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KBRA Affirms All Ratings for UBS 2017-C4

2 Oct 2026   |   New York

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KBRA affirms all of its outstanding ratings for UBS 2017-C4, a $632.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to KBRA's last rating changes in October 2025. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the September 2026 remittance period, there are seven specially serviced assets (18.2% of the pool balance), of which two (4.7%) are REO, and two (3.3%) are in foreclosure. KBRA identified 13 K-LOCs (35.2%), including the specially serviced assets. Of the K-LOCs, five (14.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1 237 Park Avenue OF $50,000 7.9% N C N Lease Rollover 09/24/2026 - - 9 Fairmount at Brewerytown MF $28,000 4.4% Y 90+ Y Specially Serviced 06/09/2020 $1,659 5.9% 10 50 Varick Street OF $25,500 4.0% N C N Maturity 06/02/2025 $7,348 28.8% 11 DoubleTree Orlando LO $22,617 3.6% Y 60+ Y DSCR 07/06/2026 - - 14 1600 Corporate Center OF $18,963 3.0% Y REO N REO 09/09/2021 $18,400 97.0% 17 Courtyard St. Louis Downtown Convention Center LO $15,280 2.4% N C Y DSCR 07/07/2025 - - 18 Grandview Shopping Center RT $14,439 2.3% Y C N Specially Serviced 04/29/2024 - - 23 DoubleTree Berkeley Marina LO $12,261 1.9% Y FCL N Specially Serviced 04/14/2021 $4,238 34.6% 29 JW Marriott Chicago LO $10,800 1.7% Y REO Y REO 06/04/2020 - - 30 221-223 W. Ohio & 215 W. Ohio OF $8,341 1.3% Y FCL N Foreclosure 09/25/2024 $3,026 36.3% 31 The Boardwalk RT $7,435 1.2% N C N Lease Rollover 09/25/2026 - - 41 Red Roof Inn Erlanger LO $5,827 0.9% N C N DSCR 12/03/2024 - - 48 6065 Hillcroft Plaza OF $3,537 0.6% N C N DSCR 02/02/2026 - - Total K-LOCs $223,000 35.2% $34,671 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 97.0%, compared to 106.6% at last review, and 97.8% at issuance. The KDSC is 1.70x, compared to 1.65x at last review, and 1.95x at closing.

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.

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