KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2019-K95
21 Mar 2025 | New York
KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for FREMF 2019-K95, a $1.2 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 ratings actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since securitization. In addition, the ratings actions reflect transaction deleveraging from loan defeasances and amortization.
As of the February 2025 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified five K-LOCs (6.7% of the pool balance), none of which are within the Top 10 nor have estimated losses.
The transaction's WA KLTV is 104.2%, compared to 107.8% at last review and 118.2% at securitization. The KDSC is 1.49x, compared to 1.45x at last review and 1.30x 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 ratings and relevant documents, click here.
Click here to view the report.