CF 2019-CF3 Mortgage Trust is a U.S. CMBS conduit transaction backed by 46 fixed-rate loans, down from 48 loans at issuance. We lowered our ratings on five classes and affirmed our 'AAA (sf)' ratings on five other classes from the transaction. The rating actions primarily reflect our lower revised net cash flows and expected-case valuations for properties securing four loans, comprising 15.4% of the pooled trust balance, due to reported declines in the operating performance below our initial expectations. Two of the four loans are currently with the special servicers; for these loans, we utilized our lower revised expected-case values to estimate our loss assumptions upon their eventual resolution. NEW YORK (S&P Global Ratings) May 14, 2025--S&P Global Ratings today
