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KBRA Downgrades Four Ratings to D (sf) and Withdraws Ratings on Four Classes for Benchmark 2019-B14

3 Nov 2026   |   New York

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KBRA downgrades the ratings on Classes 225B-A, 225B-B, 225B-C, and 225B-D for Benchmark 2019-B14, a $1.1 billion CMBS conduit transaction, to D (sf) from CC (sf), C (sf), C (sf), and C (sf), respectively. The rating actions follow realized losses associated with the resolution of the 225 Bush subordinate companion loan, as reflected in the October 2026 remittance report. KBRA subsequently withdraws the four ratings following the reduction of their certificate balances to zero.

The 225 Bush loan was collateralized by a 579,987 sf, Class-A office building located in the Financial District of downtown San Francisco, California. The loan transferred to the special servicer in November 2024 following its maturity default, and a receiver was appointed in August 2025. The noteholder subsequently elected to market the note for sale, and a high bidder was selected. Following a retrade during the buyer's due diligence period, the final negotiated gross purchase price was reduced to $221.0 million.

The property was encumbered by $350.0 million of total debt, consisting of $203.6 million of senior A notes and $146.4 million of subordinate B notes. A $60.0 million senior A note is included in the subject transaction, while the subordinate B notes are represented by the loan-specific 225B certificates. According to the October 2026 remittance report, the resolution resulted in $139.6 million in realized principal losses allocated to the subordinate certificates, resulting in the complete write-down of Classes 225B-A, 225B-B, 225B-C, 225B-D, 225B-E, and 225B-VRRI. The senior A note was not impacted by the realized losses.

KBRA's other outstanding ratings for the transaction are unchanged at this time.

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.

To access ratings and relevant documents, click here.

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Methodologies

Disclosures

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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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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