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KBRA Downgrades Seven Ratings and Affirms All Other Ratings for UBS 2019-C18

12 Dec 2025   |   New York

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KBRA downgrades the ratings of seven classes of certificates and affirms all other outstanding ratings of UBS 2019-C18, a $696.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses from five K-LOCs (15.3% of the pool balance), two (8.6%) of which are among the top 10 loans.

As of the November 2025 remittance period, there are five specially serviced assets (16.1%), including one in foreclosure (2.1%), and one that is 90+ days delinquent (1.5%). KBRA identified ten K-LOCs (25.6%), including the specially serviced assets. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 225 Bush Street OF $35,000 5.0% Y NPM N Specially Serviced 03/01/2022 $15,131 43.2% 3 Wyndham National Hotel Portfolio LO $27,184 3.9% Y C N Specially Serviced 05/28/2024 - - 9 United Healthcare Office OF $25,135 3.6% Y PM Y Specially Serviced 03/08/2024 $10,284 40.9% 11 4041 Central OF $20,209 2.9% N C N Occupancy 10/29/2024 $2,459 12.2% 15 Redwood Technology Center MU $16,245 2.3% N C N Occupancy 03/14/2024 $3,648 22.5% 13 Westmont Red Roof Inn Portfolio II LO $15,036 2.2% N C Y Occupancy 01/08/2025 - - 18 7105 - 7115 37th Avenue MF $14,500 2.1% Y FCL N Foreclosure 06/11/2020 - - 29 1413 Germantown Avenue MF $10,481 1.5% Y 90+ N Delinquent 03/10/2022 $2,355 22.5% 37 105 Van Cortlandt Park MF $7,969 1.1% N C N Delinquent 06/01/2025 - - 38 The Ponce Hotel LO $6,307 0.9% N C N DSCR 03/05/2024 - - Total K-LOCs $178,066 25.6% $33,877 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 97.2%, compared to 97.7% at last review and 97.6% at securitization. The WA KDSC is 2.21x, compared to 2.15x at last review and 2.31x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class D to BBB (sf) from BBB+ (sf)
  • Class E to BB- (sf) from BBB- (sf)
  • Class F to B- (sf) from BB- (sf)
  • Class G to CCC (sf) from B- (sf)
  • Class X-D to BB- (sf) from BBB- (sf)
  • Class X-F to B- (sf) from BB- (sf)
  • Class X-G to CCC (sf) from B- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1012739

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