KBRA Affirms All Ratings for JPMBB 2014-C19
11 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for JPMBB 2014-C19, a $368.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in credit metrics since KBRA's last ratings change in April 2019. However, the magnitude of the changes does not warrant rating adjustments at this time. In addition, the rating actions consider that 19 of the 20 remaining loans, including the defeased loans, (95.6% of pool balance) mature over the next two months.
As of the March 2024 remittance period, there is one specially serviced asset (1.8% of the pool balance), which is REO. KBRA identified two loans and one REO asset as K-LOCs (5.9%) including the specially serviced asset. These include: one of the top 10 loans (2.8%):
- 450 H Street (8th largest, 2.8%, 28.1% estimated loss severity)
Two other K-LOCs have estimated losses (3.1%):
- Columbus Corners (1.8%, 6.5%)
- 622 Hebron (1.3%, 14.4%)
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 77.9% as compared to 89.2% at last review and 99.8% at securitization. The KDSC is 2.22x as compared to 1.82x at last review and 1.72x at issuance.
To access rating and relevant documents, click here.
Click here to view the report.