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KBRA Downgrades Six Ratings and Affirms All Other Ratings for JPMDB 2019-COR6

6 Nov 2025   |   New York

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KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings for JPMDB 2019-COR6, a $771.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings changes in November 2024. The rating actions also reflect KBRA's estimated losses for seven K-LOCs (33.4% of the pool balance) and the resulting loss adjusted C/E levels.

As of the October 2025 remittance period, there is one specially serviced loan (2.1%). KBRA identified seven K-LOCs (33.4%), including the specially serviced loan. All seven K-LOCs have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 3 Innovation Park OF $55,000 7.1% N C N Occupancy 12/13/2024 $14,331 26.1% 4 12555 & 12655 Jefferson OF $54,000 7.0% N C N Occupancy 04/09/2020 $28,605 53.0% 7 Hampton Roads Office Portfolio OF $36,211 4.7% N C Y Prior SS 12/18/2023 $5,932 16.4% 9 Sunset North OF $35,000 4.5% N C N Occupancy 01/30/2025 $10,692 30.5% 10 Jersey City Group 2 MF $32,383 4.2% N C N IO Expiration 12/20/2022 $2,540 7.8% 12 Union Heights OF $29,025 3.8% N C N Occupancy 10/09/2023 $3,312 11.4% 20 Hilton Cincinnati Netherland Plaza LO $15,852 2.1% Y NPM N Non-Performing Maturity Balloon 05/12/2020 $8,550 53.9% Total K-LOCs $257,471 33.4% $73,963 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-LOCs with losses, the transaction’s WA KLTV is 89.1%, compared to 101.3% at KBRA's last ratings change in November 2024 and 99.8% at securitization. The KDSC is 2.24x, compared to 2.21x at KBRA's last ratings change and 2.37x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class E to BB- (sf) from BB+ (sf)
  • Class F to B- (sf) from BB (sf)
  • Class G-RR to CCC (sf) from B- (sf)
  • Class H-RR to CC (sf) from CCC (sf)
  • Class X-D to BB- (sf) from BB+ (sf)
  • Class X-F to B- (sf) from BB (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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