KBRA Affirms All Ratings for MSC 2019-H7
12 Jul 2024 | New York
KBRA affirms all of its outstanding ratings for MSC 2019-H7, a $714.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the June 2024 remittance report, there are two specially serviced assets (2.0% of the pool balance), one of which is matured performing (1.1%). KBRA identified 11 K-LOCs (18.9%), including the specially serviced assets. KBRA estimates a loss given default of $5.7 million for 3 Independence Way (1.9%, 41.5% estimated loss severity).
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 97.5%, compared to 99.9% at last review and 98.3% at securitization. The KDSC is 1.89x, compared to 1.87x at last review and 1.88x at securitization.
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