Shelter Growth CRE 2019-FL2 Issuer Ltd: Surveillance Performance Update

On November 24, 2021, DBRS Limited (DBRS Morningstar) upgraded five classes of notes issued by Shelter Growth CRE 2019-FL2 Issuer Ltd (the Issuer) and confirmed the ratings on the remaining two classes. Additionally, DBRS Morningstar discontinued its rating on Class A-S as the class has been repaid in full and changed the trends on Classes B, C, D, E, F, G, and H to Stable from Negative. The rating upgrades and trend changes reflect the significant paydown to the bonds as a result of successful loan repayments and the generally stable performance of the remaining collateral pool.