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KBRA Downgrades Five Ratings and Affirms All Other Outstanding Ratings for CSAIL 2019-C17

11 Sep 2026   |   New York

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KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings for CSAIL 2019-C17, a $687.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA’s estimated losses since KBRA's last ratings change in September 2025.

As of the August 2026 remittance period, there are two specially serviced assets (13.0% of the pool balance), both of which are 90+ days delinquent. KBRA identified six K-LOCs (23.9%), including the specially serviced assets. Of the K-LOCs, four (19.2%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 Selig Office Portfolio OF $75,000 10.9% Y 90+ Y Specially Serviced 09/03/2024 $35,877 47.8% 5 APX Morristown OF $39,471 5.7% N C Y Prior SS 07/11/2022 $15,371 38.9% 21 14th Street Portfolio MU $17,900 2.6% N C N Delinquent 04/14/2025 - - 22 Jamesbridge Apartments MF $14,032 2.0% Y 90+ N Specially Serviced 10/14/2025 - - 23 3301 Windy Ridge Parkway OF $12,107 1.8% N C Y DSCR 04/12/2024 $207 1.7% 35 Holiday Inn Express Lakeway Austin NW LO $5,502 0.8% N C N DSCR 05/14/2020 $2,402 43.7% $164,012 23.9% $53,857 Total K-LOCs 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 102.9%, compared to 98.6% at the last ratings change in September 2025 and 105.9% at securitization. The KDSC is 1.64x, compared to 1.71x at the last ratings change and 1.67x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class D to BB (sf) from BBB (sf)
  • Class E-RR to B (sf) from BBB- (sf)
  • Class F-RR to CCC (sf) from B- (sf)
  • Class G-RR to CC (sf) from CCC (sf)
  • Class X-D to BB (sf) from BBB (sf)

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), 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.

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