KDSC

KBRA Releases Research – 5- and 10-Year Deal Credit Metrics

Retrieved on: 
Wednesday, January 3, 2024
Banking, Professional Services, Finance, IO, KLTV, CRE, KBRA, MSA, FY, Environment, CMBS, KDSC, Real estate

KBRA releases a report comparing the credit metrics between the 2023 5-year and 10-year conduit deals.

Key Points: 
  • KBRA releases a report comparing the credit metrics between the 2023 5-year and 10-year conduit deals.
  • This led to the market’s first CMBS conduit deal issuance that solely comprised 5-year loans.
  • Full-term interest-only (IO) loans were more concentrated in 5-year deals, representing 91.7% of the loans by balance, compared to 79.1% for 10-year deals.
  • For full-year (FY) 2023, 5-year deals averaged 29 loans, compared to 31 for 10-year deals.

KBRA Releases Research – 2024 CMBS Sector Outlook: Cloudy, With a Glimmer of Hope

Retrieved on: 
Monday, November 20, 2023
Finance, Banking, Professional Services, Commercial Building & Real Estate, Construction & Property, Environment, Growth, CRE, KBRA, YTD, Quarter, WAC, CMBS, KLTV, Yoy, CLO, Federal, KDSC, Rare-earth element, Real estate, Bank, Security (finance)

KBRA releases its 2024 CMBS Sector Outlook, which highlights key credit trends from 2023 and forecasts U.S. CMBS issuance activity for the new year.

Key Points: 
  • KBRA releases its 2024 CMBS Sector Outlook, which highlights key credit trends from 2023 and forecasts U.S. CMBS issuance activity for the new year.
  • The report reviews the current lending environment and property fundamentals, as well as factors that may affect overall property performance in 2024.
  • The report also discusses year-to-date (YTD) KBRA-rated CMBS conduit trends and metrics, takes a closer look at 2023 ratings activity, and outlines ratings surveillance expectations for 2024.
  • KBRA projects that issuance will bounce back from 2023 lows with a 23.6% year-over-year (YoY) increase, as the quarter-over-quarter (QoQ) positive trend experienced much of this year will persist in 2024, with increasing growth anticipated for 2H 2024.

KBRA Revises Loan KPOs to Underperform for Nine CMBS Single-Borrower Office Transactions

Retrieved on: 
Friday, March 24, 2023
Professional Services, Finance, KBRA, CMBS, Brant Hansen, KPO, KDSC, KDY, Bank

KBRA revises the KBRA Performance Outlooks (KPO) for nine CMBS loans to Underperform following a sensitivity analysis of our 44 CMBS single-borrower securitizations that are secured by office properties.

Key Points: 
  • KBRA revises the KBRA Performance Outlooks (KPO) for nine CMBS loans to Underperform following a sensitivity analysis of our 44 CMBS single-borrower securitizations that are secured by office properties.
  • The review considered current property occupancy rates, near-term lease rollover risk, stressed KBRA debt service coverage (KDSC), KBRA debt yield (KDY), and near-term maturity risk for each loan, among other factors.
  • In determining the KPO changes, KBRA also considered the location and quality of the collateral properties and the fundamentals of the relevant office markets.
  • Loans (and their related transactions) with revised KPOs of Underperform are:

Yukon's fibre-to-the-home assets now Indigenous-owned as Northwestel and 13 First Nations companies form new partnership.

Retrieved on: 
Thursday, May 5, 2022
First Nations, Investment, Company, FTTH, LEO, Telecommunication, Data-rate units, Northern Canada, Yukon First Nations Party, Partnership, NWT, Indigenous peoples, YT, History, Government, Bell, Sale, Conference, KDSC, DDDC, Ownership, Walking, Internet, Renewable energy, Airline, Communications satellite, Northwestel

Northern Canada's telecommunications provider Northwestel today announced the sale of its Yukon fibre-to-the-home (FTTH) assets to a group of 13 Yukon First Nation development corporations.

Key Points: 
  • Northern Canada's telecommunications provider Northwestel today announced the sale of its Yukon fibre-to-the-home (FTTH) assets to a group of 13 Yukon First Nation development corporations.
  • Yukon's Shared Pathways network is a testament to our commitment to walking the path of reconciliation together.
  • Northwestel is the largest telecommunications provider in Canada's north, serving 96 communities across Yukon, Northwest Territories, Nunavut, British Columbia, and Alberta.
  • Northwestel is a subsidiary of Bell and provides service on the traditional territories of Indigenous peoples across Canada's North.

KBRA Downgrades One Class and Affirms All Other Classes of UBS 2012-C1

Retrieved on: 
Monday, March 30, 2020
Small business, Professional services, Finance, Finance, Economy, Money, Credit, Financial law, Kroll Bond Rating Agency, United States housing bubble, Credit rating agency, KBRA, Debt, Securitization, KDSC

Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates to B- (sf) from B (sf).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates to B- (sf) from B (sf).
  • In addition, a Real Estate Owned (REO) asset was disposed of since last review, resulting in a $5.4 million principal loss.
  • The specially serviced loan and four watchlist loans (15.8%) have been identified as KBRA Loans of Concern (K-LOCs).
  • The KBRA Debt Service Coverage (KDSC) of 1.24x has decreased from 1.47x at last review and 1.50x at securitization.