Ratings assigned preliminarily by KBRA to WFCM's 2025-B33RP issue

In a recent development, Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to six classes of WFCM 2025-B33RP, a single-borrower commercial mortgage-backed securitization (CMBS). The securitization involves Wells Fargo as the sponsor and servicer, along with various investors and trustees, as is typical in such transactions.

The collateral for the transaction is a $460.0 million floating rate, interest-only mortgage loan, secured by the borrowers' fee simple interests in 12 retail assets encompassing 4.1 million square feet. As of May 2025, the portfolio was 91.4% leased to over 260 unique tenants.

KBRA's analysis of the transaction included the use of various methodologies, such as North American CMBS Property Evaluation Methodology, North American CMBS Single Borrower & Large Loan Rating Methodology, Global Structured Finance Counterparty Methodology, Methodology for Rating Interest-Only Certificates in CMBS Transactions, and ESG Global Rating Methodology.

The resulting in-trust KBRA Loan to Value (KLTV) is 98.0%, and the KBRA net cash flow (KNCF) for the subject is approximately $42.5 million, which is 11.2% below the issuer's net cash flow. Notably, the value of the transaction is approximately $469.5 million, which is 29.2% below the appraiser's as-is value.

KBRA is recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission, a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities, and is registered as an NRSRO with the U.S. Securities and Exchange Commission. Additionally, Kroll Bond Rating Agency Europe Limited and Kroll Bond Rating Agency UK Limited are registered as CRAs with the European Securities and Markets Authority and the UK Financial Conduct Authority, respectively.

For further information, contact Nitin Bhasin, Senior Managing Director and Global Head of CMBS at KBRA (1 646-731-2334, [email protected]), Maulik Pareliya, Associate (Lead Analyst) for the WFCM 2025-B33RP transaction analysis at KBRA (1 646-731-1333, [email protected]), Michael McGorty, Senior Director at KBRA (1 646-731-2393, [email protected]), or Andrew Foster, Senior Director at KBRA for business development (1 646-731-1470, [email protected]).