KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2019-K96
19 Jul 2024 | New York
KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for FREMF 2019-K96, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization.
As of the June 2024 remittance period, there are no delinquent or specially serviced loans. However, three loans (2.9% of the pool balance) have been identified as K-LOCs. This includes one with an estimated loss:
- Meridian Heights (0.5%, 18.4% estimated loss severity)
Excluding the K-LOC with a loss, the transaction's WA KLTV is 105.6%, compared to 109.0% at last review and 119.1% at securitization. The KDSC is 1.49x, compared to 1.44x at last review and 1.32x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class A-M to AA (sf) from AA- (sf)
- Class B to A- (sf) from BBB+ (sf)
- Class C to BBB (sf) from BBB- (sf)
To access rating and relevant documents, click here.
Click here to view the report.