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KBRA Downgrades Two Ratings and Affirms All Other Ratings for WFCM 2019-C51

14 May 2026   |   New York

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KBRA downgrades the ratings of two classes of certificates and affirms all of its outstanding ratings for WFCM 2019-C51, a $637.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since KBRA's last review in May 2025. If realized, KBRA's estimated losses would reduce the principal balance of class H-RR to zero and reduce class G-RR by more than 85.0%.

As of the April 2026 remittance period, there are two specially serviced assets (7.9% of the pool balance), which are both current. KBRA identified eight K-LOCs (32.8%), including the specially serviced assets. Of the K-LOCs, two (9.4%) have estimated losses. The K-LOCs are detailed in the following table.

Loss Given Default (000s) Loss Severity 1 Nova Place OF $71,000 11.1% N C N Occupancy 04/24/2026 - - 2 188 Spear Street OF $47,000 7.4% Y C N Specially Serviced 04/26/2023 $26,821 57.1% 3 450-460 Park Avenue South OF $45,000 7.1% N C N Tenant Issues 04/26/2023 - - 14 Patuxent Crossing OF $15,192 2.4% N C N DSCR 12/11/2025 - - 15 3636 North Central Avenue OF $12,591 2.0% N C N DSCR 06/27/2024 $4,352 34.6% 0 CVS El Monte and Ontario & CVS Compton RT $12,188 1.9% N C N Occupancy 04/22/2026 - - 46 Walgreens - Richardson, TX RT $3,377 0.5% Y C N Recent Delinquency 07/22/2025 - - 47 Concourse Office Center OF $2,511 0.4% N C N DSCR 06/27/2024 - - Total K-LOCs $208,859 32.8% $31,172 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 108.1%, compared to 107.6% at last review and 100.8% at securitization. The KDSC is 1.64x, compared to 1.66x at last review and 1.80x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class F-RR to B- (sf) from BB- (sf)
  • Class G-RR to CCC (sf) from B (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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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