KBRA Affirms All Ratings for UBS 2018-C15
27 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2018-C15, a $448.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in credit metrics since securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time as the transaction credit enhancement levels have benefited from loan payoffs and amortization.
As of the November 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified six K-LOCs (28.0% of the pool balance). These include:
Four top 10 loans (23.6%):
- Saint Louis Galleria (largest, 9.9%)
- 435 Tasso Street (4th largest, 6.7%)
- 16300 Roscoe Blvd (8th largest, 3.7%, 13.6% estimated loss severity)
- Warren Hospitality Portfolio (10th largest, 3.4%)
One additional K-LOC with an estimated loss:
- Clevelander South Beach (2.2%, 7.3%)
The remaining K-LOC does not have an estimated loss and represents 2.2% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 101.4%, compared to 103.0% at last review and 93.6% at securitization. The KDSC is 1.63x, compared to 1.60x at last review and 1.89x at securitization.
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