KBRA Downgrades Three Ratings and Affirms All Other Ratings for Benchmark 2019-B13
10 Oct 2025 | New York
KBRA downgrades the ratings for three classes and affirms all of the other outstanding ratings for Benchmark 2019-B13, an $892.8 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses from three K-LOCs (14.5% of the pool balance), two (13.4%) of which are among the top 10 loans.
As of the September 2025 remittance period, there are three specially serviced assets (8.9%), including two that are in foreclosure (7.8%). KBRA identified six K-LOCs (23.5%), including the specially serviced assets. Of the six K-LOCs, three (14.5%) have estimated losses. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 95.6%, compared to 101.8% at KBRA's last rating change in October 2024 and 100.1% at issuance. The KDSC is 1.93x, compared to 1.91x at KBRA's last rating change and 1.93x at issuance.
Details concerning the classes with ratings changes are as follows:
- Class F to B- (sf) from B+ (sf)
- Class G-RR to CCC (sf) from B- (sf)
- Class X-F to B- (sf) from B+ (sf)
To access ratings and relevant documents, click here.
Click here to view the report.