KBRA cuts Argentic MOA 2020WC39 E pass-through certificate rating to CCC (sf) from B (sf)
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KBRA downgraded the MOA 2020-WC39 E pass-through certificate from B- (sf) to CCC (sf), citing rising credit stress in the underlying CMBS pool (K-LOCs up to 37.5% of balance, higher special servicing and weaker WA KLTV). The action reinforces concerns around U.S. commercial real estate securitized credit quality and risk-retention structures, potentially widening risk premiums in structured credit and related funding markets.
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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).
