Press Release|CMBS

KBRA Downgrades Five Ratings and Affirms All Other Ratings For COMM 2014-UBS4

26 Apr 2024   |   New York


KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings for COMM 2014-UBS4, an $889.5 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has had an increase in estimated losses for five specially serviced K-LOCs (22.5% of the pool balance) since KBRA's last ratings adjustment in April 2023. The rating actions also consider the risk that interest shortfalls may increase and rise up the capital structure as the special servicer works to resolve the specially serviced loans.

As of the April 2024 remittance period, there are six specially serviced assets (34.3% of the pool balance), of which three are REO (2.4%), two are 90+ days delinquent (17.5%), and one is matured and performing (14.4%). KBRA identified 16 K-LOCs (46.8%), including the specially serviced assets. Of the K-LOCs, eight (35.0%) have estimated losses. The K-LOCs include:

Four of the top 10 loans (34.9%):

  • State Farm Portfolio (largest, 14.4% of the pool balance, 21.1% estimated loss severity)
  • 597 Fifth Avenue (2nd largest, 11.8%, 71.9%)
  • 30 Knightsbridge (4th largest, 5.7%, 22.6%)
  • 88 Third Avenue (9th largest, 3.0%)

Five other K-LOCs have estimated losses (3.1%):

  • Columbia Associates Portfolio (1.2%, 70.9%)
  • Mattydale Commons (0.6%, 72.1%)
  • MacNeal Medical Office (0.6%, 85.0%)
  • Stanley Apartments (0.4%, 33.4%)
  • Richmond Hill Shopping Center (0.3%, 21.6%)

The remaining seven K-LOCs do not have estimated losses and represent 8.8% of the pool balance

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 86.6%, compared to 103.3% at KBRA’s last ratings change and 102.3% at securitization. The KDSC is 1.22x, compared to 1.24x at KBRA’s last ratings change and 1.50x at securitization.

Details concerning the classes with ratings changes are as follows:

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

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004082

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