Press Release|CMBS
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KBRA Upgrades Two Ratings and Affirms All Other Ratings for UBS 2017-C7

31 Oct 2025   |   New York

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KBRA upgrades the ratings of two classes and affirms all other outstanding ratings for UBS 2017-C7, a $724.9 million CMBS conduit transaction. The ratings actions follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization. Additionally, the transaction has benefited across the capital stack from increased certificate C/E levels due to amortization, defeasance, and loan payoffs.

As of the October 2025 remittance period, there is one specially serviced loan (6.5% of the pool balance), which is 90+ days delinquent. KBRA identified eight K-LOCs (21.4%), including the specially serviced loan, two of which have estimated losses (7.8%). The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 One State Street OF $62,220 8.6% N C N DSCR 03/25/2024 - - 5 Tryad Industrial & Business Center IN $47,015 6.5% Y 90+ N Specailly Serviced 10/26/2023 $7,083 15.1% 20 Belden Park Crossing RT $11,705 1.6% N C N Tenant Issues 02/04/2025 - - 24 South Coast Plaza RT $9,622 1.3% N C Y Lease Rollover 01/30/2024 $832 8.6% 23 Alliance Crossing RT $9,559 1.3% N C N Lease Rollover 12/11/2024 - - 33 Murrieta Plaza RT $7,628 1.1% N C N Occupancy 07/14/2020 - - 43 Mini U Storage - Denver SS $4,105 0.6% N C N DSCR 03/07/2025 - - 44 Hampton Inn - South Haven LO $3,334 0.5% N C N Recent Delinquency 12/11/2024 - - Total K-LOCs $155,188 21.4% $7,915 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 estimates losses, the transaction’s WA KLTV is 88.3%, compared to 96.7% at last review and 96.3% at securitization. The WA KDSC is 1.87x, compared to 1.78x at last review and 1.88x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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