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KBRA Affirms All Ratings for GSMS 2019-GSA1

30 Oct 2026   |   New York

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KBRA affirms all of its outstanding ratings for GSMS 2019-GSA1, a $795.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance compared to securitization.

As of the October 2026 remittance period, there is one specially serviced loan (1.7% of the pool balance), which is over 30 days delinquent. Including the specially serviced asset, KBRA identified five K-LOCs (12.5%), none of which have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5 New Jersey Center of Excellence OF $36,480 4.6% N C N Occupancy 03/05/2025 - - 12 Washington Avenue Portfolio MU $26,000 3.3% N C N Occupancy 01/17/2023 - - 17 Hotel Clermont LO $19,228 2.4% N C Y DSC 10/10/2026 - - 25 American Metro Center OF $13,200 1.7% Y 30+ N Specially Serviced 10/10/2024 - - 42 WestPark Industrial IN $4,128 0.5% N C N Occupancy 10/07/2025 - - Total K-LOCs $99,036 12.5% $0 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

The transaction’s WA KLTV is 113.1%, compared to 106.4% at last review and 103.0% at securitization. The KDSC is 2.00x,compared to 2.10x at last review and 2.13x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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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