KBRA Affirms All Ratings for CGCMT 2019-GC43
1 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2019-GC43, a $922.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last review. However, the magnitude of the increase does not warrant ratings changes at this time.
As of the October 2024 remittance period, there are two specially serviced assets (7.4% of the pool balance), one of which (2.6%) is in foreclosure.
KBRA has identified three K-LOCs (11.5%), two of which (7.4%) have estimated losses. These include:
Two of the top 10 loans (9.0%)
- Midland Office Portfolio (8th largest, 4.9%, 16.7% estimated loss severity)
- The Promenade at Sacramento (9th largest, 4.1%)
One other K-LOC has an estimated loss:
- 222 Kearny Street (2.6%, 45.2%)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 101.6%, compared to 103.5% at last review and 103.6% at securitization. The WA KDSC is 2.19x, compared to 2.20x at last review and 2.21x at securitization.
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Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology