KBRA Releases: Nothing Lasts Forever — KCP Examines CMBS Exposure to Forever 21

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.

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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.

Contacts

Analytical:

Maverick Force, Associate

(215) 882-5904

mforce@kbra.com

Marc McDevitt, Director

(215) 882-5857

mmcdevitt@kbra.com

Mike Brotschol, Senior Director

(215) 882-5853

mbrotschol@kbra.com