KBRA Downgrades Two Ratings and Affirms All Other Ratings for CSAIL 2020-C19
14 Mar 2025 | New York
KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for CSAIL 2020-C19, an $809.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses on two of the K-LOCs (10.6% of the pool balance).
As of the February 2025 remittance period, there are three specially serviced loans (17.7%), of which one (7.4%) is 60+ days delinquent. KBRA identified six K-LOCs (26.6%), including the specially serviced assets. These include:
Three top 10 loans (20.7%):
- Selig Office Portfolio (3rd largest, 7.4%, 26.8% estimated loss severity)
- Arciterra Portfolio (4th largest, 7.1%)
- The Westchester (5th largest, 6.2%)
One other K-LOC has an estimated loss:
- APX Morristown (3.2%, 8.3% estimated loss severity)
The remaining two K-LOCs represent 2.8% of the pool and do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 112.3%, compared to 113.1% at last review and 100.9% at securitization. The KDSC is 1.85x, compared to 1.88x at last review and 2.13x at securitization.
Details concerning the classes with rating changes are as follows:
- Class F-RR to BB- (sf) from BB (sf)
- Class G-RR to B- (sf) from B+ (sf)
To access ratings and relevant documents, click here.
Click here to view the report.
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Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- ESG Global Rating Methodology