Credit Rating Report

Wells Fargo Commercial Mortgage Trust 2019-C53: Rating Report

CMBS

Summary

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2019-C53 issued by Wells Fargo Commercial Mortgage Trust 2019-C53.

The collateral consists of 58 fixed-rate loans secured by 85 commercial and multifamily properties. The transaction employs a sequential-pay pass-through structure. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of a loan default within the term and its liquidity at maturity. When the cut-off loan balances were measured against the DBRS Morningstar Stabilized Net Cash Flow and their respective actual constants, one loan — Smoke Tree Village and Smoke Tree Commons, representing 1.5% of the pool — had a DBRS Morningstar Issuance Debt Service Coverage Ratio (DSCR) below 1.15 times (x), a threshold indicative of a higher likelihood of mid-term default. The pool additionally includes 25 loans, comprising a combined 47.2% of the pool balance, with an issuance loan-to-value (LTV) ratio in excess of 67.1%, a threshold generally indicative of above-average default frequency. The weighted-average (WA) DBRS Morningstar LTV of the pool at issuance was 64.6%, and the pool is scheduled to amortize down to a DBRS Morningstar WA LTV of 58.6% at maturity.

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class A-1AAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class A-2AAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class A-3AAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class A-4AAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class A-SAAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class A-SBAAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class BAAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class X-AAAA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class X-BAA (low) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class CA (high) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class X-DA (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class DA (low) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class E-RRBBB (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class F-RRBBB (low) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class G-RRBB (high) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class H-RRBB (low) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class J-RRB (high) (sf)StbProvis.-Final
    US
    07-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-C53, Class K-RRB (low) (sf)StbProvis.-Final
    US
    More
    Less
Wells Fargo Commercial Mortgage Trust 2019-C53
  • 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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