Press release content from Business Wire. The AP news staff was not involved in its creation.
Related topics
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

KBRA Assigns Preliminary Ratings to JPMCC 2021-BOLT

August 23, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Aug 23, 2021--

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

The collateral for the transaction is a $232.5 million non-recourse, first lien mortgage loan. The floating rate loan has a two-year term with no extension options and requires monthly interest-only payments based on one-month LIBOR. The loan is secured by the borrowers’ fee simple interest in Aspiria, a 20-building office park spanning 3.7 million sf located in Overland Park, Kansas. The property is the former Sprint world headquarters. As of June 2021, the portfolio had an occupancy of 74.8%.

KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows using our U.S. CMBS Property Evaluation Methodology and the application of our U.S. CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction and its ESG Global Rating Methodology, to the extent deemed applicable.


The results of our analysis yielded a KBRA net cash flow (KNCF) of $13.2 million, which is 13.0% below the issuer’s NCF, and a KBRA value of approximately $166.5 million, which is 50.3% lower than the appraiser’s as-is value for the property. The resulting in-trust KBRA Loan to Value (KLTV) is 139.7%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports; the results of our site inspection of the property; and legal documentation review.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications


Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

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 Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

View source version on

CONTACT: Analytical ContactsSamuel Stuart, Associate Director (Lead Analyst)

+1 (646) 731-1298

samuel.stuart@kbra.comMichael Brown, Managing Director

+1 (646) 731-2307

michael.b.brown@kbra.comMimi Ophir, Director

+1 (646) 731-3383

mimi.ophir@kbra.comKeith Kockenmeister, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2349

keith.kockenmeister@kbra.comBusiness Development ContactMichelle Paterson, Managing Director

+1 (646) 731-2397



SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2021.

PUB: 08/23/2021 03:25 PM/DISC: 08/23/2021 03:26 PM