{"url":"https://newsforagent.com/news/2026-11-03/kbra-benchmark-2026-b44-ratings","markdown_url":"https://newsforagent.com/news/2026-11-03/kbra-benchmark-2026-b44-ratings.md","title":"KBRA Rates $805.1 Million Benchmark 2026-B44 CMBS","headline":"KBRA Assigns Preliminary Ratings to 18 Classes of $805.1 Million Benchmark 2026-B44","description":"KBRA assigned preliminary ratings to 18 classes of the $805.1 million Benchmark 2026-B44 CMBS conduit, backed by 63 loans on 79 properties across 20 MSAs.","section":"Earnings & Results","published_at":"2026-11-03T23:41:34+00:00","modified_at":"2026-11-03T23:41:34+00:00","author":"News Desk","key_takeaways":["KBRA assigned preliminary ratings to 18 classes of Benchmark 2026-B44, an $805.1 million CMBS conduit backed by 63 loans on 79 properties.","The pool's weighted average KNCF came in 13.9% below issuer cash flow, and KBRA values were 37.2% below third-party appraisals.","The transaction carries an in-trust KLTV of 76.8% and an all-in KLTV of 78.4%, with retail at 38.9% of the pool balance."],"companies":[{"name":"KBRA","is_primary":true,"profile_url":null,"website":"https://www.kbra.com"}],"source":{"publisher":"Business Wire","title":"KBRA Assigns Preliminary Ratings to Benchmark 2026-B44","url":"https://www.businesswire.com/news/home/20261103044048/en/"},"other_sources":[{"publisher":"The Edge Malaysia","url":"https://theedgemalaysia.com/node/823680"},{"publisher":"FinancialContent Business Page","url":"https://www.financialcontent.com/article/bizwire-2026-10-23-kbra-assigns-preliminary-ratings-to-bhg-securitization-trust-2026-3con"},{"publisher":"FinancialContent Business Page","url":"https://www.financialcontent.com/article/bizwire-2026-10-23-kbra-assigns-preliminary-ratings-to-us-signal-issuer-llc-and-us-signal-co-issuer-llc-series-2026-12"},{"publisher":"FinancialContent Business Page","url":"https://www.financialcontent.com/article/bizwire-2026-10-23-kbra-assigns-preliminary-ratings-to-chase-home-lending-mortgage-trust-2026-jinv2-chase-2026-jinv2"}],"tags":["Earnings & Results","KBRA"],"body_markdown":"KBRA assigned preliminary ratings to 18 classes of Benchmark 2026-B44, an $805.1 million CMBS conduit collateralized by 63 commercial mortgage loans secured by 79 properties, the agency said in a [Business Wire](https://www.businesswire.com/news/home/20261103044048/en/) announcement on November 3, 2026. KBRA is a credit rating agency registered with the US Securities and Exchange Commission as an NRSRO.\n\n## Inside the Benchmark 2026-B44 Pool\n\nThe collateral properties sit across 20 MSAs, with New York at 32.9% of the pool balance, Denver at 9.9% and Las Vegas at 8.0%. Retail is the largest property type exposure at 38.9%, followed by multifamily at 26.3% and office at 15.2%. The largest loan, Colorado Mills at 9.9%, covers a 911,906 square foot collateral portion of a 1.1 million square foot outlet center in Lakewood, Colorado, about seven miles west of the Denver CBD. The five largest loans, which also include Phoenix Industrial Portfolio XVI at 8.1%, 700 6th Street at 6.7%, OKC Outlets at 6.5% and The Falls at 6.2%, make up 37.4% of the initial pool balance, and the top 10 loans account for 56.7%.\n\nKBRA's multi-borrower process starts with an evaluation of each property's financial and operating performance to set its estimate of sustainable net cash flow and its KBRA value. On a weighted average basis, the pool's KNCF was 13.9% below the issuer's cash flow, and KBRA values came in 37.2% below third-party appraisals. The pool has an in-trust KLTV of 76.8% and an all-in KLTV of 78.4%. The agency also applies rent and occupancy stresses, probability of default regressions and loss given default calculations to set losses for each loan.\n\n## KBRA's Recent Rating Assignments\n\nOn November 2, 2026, KBRA assigned preliminary ratings to four classes of BX 2026-AIRC, a CMBS securitization backed by a $3.34 billion floating-rate loan on 29 multifamily properties, according to [FinancialContent Business Page](https://www.financialcontent.com/article/bizwire-2026-10-23-kbra-assigns-preliminary-ratings-to-bhg-securitization-trust-2026-3con). A day later, the agency assigned preliminary ratings to OnDeck Asset Securitization IV's Series 2026-2 notes, totaling $500.25 million and secured by a revolving pool of small business loans, the same outlet reported. KBRA also released its October 2026 CMBS loan performance research, which put U.S. Private-label CMBS delinquency at 7.7%, down 2 basis points from September, while distress rose 4 basis points to 10.3%.\n\n## Other Rating Actions Across Structured Finance\n\nKBRA assigned preliminary ratings to five classes of notes in BHG Securitization Trust 2026-3CON, a $396.72 million asset-backed securitization of consumer loans, [FinancialContent Business Page](https://www.financialcontent.com/article/bizwire-2026-10-23-kbra-assigns-preliminary-ratings-to-us-signal-issuer-llc-and-us-signal-co-issuer-llc-series-2026-12) reported on October 23, 2026. The same day, the outlet reported preliminary ratings on three classes from US Signal Issuer LLC and US Signal Co-Issuer LLC Series 2026-1/2, a colocation data center ABS secured by 10 data centers. KBRA also rated 96 classes of mortgage pass-through certificates from Chase Home Lending Mortgage Trust 2026-JINV2, a prime investor RMBS pool of 327 residential mortgages with an aggregate principal balance of approximately $398.8 million. Separately, Sunway Bhd secured bondholder approval to replace MARC with RAM Rating Services as its sukuk programme's credit rating agency, [The Edge Malaysia](https://theedgemalaysia.com/node/823680) reported on October 28, 2026.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}