Press Release|CMBS
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KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2019-K103

20 Aug 2026   |   New York

Contacts

KBRA upgrades the ratings of three classes of certificates and affirms all of the other outstanding ratings for FREMF 2019-K103, a $1.2 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 continued improvement in collateral performance since KBRA's last review in August 2025. Additionally, the pool benefits from the presence of seven fully defeased loans (17.1% of the pool balance).

As of the July 2026 remittance period, there are no delinquent or specially serviced loans. However, three loans (5.4%) have been identified as K-LOCs. Of the K-LOCs, one loan (0.2%) has an estimated loss. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5 The Park At Hurstbourne Apartments MF $50,821 4.1% N C N DSCR 08/07/2026 - - 31 Park On Clairmont MF $12,366 1.0% N C N DSCR 12/17/2025 - - 46 Picnic Grove MHC MH $2,926 0.2% N C N DSCR 10/20/2023 $1,490 50.9% Total K-LOCs $66,114 5.4% $1,490 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 102.8%, compared to 103.1% at KBRA's last review, and 123.0% at securitization. The KDSC is 1.61x, compared to 1.60x at KBRA's last review, and 1.35x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class A-M to AA+ (sf) from AA (sf)
  • Class B to A+ (sf) from A (sf)
  • Class C to A- (sf) from BBB+ (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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