KBRA Downgrades Five Ratings and Affirms All Other Ratings for BANK 2019-BNK20
13 Sep 2024 | New York
KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings of BANK 2019-BNK20, a $1.1 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses from two K-LOCs (8.0% of the pool balance), including one (6.5%) top 10 loan.
As of the August 2024 remittance period, there are no specially serviced loans; however, there is one loan (6.5%) which is 30+ days delinquent. KBRA identified five K-LOCs (17.8%), including the delinquent loan. Two of the K-LOCs (8.0%) have estimated losses:
- 214 West 29th Street (3rd largest, 6.5%, 61.3% estimated loss severity)
- Eleven Seventeen Perimeter (1.5%, 21.1% estimated loss severity)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 70.1%, compared to 76.2% at last review and 80.2% at securitization. The KDSC is 3.48x, compared to 3.19x at last review and 2.93x at securitization.
Details concerning the classes with rating changes are as follows:
- Class D to BBB- (sf) from BBB+ (sf)
- Class E to B (sf) from BBB- (sf)
- Class F to CCC (sf) from BB- (sf)
- Class G to CC (sf) from B- (sf)
- Class X-D to B (sf) from BBB- (sf)
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