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

6 Nov 2026   |   New York

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KBRA downgrades the ratings of eight classes of certificates and affirms all other outstanding ratings for JPMDB 2019-COR6, a $763.8 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 2025, including an increase in loans identified as K-LOCs and specially serviced loans. The rating actions also reflect KBRA's estimated losses for eight K-LOCs (34.2% of the pool balance), which if realized would impact classes E and below, and the resulting loss-adjusted C/E levels.

As of the October 2026 remittance period, there are four specially serviced loans (17.0%) in the pool. KBRA identified eight K-LOCs (34.2%), including the specially serviced loans, all of which have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 3 Innovation Park OF $55,000 7.2% N C N Occupancy 12/13/2024 $16,565 30.1% 4 12555 & 12655 Jefferson OF $54,000 7.1% Y C N Specially Serviced 04/09/2020 $32,368 59.9% 9 Sunset North OF $35,000 4.6% N C N Occupancy 01/30/2025 $10,243 29.3% 7 Hampton Roads Office Portfolio OF $32,547 4.3% N C Y Prior SS 12/18/2023 $5,562 17.1% 10 Jersey City Group 2 MF $31,863 4.2% Y 90+ N Specially Serviced 12/20/2022 $2,689 8.4% 12 Union Heights OF $28,474 3.7% Y 90+ N Specially Serviced 10/09/2023 $13,209 46.4% 20 Hilton Cincinnati Netherland Plaza LO $15,852 2.1% Y NPM N Non-Performing Maturity Balloon 05/12/2020 $12,311 77.7% 24 Richmond City Center RT $8,268 1.1% N C N DSCR 03/04/2025 $3,168 38.3% Total K-LOCs $261,005 34.2% $96,116 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 88.4%, compared to 89.1% at KBRA's last ratings change in November 2025 and 99.8% at securitization. The KDSC is 2.23x, compared to 2.24x at KBRA's last ratings change and 2.37x at securitization.

Details concerning the classes with rating changes are as follows:

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

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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