KBRA Affirms All Ratings for UBS 2018-C8
7 Feb 2025 | New York
KBRA affirms all of its outstanding ratings for UBS 2018-C8, a $883.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in K-LOCs with estimated losses (11.7% of the pool balance). However, the magnitude of the changes does not warrant ratings adjustments at this time. In addition, the transaction has benefited from increased C/E levels due to loan payoffs and amortization.
As of the January 2025 remittance period, there is one specially serviced asset (5.7%). KBRA identified seven K-LOCs (20.5%), including the specially serviced asset. This includes:
Three top 10 loans (15.9%):
- Tryad Industrial & Business Center (2nd largest, 5.7% of the pool balance, 9.2% estimated loss severity)
- Park Place at Florham Park (5th largest, 5.1%, 10.4%)
- City Square and Clay Street (6th largest, 5.1%, 38.9%)
Two other K-LOCs have estimated losses:
- 249 E Ocean Blvd (1.2%, 19.5%)
- Clarksville Shops (0.3%, 22.2%)
The remaining two K-LOCs represent 3.1% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 96.4%, as compared to 106.1% at last review and 103.2% at securitization. The KDSC is 1.75x, compared to 1.73x at last review and 1.79x at securitization.
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