KBRA lowered the rating on the Argentic Risk Retention Pass Through Certificates, MOA 2020WC39 E, a $36.9 million pass-through certificate, to CCC (sf) from B (sf). The move followed a surveillance review that pointed to rising credit stress in the underlying CMBS loan pool, including 11 K-LOCs representing 37.5% of the pool balance and four specially serviced assets totaling 9.6% with one REO, according to KBRA. KBRA also cited a decline in the transaction’s WA KLTV to 86.6%, indicating weaker collateral coverage. The action was described as reflecting increased risk exposure to structural credit assets (SUS).