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KBRA Downgrades Three Ratings and Affirms All Other Outstanding Ratings for JPMDB 2017-C5

7 Nov 2025   |   New York

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KBRA downgrades the ratings of three classes and affirms all other outstanding ratings for JPMDB 2017-C5, a $751.5 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in November 2024. The rating actions also reflect KBRA’s estimated losses for four K-LOCs (22.5% of the pool balance) and the resulting loss adjusted C/E levels.

As of the October 2025 remittance, there are four specially serviced loans (15.6%), of which one (6.6%) is in foreclosure, one (0.7%) is 90 days delinquent and one (1.4%) is 60 days delinquent. KBRA identified thirteen K-LOCs (56.2%), including the specially serviced assets. Of the K-LOCs, four loans (22.5%) have an estimated loss. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 2 350 Park Avenue OF $66,667 8.9% N C Y Prior SS 11/21/2022 - - 3 Prudential Plaza OF $60,387 8.0% N C N Modification 06/23/2023 $6,476 10.7% 5 Key Center Cleveland MU $51,126 6.8% Y C Y Specially Serviced 12/08/2020 - - 6 Gateway I & II MU $49,789 6.6% Y FCL N Specially Serviced 04/10/2022 $18,227 36.6% 7 Landmark Square MU $49,000 6.5% N C N Occupancy 03/02/2021 - - 14 Summit Mall RT $35,000 4.7% N C N Occupancy 11/25/2024 - - 12 580 Walnut Street MU $29,993 4.0% N C N Occupancy 10/06/2020 $4,876 16.3% 16 Summit Place Wisconsin OF $28,978 3.9% N C N Recent Delinquency 10/05/2023 $4,800 16.6% 21 Cupertino Civic Center OF $18,773 2.5% N C N DSCR 12/06/2024 - - 25 Dick's Sporting Goods Portfolio RT $10,819 1.4% Y 60 Y Delinquent 07/24/2025 - - 26 Plaza Ashland LO $10,693 1.4% N C N DSCR 10/13/2023 - - 34 Continental Plaza OF $5,406 0.7% N C N Occupancy 12/01/2023 - - 33 Shopko Billings RT $5,379 0.7% Y 90 Y Bankruptcy 08/12/2025 - - Total K-LOCs $422,010 56.2% $34,379 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 92.1%, compared to 98.2% at last review and 96.8% at securitization. The KDSC is 1.84x, compared to 1.78x at last review and 1.87x at securitization.

Details concerning the ratings adjustments are as follows:

  • Class B to A- (sf) from AA- (sf)
  • Class C to BB- (sf) from BBB- (sf)
  • Class D to CCC (sf) from B+ (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

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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