KBRA Upgrades Two Ratings and Affirms All Other Ratings for FREMF 2019-K91
22 Aug 2024 | New York
KBRA upgrades the ratings of two classes and affirms all other outstanding ratings for FREMF 2019-K91, a $1.4 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 last ratings change.
As of the July 2024 remittance period, none of the loans are specially serviced or delinquent. However, one loan, Champions Park (1.5%), has been identified as a K-LOC. The loan does not have an estimated loss at this time.
The transaction’s WA KLTV is 97.7%, compared to 109.4% at KBRA's last ratings change and 110.3% at securitization. The KDSC is 1.74x, compared to 1.47x at KBRA's last ratings change and 1.46x at securitization.
Details concerning the classes with ratings changes are as follows:
Class A-M to AA+ (sf) from AA (sf)
Class B to A+ (sf) from A (sf)
To access rating and relevant documents, click here.
Click here to view the report.