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KBRA Downgrades Five Ratings and Affirms All Other Ratings for JPMCC 2019-COR5

10 Jun 2025   |   New York

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KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings of JPMCC 2019-COR5, a $645.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last ratings change in June 2024.

As of the May 2025 remittance period, there are four specially serviced loans (14.9% of the pool balance). KBRA identified 24 K-LOCs (28.6%), four of which (14.9%) have estimated losses. The K-LOCs are displayed in the table below.

Loss Given Default (000s) Loss Severity 5A1 Hampton Road Office Portfolio OF $45,742 7.1% Y C Y Specially Serviced 12/18/2023 $7,979 17.4% 10 Gateway Center OF $28,350 4.4% Y C N Specially Serviced 03/18/2024 $18,112 63.9% 11 L Street Marketplace RT $25,260 3.9% N C N Occupancy 05/17/2023 - - 13 ICON Upper East Side Portfolio MF $17,718 2.7% N C Y Prior SS 01/24/2024 - - 15A 8200 Wilshire OF $16,750 2.6% N C N Occupancy 05/16/2022 - - 17 Legends at Kingsville II MF $12,435 1.9% Y 90+ N Specially Serviced 11/18/2022 $1,879 15.1% 20A1A Greenleaf at Howell RT $9,406 1.5% Y C Y Modification 03/24/2020 $3,996 42.5% 24 Deerfield Village Centre MU $6,409 1.0% N 90+ N Delinquent 02/28/2025 - - 28 ICON 18 - 320-324 West 14th Street MU $3,597 0.6% N C Y Modification 01/24/2024 - - 29 ICON 18 - 446-450 West 19th Street MF $3,137 0.5% N C Y Modification 01/24/2024 - - 30 ICON 18 - 57-59 Second Avenue MU $2,712 0.4% N C Y Modification 01/24/2024 - - 32 ICON 18 - 59-61 East 3rd Street MF $2,117 0.3% N C Y Modification 01/24/2024 - - 35 ICON 18 - 1384 First Avenue MU $1,306 0.2% N C Y Modification 01/24/2024 - - 39 ICON 18 - 610 East 9th Street MF $1,187 0.2% N C Y Modification 01/24/2024 - - 37 ICON 18 - 350 East 13th Street MF $1,095 0.2% N C Y Modification 01/24/2024 - - 38 ICON 18 - 358 & 362 11th Street MF $1,058 0.2% N C Y Modification 01/24/2024 - - 36 ICON 18 - 329 Union Street MF $1,039 0.2% N C Y Modification 01/24/2024 - - 41 ICON 18 - 402 East 12th Street MF $989 0.2% N C Y Modification 01/24/2024 - - 34 ICON 18 - 808 Lexington Avenue MU $933 0.1% N C N Modification 01/24/2024 - - 43 ICON 18 - 522 East 5th Street MF $749 0.1% N C Y Modification 01/24/2024 - - 40 ICON 18 - 316 West 14th Street MU $733 0.1% N C Y Modification 01/24/2024 - - 44A1 ICON 18 - 106 Bedford Avenue MF $666 0.1% N C Y Modification 01/24/2024 - - 42 ICON 18 - 42 Sidney Place MF $609 0.1% N C Y Modification 01/24/2024 - - 45 ICON 18 - 295 DeGraw Street MF $495 0.1% N C Y Modification 01/24/2024 - - Total K-LOCs $184,491 28.6% $31,967 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 98.0%, compared to 95.7% at last ratings change and 98.9% at issuance. The KDSC is 1.65x, in line with last ratings change and compared to 1.71x at issuance.

Details concerning the classes with ratings changes are as follows:

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

Doc ID: 1009841

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