Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

KBRA Assigns Preliminary Ratings to BANK 2019-BNK19

Posted by fidest press agency su venerdì, 19 luglio 2019

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK19 (see ratings list below), a $1.3 billion CMBS conduit transaction collateralized by 73 commercial mortgage loans secured by 76 properties.The collateral properties are located in 24 states, with three states, California (25.2%), New York (21.2%), and Florida (10.7%), representing more than 10% of the pool balance. The pool has exposure to most of the major property types, with three each representing 10% or more of the pool balance: office (51.2%), retail (23.6%), and lodging (10.8%). The loans have principal balances ranging from $1.3 million to $100 million for the largest loan in the pool, Grand Canal Shoppes (7.7%), which is secured by a 759,891-sf specialty retail, entertainment, and dining complex located on the Strip in Las Vegas, Nevada. The five largest loans, which also include Waterford Lakes Town Center (6.9%), 350 Bush Street (6.5%), 30 Hudson Yards (6.5%), and University Square (5.5%), represent 33.1% of the initial pool balance, while the top 10 loans represent 54.2%.KBRA’s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts’ evaluation of the underlying collateral properties’ financial and operating performance, which determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value using our U.S. CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 7.8% less than the issuer cash flow. KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 36.3% less than third party appraisal values. The pool has an in-trust KLTV of 88.4% and an all-in KLTV of 96.4%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.For complete details on the analysis, please see our pre-sale report published at The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.


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