-

KBRA Assigns Preliminary Ratings to WFCM 2025-B33RP

NEW YORK--(BUSINESS WIRE)--KBRA announces the assignment of preliminary ratings to six classes of WFCM 2025-B33RP, a CMBS single-borrower securitization. The collateral for the transaction is a $460.0 million floating rate, interest-only mortgage loan. The loan is expected to have an initial two-year term with three, one-year extension options and require monthly interest-only payments. The loan will be secured by the borrowers’ fee simple interests in 12 retail assets encompassing 4.1 million sf located across nine states, the five largest of which are Illinois (24.6% of allocated loan amount), Colorado (15.4%), South Carolina (15.0%), Michigan (11.0%), and Georgia (10.7%). As of May 2025, the portfolio was 91.4% leased to over 260 unique tenants.

KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flows using our North American CMBS Property Evaluation Methodology and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction, its Methodology for Rating Interest-Only Certificates in CMBS Transactions, and its ESG Global Rating Methodology, to the extent deemed applicable.

The results of our analysis yielded a KBRA net cash flow (KNCF) for the subject of approximately $42.5 million, which is 11.2% below the issuer’s NCF, and a KBRA value of approximately $469.5 million, which is 29.2% below the appraiser’s as-is value. The resulting in-trust KBRA Loan to Value (KLTV) is 98.0%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports, the results of our site inspection of the property, and legal documentation review.

To access ratings and relevant documents, click here.

Click here to view the report.

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: 1010575

Contacts

Analytical Contacts

Maulik Pareliya, Associate (Lead Analyst)
+1 646-731-1333
maulik.pareliya@kbra.com

Michael McGorty, Senior Director
+1 646-731-2393
michael.mcgorty@kbra.com

Nitin Bhasin, Senior Managing Director, Global Head of CMBS (Rating Committee Chair)
+1 646-731-2334
nitin.bhasin@kbra.com

Business Development Contact

Andrew Foster, Senior Director
+1 646-731-1470
andrew.foster@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Analytical Contacts

Maulik Pareliya, Associate (Lead Analyst)
+1 646-731-1333
maulik.pareliya@kbra.com

Michael McGorty, Senior Director
+1 646-731-2393
michael.mcgorty@kbra.com

Nitin Bhasin, Senior Managing Director, Global Head of CMBS (Rating Committee Chair)
+1 646-731-2334
nitin.bhasin@kbra.com

Business Development Contact

Andrew Foster, Senior Director
+1 646-731-1470
andrew.foster@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2026-CES1 (GSMBS 2026-CES1)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from GS Mortgage-Backed Securities Trust 2026-CES1 (GSMBS 2026-CES1), a $319.2 million RMBS transaction sponsored by Goldman Sachs Mortgage Company, entirely of closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned approximately 7.4 months and comprises 3,961 loans, with AmeriSave Mortgage Corporation (52.4%) as the largest contributing originator. The collateral is charac...

KBRA Releases Research – Loan vs. Lease Aviation ABS: Same Plane, Different Seats

NEW YORK--(BUSINESS WIRE)--KBRA releases research assessing the aviation loan ABS market, highlighting its growth, credit considerations, and evolving role within aviation structured finance. Since the inaugural aviation loan issuances in 2021, the aviation loan asset-backed securities (ABS) sector has experienced continued growth, reaching $4.8 billion in total notional volume through 2025. Collateral in aviation loan ABS typically consists of loans directly to airlines (generally full-recours...

KBRA Assigns Preliminary Ratings to OBX 2026-J1 Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 76 classes of mortgage pass-through notes from OBX 2026-J1 Trust, a $366.7 million prime RMBS transaction. The underlying collateral, comprising 298 fixed-rate, fully amortizing loans is characterized by moderate borrower equity, as evidenced by the WA original LTV of 70.9%, and has a WA original credit score of 783. KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model...
Back to Newsroom