Servicer Evaluation: K-Star Asset Management LLC - S&P Global Ratings’ Credit Research

Servicer Evaluation: K-Star Asset Management LLC

Servicer Evaluation: K-Star Asset Management LLC - S&P Global Ratings’ Credit Research
Servicer Evaluation: K-Star Asset Management LLC
Published Apr 16, 2024
15 pages (6578 words) — Published Apr 16, 2024
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

Rationale S&P Global Ratings' ranking on K-Star Asset Management LLC as a commercial mortgage loan special servicer is AVERAGE. On April 2, 2024, we affirmed the ranking (please see "K-Star Asset Management LLC AVERAGE Commercial Mortgage Loan Special Servicer Ranking Affirmed; Ranking Outlook Stable" published April 2, 2024). The ranking outlook is stable. Our ranking reflects K-Star's: Well-designed organizational structure, and experienced senior management, which includes executives who previously held leadership positions at other S&P Global Ratings-ranked special servicers; Institutional commitment to the servicing platform and the commercial mortgage-backed security (CMBS) business, as well as the financial backing and shared resources provided by KKR&Co.; Strong technology capabilities, as well as its utilization of a widely used third-party asset

  
Brief Excerpt:

...its portfolio analytics team related to monthly investor reporting, exposure reporting, loan maturities, and control shift procedures, among others. + The company established custom policies and business continuity plans (BCPs) for its Dallas office during 2023, including a remote work strategy if it invokes the BCP. The ranking outlook is stable. With the support of parent KKR & Co., K-Star has built the infrastructure to be a capable commercial mortgage loan special servicer and successfully transitioned a significant portfolio to its platform during 2023. While the company has yet to establish a material track record, senior management's extensive experience managing substantial CMBS loan portfolios through multiple economic cycles while employed by other special servicers has positioned it to be effective in the current platform. In addition to conducting an onsite meeting with servicing management, our review includes current and historical Servicer Evaluation Analytical Methodology...

  
Report Type:

Full Report

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Sector
Structured Finance
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Servicer Evaluation: K-Star Asset Management LLC" Apr 16, 2024. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Servicer-Evaluation-K-Star-Asset-Management-LLC-3153279>
  
APA:
S&P Global Ratings’ Credit Research. (). Servicer Evaluation: K-Star Asset Management LLC Apr 16, 2024. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Servicer-Evaluation-K-Star-Asset-Management-LLC-3153279>
  
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