NEW YORK, June 17, 2022–(BUSINESS WIRE)–KBRA confirms all outstanding ratings for FREMF 2019-K94, a $1.3 billion multi-borrower CMBS transaction. All loans were created in conjunction with the Federal Home Loan Mortgage Corporation (Freddie Mac) K-Deal program. The claims follow a monitoring review of the transaction, which has shown stable pool performance since securitization.
As of the May 2022 disbursement period, there are no delinquent, specially managed loans or loans that have been identified as K-LOC; however, seven loans (11.1% of pool balance) are on the master servicer’s watch list.
The WA KLTV of the transaction is 116.1%, compared to 120.7% during the last review and 117.2% during the securitization. The KDSC is 1.37x, down from 1.31x in the last review and 1.35x in the securitization.
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Further information on key credit considerations, sensitivity analyzes which look at factors that may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (where they are a driver key to the change in credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially significant sources that were used to prepare the credit rating and information on the methodology(ies) (including all significant models and sensitivity analyzes of the main relevant rating assumptions, the where applicable) used to determine credit rating are available in the information disclosure form(s) located here.
Information on the meaning of each rating category can be found here.
Additional information relating to this rating metric is available in the information disclosure form(s) referenced above. Additional information regarding KBRA’s policies, methodologies, grading scales and disclosures is available at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a rating agency with the UK Financial Conduct Authority under the temporary registration scheme. In addition, KBRA is designated as the Designated Rating Agency 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.
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Cammy Wan, Analyst (Lead Analyst)
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