Press Release|CMBS

KBRA Affirms All Ratings for BANK 2019-BNK23

8 Nov 2024   |   New York

Contacts

KBRA affirms all of its outstanding ratings for BANK 2019-BNK23, a $1.3 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the October 2024 remittance period, there are two specially serviced assets (2.9%), both of which are 90+ days delinquent, one of which (1.9%) transferred after the October 2024 remittance date and will be reflected in the November 2024 remittance. KBRA identified seven K-LOCs (10.7% of the pool balance). These include one top 10 loan (5.1%):

  • Norwalk Government Center (6th largest, 5.1%)

Two K-LOCs have estimated losses (1.9%):

  • 1 Plaza La Prensa & Sena Plaza (1.0%, 65.6% estimated loss severity)
  • 2700 Patriot Boulevard (0.9%, 16.3%)

The remaining four K-LOCs do not have estimated losses and represent 3.7% of the pool.

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 92.3%, compared to 97.1% at last review and 94.0% at securitization. The WA KDSC is 2.55x, compared to 2.45x at last review and 2.55x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

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) is a full-service credit rating agency 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 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.

Doc ID: 1006739

CONNECT WITH KBRA
805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2025 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.