Press Release|CMBS

KBRA Affirms All Ratings for JPMBB 2014-C19

11 Apr 2024   |   New York

Contacts

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.

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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.

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003883

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