Class A-1 at
Class A-2 at
Class A-M at AA (high) (sf)
Class X1 at
Class XAM at
All trends are Stable.
Classes X1 and XAM are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS Morningstar.
For supporting data and more information on this transaction, please log into www.viewpoint.dbrs.com.
DBRS Morningstar provides analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:
Home at the Battery (6.2% of pool)
LC Middletown (5.9% of pool)
Park Place III (4.6% of pool)
Beacon 430 (3.9% of pool)
Alvista Long Beach (3.2% of pool)
Junction at
Radius at the Domain (3.0% of pool)
10x Living at Panama City Beach (2.9% of pool)
Elan 99 West (2.8% of pool)
Waterstone at
The Kenley (2.4% of the pool)
Preserve at Riverwalk (2.4% of the pool)
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrs.com. The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.
Notes:
All figures are in
With regard to due diligence services, DBRS Morningstar was provided with the Form ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party reviewed in conducting the due diligence services and a summary of the findings and conclusions. While due diligence services outlined in Form-15E do not constitute part of DBRS Morningstar's methodology, DBRS Morningstar used the data file outlined in the independent accountant's report in its analysis to determine the ratings referenced herein.
The principal methodology is North American CMBS Multi-borrower Rating Methodology, which can be found on dbrs.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
Ratings
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
14-Jan-20 Structured Pass-Through Certificates, Series 2019-K101, Class A-1 Provis.-FinalAAA (sf) Stb US
14-Jan-20 Structured Pass-Through Certificates, Series 2019-K101, Class A-2 Provis.-FinalAAA (sf) Stb US
14-Jan-20 Structured Pass-Through Certificates, Series 2019-K101, Class X1 Provis.-FinalAAA (sf) Stb US
14-Jan-20 Structured Pass-Through Certificates, Series 2019-K101, Class XAM Provis.-FinalAAA (sf) Stb US
14-Jan-20 Structured Pass-Through Certificates, Series 2019-K101, Class A-M Provis.-Final AA (high) (sf) Stb US
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