Press Release|CMBS

KBRA Withdraws One Rating and Affirms All Other Ratings for Benchmark 2019-B10

5 Apr 2024   |   New York


KBRA affirms all of its outstanding ratings for Benchmark 2019-B10, a $993.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization due to the addition of specially serviced assets and K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time. In addition, 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 March 2024 remittance report. There were no principal losses or interest shortfalls reported on the withdrawn rated security during its life.

As of the March 2024 remittance report, there are four specially serviced assets (8.0% of the pool balance), which include one REO asset (0.8%), one loan in foreclosure (1.9%), and two delinquent loans (5.3%). KBRA identified 12 K-LOCs (30.2%), including the special serviced assets. These include two of the top 10 loans:

  • 3 Park Avenue (2nd largest, 6.0% of the pool balance)
  • Saint Louis Galleria (3rd largest, 6.0%)

Two K-LOCs has estimated losses:

  • 166 Geary Street (1.9% of the pool balance, 42.3% estimated loss severity)
  • 116 University Place (0.8%, 53.8%)

The remaining eight K-LOCs do not have estimated losses and represent 15.5% of the pool.

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 107.8%, compared to 98.9% at last review and 95.9% at issuance. The KDSC is 1.57x, compared to 1.79x at last review and 1.79x at issuance.

To access rating and relevant documents, click here.

Click here to view the report.

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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

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: 1003810

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