Commercial mortgage-backed security

KBRA Releases Research – CMBS Loan Performance Trends: February Update

Friday, February 26, 2021 - 5:00pm

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.
  • The delinquency rate for the period came in 60 basis points (bps) lower than in the previous month, at 5.9%, among KBRA-rated CMBS.
  • The decline was influenced by loan modification of several larger loans, at which time the related loans were reflected as current.
  • This month, KBRA analyzed 19,045 outstanding CMBS 2.0 conduit loans (KBRA rated and non-KBRA rated) for those that were reported as modified by the servicer during the pandemic (between April 2020 and December 2020).

Advan Research announces CMBS (Commercial Mortgage-Backed Securities) foot traffic data

Thursday, February 25, 2021 - 1:00pm

NEW YORK, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Advan Research Corporation, the leading geolocation data provider and analytics platform servicing the financial industry, announced the launch of a CMBS foot traffic counts product.

Key Points: 
  • NEW YORK, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Advan Research Corporation, the leading geolocation data provider and analytics platform servicing the financial industry, announced the launch of a CMBS foot traffic counts product.
  • The traffic data are a clear leading indicator of CMBS spreads, which were provided by Solve Advisors for testing.
  • The correlation between foot traffic and revenue is higher than 0.95 on a year over year basis for several companies.
  • Advan also computes 20 years of weather data across all its covered locations along with 6 years of traffic data on commercial trucks.

KBRA Assigns Preliminary Ratings to Taurus 2021-2 SP DAC

Tuesday, February 23, 2021 - 6:59pm

Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2021-2 SP DAC, a CMBS single-borrower securitisation.

Key Points: 
  • Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2021-2 SP DAC, a CMBS single-borrower securitisation.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
  • Kroll Bond Rating Agency UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.

CoStar Group Announces Commercial Mortgage-Backed Securities (CMBS) Data Integration

Wednesday, February 17, 2021 - 4:51pm

Today, CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced CMBS loan and property data is now integrated with CoStars market-leading commercial real estate (CRE) information platform.

Key Points: 
  • Today, CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced CMBS loan and property data is now integrated with CoStars market-leading commercial real estate (CRE) information platform.
  • CoStar remains dedicated to helping owners, lenders and brokers find more opportunities and make the best decisions faster, said CoStar Group Founder and CEO Andrew Florance.
  • The integration of CMBS data into CoStar provides clients with unparalleled power and even more transparency into CRE property data and access to proprietary information.
  • CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces.

SEC Charges Ratings Agency With Disclosure And Internal Controls Failures Relating To Undisclosed Model Adjustments

Tuesday, February 16, 2021 - 10:04pm

Credit ratings are used by market participants to help evaluate credit risk, price certain securities, and guide the investment decisions of individuals and institutional investors alike.

Key Points: 
  • Credit ratings are used by market participants to help evaluate credit risk, price certain securities, and guide the investment decisions of individuals and institutional investors alike.
  • According to the complaint, in 30 CMBS transactions totaling $30 billion that Morningstar rated from 2015 to 2016, the credit rating agency permitted analysts to make undisclosed adjustments to key stresses in the model that it used in determining the rating for that transaction.
  • The complaint also alleges that Morningstar failed to establish and enforce an effective internal control structure governing the adjustments for a total of 31 transactions.
  • In this action, the complaint alleges that Morningstar failed on both counts by permitting analysts to make undisclosed adjustments over which Morningstar had no effective internal controls.

KBRA Assigns Preliminary Ratings to BBCMS 2021-C9

Thursday, February 11, 2021 - 3:36pm

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of BBCMS 2021-C9, a $793.8 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 87 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of BBCMS 2021-C9, a $793.8 million CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 87 properties.
  • The collateral properties are located throughout 46 MSAs, the largest three of which are Las Vegas (11.4%), Philadelphia (9.6%), and Orange County (9.1%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 46.5% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Assigns Preliminary Ratings to GSMS 2021-RENT

Wednesday, February 10, 2021 - 6:25pm

Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to 13 classes of GSMS 2021-RENT, a CMBS single-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to 13 classes of GSMS 2021-RENT, a CMBS single-borrower securitization.
  • In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction, to the extent deemed applicable.
  • The results of our analysis yielded a KBRA net cash flow (KNCF) of approximately $33.2 million.
  • To value the property, we applied a capitalization rate of 7.25% to arrive at a KBRA value of approximately $457.3 million.

KBRA Assigns Preliminary Ratings to Taurus 2021-1 UK DAC

Wednesday, February 10, 2021 - 2:25pm

Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2021-1 UK DAC, a CMBS single-borrower securitisation.

Key Points: 
  • Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2021-1 UK DAC, a CMBS single-borrower securitisation.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime.
  • Kroll Bond Rating Agency UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.

KBRA Assigns Preliminary Ratings to ONE 2021-PARK

Monday, February 8, 2021 - 8:10pm

Kroll Bond Rating Agency (KBRA) announces the preliminary assignment of ratings to six classes of ONE 2021-PARK, a CMBS single-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the preliminary assignment of ratings to six classes of ONE 2021-PARK, a CMBS single-borrower securitization.
  • The floating rate loan has an initial two-year term with three, one-year extension options, and requires monthly interest-only payments based on one-month LIBOR.
  • The results of our analysis yielded a KBRA net cash flow (KNCF) of approximately $40.0 million.
  • To value the property, we applied a capitalization rate of 7.00% to arrive at a KBRA value of approximately $569.2 million.

CMLS Financial releases February 2021 Commercial Mortgage Commentary

Wednesday, February 3, 2021 - 3:52pm

TORONTO, Feb. 03, 2021 (GLOBE NEWSWIRE) -- CMLS Financial, one of Canadas largest independently owned mortgage services companies, has released their latest Commercial Mortgage Commentary, an in-depth analysis of the commercial mortgage market in Canada.

Key Points: 
  • TORONTO, Feb. 03, 2021 (GLOBE NEWSWIRE) -- CMLS Financial, one of Canadas largest independently owned mortgage services companies, has released their latest Commercial Mortgage Commentary, an in-depth analysis of the commercial mortgage market in Canada.
  • CMLS Financial is Canadas leading provider of commercial mortgage market intelligence.
  • On a quarterly basis, CMLS Financial publishes a commentary on the Canadian commercial mortgage market with specific analysis of the conventional market, the CMHC-insured market, and the Canadian CMBS market.
  • Founded in 1974, CMLS Financial has over 40 years experience as Canadas Mortgage Company.