-

KBRA Releases Monthly CMBS Trend Watch

NEW YORK--(BUSINESS WIRE)--KBRA releases the January 2026 issue of CMBS Trend Watch.

The commercial real estate (CRE) securitization market has remained hot, even while much of the country has been in a deep freeze. Commercial mortgage-backed securities (CMBS) private-label issuance was $7.9 billion (13 deals) in January, and CRE collateralized loan obligation (CLO) issuance made a meaningful contribution of $7.5 billion (seven deals), representing 48% of total CRE securitization issuance. Based on current visibility, February issuance could see up to 24 deals, including 12 single-borrower (SB), six CRE CLO, five conduit, and one Freddie Mac K-Series (Agency) deal.

In January, KBRA published pre-sales for 11 deals ($9.1 billion), including four SB ($3.3 billion), three conduits ($2.4 billion), two CRE CLO ($1.8 billion), one Agency ($1.2 billion), and one single-family rental (SF) ($410.5 million). January’s surveillance activity included rating reviews of 364 securities. Of the 364 ratings, 319 were affirmed (87.6%), 40 were downgraded (11%), and five were upgraded (1.4%). In addition, 12 ratings were placed on Watch Downgrade (DN).

This month's edition also highlights recent KBRA research publications that cover various topical issues.

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1013354

Contacts

Solomon Mankin, Senior Analyst
+1 646-731-1244
solomon.mankin@kbra.com

Larry Kay, Senior Director
+1 646-731-2452
larry.kay@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

Solomon Mankin, Senior Analyst
+1 646-731-1244
solomon.mankin@kbra.com

Larry Kay, Senior Director
+1 646-731-2452
larry.kay@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 Stream Innovations 2026-1 Issuer Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by Stream Innovations 2026-1 Issuer Trust (“STRE 2026-1”), an asset-backed securitization collateralized by a pool of consumer loans used for home improvements. The ratings reflect the initial credit enhancement levels ranging from 13.80% for the Class A notes to 1.50% for the Class D notes. Credit enhancement on the notes is comprised of overcollateralization, subordination of junior note classes (excep...

KBRA Assigns Ratings to OFG Bancorp, Inc. and Affirms Ratings for Oriental Bank

NEW YORK--(BUSINESS WIRE)--KBRA assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to San Juan, Puerto Rico-based OFG Bancorp, Inc. (NYSE: OFG) ("the company"). In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+ and the short-term deposit and debt ratings of K2 for its bank subsidiary, Oriental Bank ("the bank"). The Outlook for all long-term ratings is Stable. Key Credit Considerations Oriental Bank...

KBRA Assigns BBB+ Rating to City of Chicago, IL General Obligation Bonds, Series 2026 C-G; Affirms BBB+ Rating on Outstanding General Obligation Bonds; Outlook Remains Negative

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of BBB+ to the following series of City of Chicago, IL General Obligation Bonds: General Obligation Bonds, Series 2026C General Obligation Bonds, Series 2026D General Obligation Bonds, Series 2026E General Obligation Bonds, Taxable Series 2026G Concurrently, KBRA affirms the BBB+ rating on the City's outstanding General Obligation Bonds. The Outlook remains Negative. The City of Chicago’s (“the City’s) deteriorating fund balance, narrow...
Back to Newsroom