Press Release|CMBS

KBRA Downgrades Two Ratings and Affirms All Other Outstanding Ratings for MSC 2019-H6

5 Jun 2024   |   New York


KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings of MSC 2019-H6, a $659.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last review from three K-LOCs (6.3% of the pool balance).

As of the May 2024 remittance report, there are three specially serviced assets (6.4%), including one loan (3.1%) that is in foreclosure and one loan (0.9%) that is 90+ days delinquent. KBRA has identified seven K-LOCs (12.4%), including the specially serviced assets. The K-LOCs include one of the top 10 loans:

  • Columbia Corporate Center (9th largest, 3.1% of the pool, 35.0% estimated loss severity)

Two other K-LOCs (3.2%) have estimated losses:

  • AC by Marriott San Jose (2.3%, 11.1% estimated loss severity)
  • 856 Greene Avenue (0.9%, 22.2%)

The remaining four K-LOCs do not have estimated losses and represent 6.0% of the pool balance.

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 91.6%, compared to 94.1% at last review and 93.4% at securitization. The KDSC is 1.92x, which is in line with last review and down from 1.96x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class H-RR to BB- (sf) from BB (sf)
  • Class J-RR to B- (sf) from B (sf)

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004601

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