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KBRA Downgrades Eight Ratings and Affirms All Other Ratings for BANK 2019-BNK19

1 Aug 2025   |   New York

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KBRA downgrades the ratings of eight classes of certificates and affirms all other outstanding ratings for BANK 2019-BNK19, a $1.3 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses since KBRA's last ratings change in August 2024 and securitization.

As of the July 2025 remittance period, there is one specially serviced asset (3.2%), which is REO. KBRA identified nine K-LOCs (23.2%), including the specially serviced asset. Of the K-LOCs, three (8.6%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5 University Square OF $70,726 5.6% N C N Occupancy 02/06/2025 - - 7 445 South Street OF $53,600 4.2% N C N Lease Rollover 7/15/2025 $14,584 27.2% 11 One Financial Plaza OF $46,766 3.7% N C N Occupancy 09/07/2023 - - 12 29 West 35th Street OF $41,000 3.2% Y REO N REO 04/14/2020 $35,249 86.0% 15 450-460 Park Avenue South OF $30,000 2.4% N C N Occupancy 04/26/2023 - - 16 Fairway Center I OF $23,432 1.8% N C N DSCR 11/08/2023 - - 20 Eleven Seventeen Perimeter OF $15,000 1.2% N C N DSCR 07/21/2023 $1,466 9.8% 29 167 169 Canal Street MU $10,000 0.8% N C N Lease Rollover 06/14/2021 - - 48 Days Inn Sarasota LO $4,352 0.3% N C N Property Damage 04/15/2025 - - Total K-LOCs $294,876 23.2% $51,299 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 estimated losses, the transaction's WA KLTV is 92.5%, compared to 94.2% at last ratings change and 88.4% at securitization. The WA KDSC is 2.44x, compared to 2.41x at last ratings change and 2.59x at issuance.

Details concerning the classes with rating changes are as follows:

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

Doc ID: 1010663

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