K-LOCs (21.4%).

As of the March 2026 remittance period, there are three specially serviced assets (21.4%), all of which are in foreclosure. KBRA identified four K-LOCs (36.3%), including the specially serviced assets. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 2 Parkmerced MF $40,000 14.9% Y FCL N Foreclosure 01/05/2024 - - 3 650 Madison Avenue MU $40,000 14.9% N C N Prior SS 01/20/2023 $11,212 28.0% 6 1357 Flatbush MU $15,000 5.6% Y FCL N Foreclosure 3/15/2024 $6,013 40.1% 14 95 Legion Street MF $2,700 1.0% Y FCL N Foreclosure 03/11/2021 $1,546 57.3% Total K-LOCs $97,700 36.3% $18,770 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 K-LOCs 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 99.1%, compared to 100.2% at last review and 86.4% at securitization. The WA KDSC is 2.77x, compared to 2.70x at last review and 2.51x at securitization.

Details concerning the rating downgrade are as follows:

  • Class C to B- (sf) from B (sf)

Details concerning the rating affirmations are as follows:

  • Class A-1 affirmed at AAA (sf)
  • Class A-2 affirmed at AAA (sf)
  • Class B affirmed at A- (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: 1014179