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KBRA Affirms All Ratings for UBS 2018-C13

31 Jul 2025   |   New York

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KBRA affirms all of its outstanding ratings for UBS 2018-C13, a $568.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance compared to securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time. Although the transaction has benefited from deleveraging from loan payoffs, amortization, and defeasances, particularly among the higher rated classes, this is offset by the addition of specially serviced loans and K-LOCs.

As of the July 2025 remittance period, there are four specially serviced loans (13.3% of the pool balance), of which one (4.5%) is in foreclosure, one (3.1%) is 90 days delinquent and one (1.1%) is 60 days delinquent. KBRA identified thirteen K-LOCs (34.7%), including the specially serviced loans, of which, four (12.4%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1A1 1670 Broadway OF $38,441 6.8% N C Y Modification 10/03/2023 - - 7 Village at Beech Hill MF $25,769 4.5% Y FCL N Foreclosure 08/28/2024 $6,985 27.1% 10 Shelbourne Global Portfolio I MU $20,000 3.5% Y C N Specially Serviced 01/04/2023 - - 12 Wendland Plaza RT $18,000 3.2% N C N Specially Serviced 03/08/2023 $3,476 19.3% 13 Medtronic Santa Rosa OF $17,700 3.1% Y 90+ N Delinquent 03/05/2024 - - 15 Fort Wayne Hotel Portfolio LO $14,840 2.6% N C Y Recent Delinquency 08/28/2024 $4,897 33.0% 22 County Line Plaza RT $12,700 2.2% N C N Occupancy 08/28/2024 - - 24 Ocean Point IN $12,450 2.2% N C N Occupancy 06/27/2024 - - 23 Aspect RHG Hotel Portfolio LO $11,948 2.1% Y C Y Specially Serviced 09/02/2020 $4,716 39.5% 33 1015 Locust OF $8,500 1.5% N C N Occupancy 10/12/2023 - - 37 Kohl’s - Fort Smith RT $6,337 1.1% N 60+ N Delinquent 07/10/2024 - - 39 Country Square RT $6,283 1.1% N C N Lease Rollover 07/27/2023 - - 46 Eastern Courtyard OF $4,205 0.7% N C N Occupancy 05/29/2025 - - Total K-LOCs $197,172 34.7% $20,075 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 93.9%, compared to 97.7% at last review and 96.0% at securitization. The WA KDSC is 1.66x, compared to 1.77x at last review and 1.81x at securitization.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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