NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) released today its CMBS monthly newsletter, CMBS Trend Watch.
During the month, we assigned 117 new issue ratings to five conduits, two single-borrower deals, two Freddie Mac re-securitizations, one Freddie Mac K-Series, a non-performing loan securitization, a single-family rental, and our first small balance deal of the year. In addition to the assignment of these ratings, KBRA’s surveillance team affirmed its ratings on 144 classes from 12 transactions. We also raised two ratings from one transaction following the defeasance of its 9th largest loan.
The three-month rolling average KLTV fell for the second consecutive month in June to 102.3% compared to 103.5% in May, and 103.7% in April. When examining the five conduits rated in June, four of them had material exposures to low leverage loans that influenced the transaction’s overall KLTV.
The three-month rolling KDSC followed KLTV’s monthly movement, and increased to 1.92x from 1.79x in May, a new two year high that was also influenced by the presence of low leveraged loans with high KDSC’s. The three-month rolling average IO Index declined to 41.3% from 43.1% after steadily rising for each of the first five months of the year.
In the Publications Corner section, we highlight our latest edition of PropertyBeat, which focuses on the retail sector, and a surveillance commentary that we recently published on the COMM 2013-GAM transaction.
In our commitment to transparency, we updated our comprehensive set of the statistics for our rated conduits along with this issue of Trend Watch within the KBRA Comparative Analytic Tool (KCAT). The file enables users to compare data points from all KBRA rated conduits.
To view the full report, please use the following link: www.krollbondratings.com/show_report/2524
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).