KBRA Upgrades Two Ratings and Affirms All Other Ratings for FREMF 2019-K94
24 May 2024 | New York
KBRA upgrades the ratings of two classes and affirms all other outstanding ratings for FREMF 2019-K94, a $1.3 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization.
As of the April 2024 remittance period, there are no specially serviced or delinquent loans. However, four loans (2.0% of the pool balance) have been identified as K-LOCs, none of which are within the top 10 or have estimated losses.
The transaction's WA KLTV is 103.4%, compared to 109.0% at last review and 117.2% at securitization. The KDSC is 1.54x,compared to 1.45x at last review and 1.35x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class A-M to AA (sf) from AA- (sf)
- Class B to A- (sf) from BBB+ (sf)
To access rating and relevant documents, click here.
Click here to view the report.