KBRA Downgrades Three Ratings and Affirms All Other Ratings for Benchmark 2019-B13
11 Oct 2024 | New York
KBRA downgrades the ratings for three classes and affirms all of the other outstanding ratings for Benchmark 2019-B13, a $906.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses from two K-LOCs (6.0%), one of which is among the top 10 loans.
As of the September 2024 remittance period, there are three specially serviced assets (6.9% of the pool balance), one of which is in foreclosure (5.0%). KBRA identified six K-LOCs (12.5%), including the specially serviced and matured assets. Of the two K-LOCs, two have estimated losses (6.0%):
- 900 & 990 Stewart Avenue (6th largest, 5.0% of the pool, 29.2% estimated loss severity)
- Hotel Indigo Birmingham (1.0%, 41.4%)
The remaining four K-LOCs do not have estimated losses and represent 6.5% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 101.8%, compared to 105.7% at last review and 100.1% at issuance. The KDSC is 1.91x, compared to 1.85x at last review and 1.93x at issuance.
Details concerning the classes with rating changes are as follows:
- Class F to B+ (sf) from BB- (sf)
- Class G to B- (sf) from B (sf)
- Class X-F to B+ (sf) from BB- (sf)
To access rating and relevant documents, click here.
Click here to view the report.