KBRA Releases: Nothing Lasts Forever — KCP Examines CMBS Exposure to Forever 21
Wednesday June 26, 2019. 06:03 PM , from Digital Pro Sound
NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its Nothing Lasts Forever — KCP Examines CMBS Exposure to Forever 21 special report, which examines CMBS exposure to the fast-fashion, teen retailer. The privately held company recently tapped Alvarez & Marsal to overhaul its operations, and Latham & Watkins for restructuring advice and to aid in raising new debt and renegotiating or terminating store leases. Forever 21 was also in discussion with Apollo Global Management regarding debtor-in-possession financing, although media reports indicate the company hopes to avoid a bankruptcy filing.
KBRA Credit Profile (KCP) examined its coverage universe of approximately 1,000 commercial real estate (CRE) securitizations ($600 billion) to identify CMBS exposure to Forever 21, which is the fifth largest specialty retailer in the U.S. Across 258 transactions, there are 194 loans secured by 219 properties, $38.44 billion by allocated loan amount (ALA), with exposure to the retailer as either a collateral or non-collateral tenant. For subscribers of the KCP platform, a list of loans and properties exposed to Forever 21 is available by clicking here. To access the full report, click here.
CONNECT WITH KBRA
Download the iOS App
About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Maverick Force, Associate
Marc McDevitt, Director
Mike Brotschol, Senior Director
Nov, Wed 20 - 07:21 CET