KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2019-K102
18 Oct 2024 | New York
KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for FREMF 2019-K102, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization.
As of the September 2024 remittance period, none of the loans are specially serviced or delinquent; however, KBRA identified one K-LOC (Verandas At Alamo, 2.0% of the pool balance).
The transaction's WA KLTV is 114.6%, compared to 115.0% at last review and 124.0% at securitization. The WA KDSC is 1.47x, compared to 1.47x at last review and 1.37x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class A-M to AA (sf) from A+ (sf)
- Class B to A- (sf) from BBB+ (sf)
- Class C to BBB (sf) from BBB- (sf)
To access ratings and relevant documents, click here.
Click here to view the report.