FREMF 2019-K91 Mortgage Trust Certificates Assigned Preliminary Ratings

  • FREMF 2019-K91 Mortgage Trust's issuance is a CMBS transaction backed by 80 commercial mortgage loans with an aggregate principal balance of $1.385 billion, secured by the fee interests in 79 properties across 31 states.
  • We assigned our preliminary ratings to the class A-1, A-2, A-M, X1, XAM, X2-A, B, and C notes.
  • The preliminary ratings reflect our view of the transaction's structure, collateral characteristics, and liquidity, among other factors.
 
NEW YORK (S&P Global Ratings) April 15, 2019--S&P Global Ratings today 
assigned its preliminary ratings to FREMF 2019-K91 Mortgage Trust's 
multifamily mortgage pass-through certificates series 2019-K91 (see list).

The note issuance is a commercial mortgage-backed securities (CMBS) 
transaction backed by 80 commercial mortgage loans with an aggregate principal 
balance of $1.385 billion, secured by the fee interests in 79 properties 
across 31 states.

The preliminary ratings are based on information as of April 15, 2019. 
Subsequent information may result in the assignment of final ratings that 
differ from the preliminary ratings.

The preliminary ratings reflect the credit support provided by the 
transaction's structure, our view of the underlying collateral's credit 
characteristics, the trustee-provided liquidity, the collateral pool's 
relative diversity, and our overall qualitative assessment of the transaction. 
S&P Global Ratings determined that the collateral pool has, on a weighted 
average basis, a debt service coverage (DSC) of 1.43x and beginning and ending 
loan-to-value (LTV) ratios of 94.5% and 88.3%, respectively, based on S&P 
Global Ratings' values