KBRA Upgrades Two Ratings and Affirms All Other Ratings for FREMF 2019-K99
19 Sep 2024 | New York
KBRA upgrades the ratings of two classes and affirms all other outstanding ratings for FREMF 2019-K99, a $1.5 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization.
As of the August 2024 remittance period, there are no delinquent or specially serviced loans. However, three loans have been identified as K-LOCs (5.2% of the pool balance). These include two (2.4%) with an estimated loss:
- Shockoe Portfolio (1.8% of the pool, 7.9% estimated loss severity)
- The Summit At Benavides Park (0.6%, 23.0%)
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 108.2%, compared to 110.9% at last review and 121.5% at securitization. The KDSC is 1.51x, compared to 1.50x at last review and 1.36x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class A-M to AA (sf) from AA- (sf)
- Class B to A- (sf) from BBB+ (sf)
To access rating and relevant documents, click here.
Click here to view the report.