KBRA Affirms All Ratings for BANK 2019-BNK18
15 May 2024 | New York
KBRA affirms all of its outstanding ratings for BANK 2019-BNK18, a $1.0 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization due to the addition of K-LOCs as well as an increase in estimated losses since last review. However, the magnitude of these changes do not warrant rating adjustments at this time.
As of the April 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified five K-LOCs (11.8% of the pool balance), including one top 10 loan, which has an estimated loss:
- Central Tower (6th largest, 6.3% of the pool, 27.8% estimated loss severity)
The remaining four K-LOCs do not have estimated losses and represent 5.5% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 90.1%, compared to 93.0% at last review and 88.1% at securitization. The KDSC is 2.52x, compared to 2.47x at last review and 2.54x at securitization.
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