Press Release|CMBS
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KBRA Withdraws One Rating and Affirms All Other Ratings for JPMCC 2019-COR5

8 Jun 2026   |   New York

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KBRA withdraws its AAA (sf) rating on Class A-2 following the reduction of the principal balance of the rated security to zero as reflected in the transaction’s May 2026 remittance report, and affirms the remaining outstanding ratings of JPMCC 2019-COR5, a $590.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since KBRA's last rating change in May 2025.

As of the May 2026 remittance period, there are four specially serviced loans (9.5% of the pool balance). KBRA identified eight K-LOCs (23.6%), six of which (18.9%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5A1 Hampton Road Office Portfolio OF $40,684 6.9% N C Y Prior SS 12/01/2023 $6,953 17.1% 10 Gateway Center OF $28,350 4.8% Y 90+ N Specially Serviced 03/18/2024 $15,073 53.2% 15A 8200 Wilshire OF $16,750 2.8% N C N DSC 05/16/2022 - - 16 Hollywood Station MU $14,739 2.5% N 30+ N Delinquent 10/30/2025 $3,587 24.3% 17 Legends at Kingsville II MF $12,174 2.1% Y 90+ N Specially Serviced 11/18/2022 $3,344 27.5% 19 Ironwood Square RT $11,034 1.9% N C N Occupancy 11/04/2025 - - 20A1A Greenleaf at Howell RT $9,237 1.6% Y C Y Modification 03/24/2020 $3,859 41.8% 24 Deerfield Village Centre MU $6,312 1.1% Y 90+ N Specially Serviced 02/28/2025 $1,611 25.5% Total K-LOCs $139,280 23.6% $34,427 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 98.2%, compared to 98.0% at last review and 98.9% at issuance. The KDSC is 1.57x, compared to 1.65x at last review, and 1.71x at issuance.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015421