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KBRA Affirms All Outstanding Ratings for MSC 2019-H6

4 Jun 2025   |   New York

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KBRA affirms all of its outstanding ratings for MSC 2019-H6, a $634.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has incurred realized losses since last review. The realized losses were from the August 2024 disposition of the Columbia Corporate Center loan and were in line with KBRA’s estimated losses for the asset at last review in June 2024. Additionally, the transaction exhibited a slight increase in estimated losses compared to last review; however, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the May 2025 remittance report, there are three specially serviced assets (5.2%), including two loans (3.4%) that are in foreclosure and one loan (1.8%) that is over 90 days delinquent. KBRA has identified seven K-LOCs (10.9%), including the specially serviced assets. Of the K-LOCs, three (3.5%) have estimated losses. The K-LOCs are displayed in the table below.

Loss Given Default (000s) Loss Severity 12 65 Broadway OF $15,500 2.4% Y NPM N Non-Performing Maturity 05/11/2023 - - 14 AC by Marriott San Jose LO $15,000 2.4% N C N DSCR 10/05/2020 - - 20 5880 Nolensville OF $11,100 1.8% Y 90+ N Specially Serviced 09/14/2023 $3,561 32.1% 23 Fairfield Inn & Suites Lubbock LO $8,565 1.4% N 30+ N Recent Delinquency 03/12/2025 - - 25 Country Club on Legacy MU $8,460 1.3% N C N Occupancy 01/12/2024 - - 31 856 Greene Avenue MF $6,200 1.0% Y 90+ N Specially Serviced 08/13/2020 $1,902 30.7% 39 White Building RT $4,600 0.7% N C N Occupancy 05/13/2024 $1,025 22.3% Total K-LOCs $69,425 10.9% $6,488 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 Modified (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 91.3%, compared to 91.6% at KBRA’s last rating change in June 2024 and 93.4% at securitization. The KDSC is 1.99x, compared to 1.92x at KBRA’s last rating change and 1.96x 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: 1009733

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