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KBRA Affirms All Ratings for UBS 2019-C16

10 Apr 2026   |   New York

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KBRA affirms all outstanding ratings for UBS 2019-C16, a $577.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited pool performance generally in line with last review.

As of the March 2026 remittance report, there are two specially serviced loans (11.1% of the pool balance), which include one delinquent loan (2.9%) and one matured non-performing loan (8.1%). KBRA identified 10 K-LOCs (34.0%), including the specially serviced loans. Of the K-LOCs, three (11.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1A7 The Colonnade Office Complex OF $47,000 8.1% Y NPM N Specially Serviced 03/29/2023 - - 2A1 Dominion Tower OF $43,225 7.5% N C N Recent Delinquency 10/29/2024 $8,980 20.8% 4A1 Southern Motion Industrial Portfolio IN $29,183 5.1% N C Y Delinquent 11/03/2025 - - 9A2 The Block Northway RT $22,291 3.9% N C N Occupancy 02/09/2026 - - 16 Baton Rouge Portfolio MF $16,836 2.9% Y 90+ Y Delinquent 01/09/2024 $2,431 14.4% 18 Trumbull and Porter Hotel - Detroit LO $11,772 2.0% N C N DSCR 04/23/2020 - - 24 La Quinta Houston Portfolio LO $8,670 1.5% N 30+ Y Delinquent 03/03/2023 - - 30 16300 Roscoe Blvd OF $7,289 1.3% N C N Occupancy 12/01/2021 $2,078 28.5% 34 Radisson Fort Worth North LO $6,240 1.1% N C N Prior SS 03/23/2020 - - 47 Shoppes at Gloucester RT $3,491 0.6% N C N Bankruptcy 10/29/2024 - - Total K-LOCs $195,997 34.0% $13,489 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 91.6%, compared to 94.0% at last review and 92.5% at issuance. The KDSC is 1.77x, compared to 1.70x at last review and 1.91x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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