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KBRA Affirms All Ratings for BANK 2019-BNK20

12 Sep 2025   |   New York

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KBRA affirms all of its outstanding ratings for BANK 2019-BNK20, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since last ratings change in September 2024.

As of the August 2025 remittance period, there are two specially serviced loans (6.8% of the pool balance), which are both in foreclosure. KBRA identified five K-LOCs (17.9%), including the delinquent loans. Of the K-LOCs, four (9.1%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2 The Tower at Burbank OF $100,000 8.8% N C N Occupancy 08/24/2023 - - 3 214-224 West 29th Street OF $74,000 6.5% Y 90+ N Specially Serviced 04/08/2020 $46,293 62.6% 21 Eleven Seventeen Perimeter OF $17,000 1.5% N C N Occupancy 07/21/2023 $3,195 18.8% 36 Legacy Tower OF $8,371 0.7% N C Y DSCR 08/15/2023 $3,078 36.8% 53 Rite Aid - Newark NY RT $2,961 0.3% Y 90+ N Foreclosure 08/22/2022 $1,763 59.6% Total K-LOCs $202,332 17.9% $54,329 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. 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 weighted average WA KLTV is 88.7%, compared to 88.6% at last ratings change and unchanged from 88.7% at securitization. The KDSC is 3.04x, compared to 3.08x at last ratings change and 3.06x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1011273

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