KBRA Downgrades Seven Ratings and Affirms All Other Ratings for BANK 2019-BNK19
1 Aug 2024 | New York
KBRA downgrades the ratings of seven classes of certificates and affirms all other outstanding ratings of BANK 2019-BNK19, a $1.3 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which exhibits an increase in KBRA's estimated losses since last review and securitization.
As of the July 2024 remittance period, there is one specially serviced loan (3.2%) which is in foreclosure. KBRA identified six K-LOCs (13.1%), including the specially serviced asset. These include two (5.1%) with estimated losses:
- 29 West 35th Street (3.2%, 68.5% estimated loss severity)
- Fairway Center I (1.9%, 21.3%)
The remaining four K-LOCs do not have estimated losses and represent 8.0% of the pool.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 94.2%, unchanged from last review but up from 88.4% at securitization. The WA KDSC is 2.41x, compared to 2.42x at last review and 2.59x at issuance.
Details concerning the classes with ratings changes are as follows:
- Class E to BB (sf) from BBB- (sf)
- Class F to B (sf) from BB (sf)
- Class G to CCC (sf) from B (sf)
- Class H to CC (sf) from CCC (sf)
- Class X-D to BB (sf) from BBB- (sf)
- Class X-FG to CCC (sf) from B (sf)
- Class X-H to CC (sf) from CCC (sf)
To access rating and relevant documents, click here.
Click here to view the report.