Press Release|CMBS

KBRA Affirms All Ratings for GSMS 2019-GC39

3 May 2024   |   New York


KBRA affirms all its outstanding ratings for GSMS 2019-GC39, a $726.8 million conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization including an increase in the number of loans identified as K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the April 2024 remittance period, there are two specially serviced loans (4.6% of the total pool balance) in the pool, both of which are 30 days delinquent. KBRA identified six K-LOCs (18.6%), one of which (2.1%) has an estimated loss. These include:

  • Arbor Hotel Portfolio (6th largest, 6.9%)
  • Garfield Apartments (8th largest, 3.2%)

One other loan has an estimated loss:

  • 57 East 11th Street (2.1%, 39.7% estimated loss severity)

The transaction's WA KLTV is 104.3% as compared to 100.9% at last review and 93.5% at securitization. The KDSC is 1.77x as compared to 1.89x at last review and 1.98x at issuance.

To access rating and relevant documents, click here.

Click here to view the report.

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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: 1004193

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