KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2019-K103
20 Aug 2024 | New York
KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for FREMF 2019-K103, a $1.3 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 since securitization.
As of the July 2024 remittance period, there are no delinquent or specially serviced loans. However, one loan, Picnic Grove MHC (0.2% of the pool balance) has been identified as a K-LOC and has an estimates loss (16.9% estimated loss severity).
Excluding the K-LOC with an estimated loss, the transactions WA KLTV is 106.6%, compared to 108.9% at last review and 123.0% securitization. The KDSC is 1.57x, compared to 1.53x at last review and 1.35x 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 rating and relevant documents, click here.
Click here to view the report.