Press Release|CMBS
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KBRA Affirms All Ratings for GSMS 2019-GSA1

1 Nov 2024   |   New York

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KBRA affirms all of its outstanding ratings for GSMS 2019-GSA1, an $831.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance compared to securitization.

As of the October 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified five K-LOCs (11.4% of the pool balance), none of which have estimated losses. These include one top 10 loan (4.5%):

  • Mediterranean Apartments (4th largest, 4.5%)

The remaining four K-LOCs represent 6.9% of the pool and do not have estimated losses.

The transaction’s WA KLTV is 108.5%, compared to 104.0% at last review and 103.0% at securitization. The KDSC is 2.05x,compared to 2.12x at last review and 2.13x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1006665

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