KBRA Downgrades Four Ratings and Affirms All Other Ratings for Benchmark 2020-B19
4 Sep 2025 | New York
KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for Benchmark 2020-B19, a $993.5 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 four of the K-LOCs (11.7% of the pool balance).
As of the August 2025 remittance period, there are three specially serviced loans (6.6%), of which one is REO (1.2%), one is in foreclosure (1.7%), and two (4.9%) are 30+ days delinquent. KBRA identified seven K-LOCs (20.1%), including the specially serviced assets. Of the K-LOCs, four (11.7%) have estimated losses. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 91.2%, compared to 94.0% at last review and 92.0% at securitization. The KDSC is 2.65x, compared to 2.67x at last review and 2.77x at securitization.
Details concerning the classes with rating changes are as follows:
- Class F to B (sf) from BB- (sf)
- Class G to CCC (sf) from B- (sf)
- Class X-F to B (sf) from BB- (sf)
- Class X-G to CCC (sf) from B- (sf)
To access ratings and relevant documents, click here.
Click here to view the report.