DBRS Morningstar Confirms All Ratings on Morgan Stanley Capital I Trust 2019-L2.

ENPNewswire-October 8, 2021--DBRS Morningstar Confirms All Ratings on Morgan Stanley Capital I Trust 2019-L2

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Release date- 07102021 - DBRS Limited (DBRS Morningstar) confirmed the ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2019-L2 issued by Morgan Stanley Capital I Trust 2019-L2 as follows.

Class A-1 at AAA (sf)

Class A-2 at AAA (sf)

Class A-3 at AAA (sf)

Class A-4 at AAA (sf)

Class A-SB at AAA (sf)

Class A-S at AAA (sf)

Class X-A at AAA (sf)

Class X-B at AA (high) (sf)

Class B at AA (sf)

Class C at A (sf)

Class D at BBB (high) (sf)

Class X-D at BBB (sf)

Class E at BBB (low) (sf)

Class F-RR at BB (sf)

Class G-RR at B (high) (sf)

DBRS Morningstar maintained the Negative trends on Classes F-RR and G-RR as a reflection of continued performance challenges for select loans as discussed below, caused primarily by the Coronavirus Disease (COVID-19) pandemic. All other trends are Stable.

At issuance, the transaction consisted of 50 fixed-rate loans secured by 68 commercial and multifamily properties with a total trust balance of $934.9 million. As of the September 2021 remittance report, all original loans and collateral remained in the pool, with negligible collateral reduction of 0.6% since issuance. The pool has a moderate concentration of loans secured by retail and hospitality properties, representing 17.8% and 17.3% of the current pool balance, respectively. These concentrations are noteworthy because retail and hotel property types have been the most severely affected by the coronavirus pandemic to date.

As of the September 2021 remittance, seven loans, representing 13.9% of the pool, were on the servicer's watchlist, primarily because of cash flow declines and/or drops in occupancy rates. Two top-10 loans are on the watchlist, including Ohana Waikiki Malia Hotel & Shops (Prospectus ID#1, 6.8% of current pool balance) and Lincoln Commons (Prospectus ID#9, 3.2% of the current pool balance). In addition, there are five loans, representing 12.2% of the current pool balance, in special servicing. The specially serviced loans are backed by anchored retail, unanchored retail, full-service hotel, and limited-service hotel property types.

The largest loan in special servicing is secured by Le Meridien Hotel Dallas (Prospectus ID#4, 4.5% of the current pool balance), a 258-key full-service hotel in Dallas, approximately 12.0 miles north of the Dallas central...

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