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KBRA Downgrades Four Ratings and Affirms All Other Outstanding Ratings for WFCM 2019-C52

10 Jul 2026   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings of WFCM 2019-C52, a $728.4 million CMBS conduit transaction. The ratings action follows a surveillance review of the transaction, which has experienced realized losses, as well as an increase in estimated losses since KBRA's last ratings change in July 2024. The pool incurred an $18.7 million realized loss in July 2025 which impacted the Class H-RR certificates and KBRA estimates an additional $27.4 million of loss given defaults.

As of the June 2026 remittance report, there are two specially serviced loans (6.0% of the pool balance), one of which is delinquent (3.5%). KBRA identified 11 K-LOCs (17.5%), including the special serviced loans. Of the K-LOCs, six (9.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 9 3300 Renner OF $28,560 3.9% N C N Occupancy May-26 - - 8 Sugar Creek Center OF $25,498 3.5% Y 90 N Specially Serviced Dec-22 $12,978 50.9% 18 188 Spear Street OF $18,000 2.5% Y C N Specially Serviced Apr-23 $10,148 56.4% 26 Best Western Colorado Springs Portfolio LO $11,039 1.5% N C N DSCR Jun-24 - - 33 1305 Tacoma OF $8,715 1.2% N c N DSCR Mar-23 $1,015 11.6% 31 Central Park Plaza OF $7,880 1.1% N C N DSCR Aug-20 $680 8.6% 39 Best Western Plus Madison/Hunstville LO $6,336 0.9% C N DSCR Jan-24 - - 49 Lofts at Ionia MF $5,500 0.8% N C N DSCR Jun-25 $1,000 18.2% 45 Plaza 273 OF $5,399 0.7% N C N DSCR Jun-23 $1,599 29.6% 47 Courtyard Columbus Dublin LO $5,322 0.7% N C Y Occupancy Apr-20 - - 48 67 Forest Street OF $5,062 0.7% N C N DSCR Jun-25 - - Total K-LOCs $127,311 17.5% $27,419 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.4%, compared to 99.3% at the last ratings change in July 2024 and 98.7% at securitization. The KDSC is 1.81x, compared to 1.83x at the last ratings change and 1.96x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class D-RR to BB (sf) from BBB- (sf)
  • Class E-RR to B (sf) from BB- (sf)
  • Class F-RR to CCC (sf) from B- (sf)
  • Class G-RR to CC (sf) from CCC (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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