KBRA Downgrades Seven Ratings and Affirms All Other Outstanding Ratings for BANK 2019-BNK18
15 May 2025 | New York
KBRA downgrades the ratings of seven classes of certificates and affirms all other outstanding ratings of BANK 2019-BNK18, a $1.0 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last review.
As of the April 2025 remittance period, there is one specially serviced loan – 801 Barton Springs (3.4%). KBRA identified eight K-LOCs (13.9%), including the specially serviced asset. Of the eight K-LOCs, three (10.3%) have estimated losses. The K-LOCs include one top 10 loan:
- Central Tower (6th largest, 6.3% of the pool balance, 56.6% estimated loss severity)
Two additional loans (4.0%) have estimated losses:
- 801 Barton Springs (3.4%, 29.6%)
- Knights Court (0.6%, 21.3%)
The remaining five K-LOCs, representing 3.3% of the pool balance, do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 87.2%, compared to 90.1% at last review and 88.1% at securitization. The KDSC is 2.47x, compared to 2.52x at last review and 2.54x at securitization.
Details concerning the classes with rating changes are as follows:
- Class D to BBB (sf) from BBB+ (sf)
- Class E to BB (sf) from BBB- (sf)
- Class F to B- (sf) from BB- (sf)
- Class G to CCC (sf) from B- (sf)
- Class X-D to BB (sf) from BBB- (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.