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KBRA Affirms All Ratings for CSAIL 2019-C18

5 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for CSAIL 2019-C18, a $603.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in December 2024, including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time. Additionally, the transaction has benefited from loan payoffs, amortization and defeasance ($148.3 million, 13 loans, 24.6% of the pool balance), particularly at the top of the capital structure.

As of the November 2025 remittance period, there are two loans (3.9%) that are specially serviced, one of which is currently in the process of transferring to the special servicer and not currently reflected in the November 2025 reporting. KBRA identified five K-LOCs (11.8% of the pool balance), including the two specially serviced loans. Of the K-LOCs, four (9.3%) have an estimated loss. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 10 Redwood Technology Center MU $19,691 3.3% N C N Occupancy 03/14/2024 $4,422 22.5% 8 United Healthcare Office OF $18,757 3.1% Y NPM Y Non-Performing Maturity Balloon 03/08/2024 $7,675 40.9% 15 Presidential City MF $15,000 2.5% N C N DSCR 10/24/2025 - - 17 3100 Alvin Devane OF $12,588 2.1% N C N Occupancy 11/03/2022 $3,488 27.7% 42 4 Mountainview Terrace OF $4,959 0.8% Y 60+ N Specially Serviced 07/08/2024 $1,823 36.8% Total K-LOCs $70,996 11.8% $17,408 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 WA KLTV is 92.0%, compared to 95.8% at KBRA's last ratings change in December 2024, and 102.0% at issuance. The KDSC is 2.06x, compared to 2.04x at KBRA's last ratings change and 2.06x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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