Credit Rating Report

BANK 2019-BNK21: Rating Report

CMBS

Summary

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2019-BNK21 (the Certificates) issued by BANK 2019-BNK21 (the Issuer).

The collateral consists of 49 fixed-rate loans secured by 87 commercial and multifamily properties. The transaction is a sequential-pay pass-through structure. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. Three loans, representing a combined 22.4% of the pool, are shadow-rated investment grade by DBRS Morningstar. When the cut-off loan balances were measured against the DBRS Morningstar Stabilized net cash flow and their respective actual constants, none of the loans had a DBRS Morningstar Term debt service coverage ratio below 1.15 times, a threshold indicative of a higher likelihood of mid-term default. However, the pool includes 15 loans, representing a combined 21.7% of the pool by allocated loan balance, with issuance loan-to-value (LTV) ratios equal to or in excess of 67.1%, a threshold historically indicative of above-average default frequency. The weighted-average (WA) LTV of the pool at issuance was is 60.9%, and the pool is scheduled to amortize down to a WA LTV of 57.8% at maturity.

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-1AAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-2AAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-3AAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-4AAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-5AAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-SAAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class A-SBAAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class BAAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class X-AAAA (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class X-BAA (low) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class CA (high) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class DA (low) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class X-DA (low) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class EBBB (high) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class X-FBBB (low) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class FBB (high) (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class X-GBB (sf)StbProvis.-Final
    US
    23-Oct-19Commercial Mortgage Pass-Through Certificates Series 2019-BNK21, Class GBB (low) (sf)StbProvis.-Final
    US
    More
    Less
BANK 2019-BNK21
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:AA (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:A (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:A (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:A (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:BBB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:BB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:BB (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Oct 23, 2019
  • Rating Action:Provis.-Final
  • Ratings:BB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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