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KBRA Affirms All Ratings for UBS 2018-C11

12 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for UBS 2018-C11, a $624.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which exhibited stable pool performance since KBRA’s last ratings change in December 2020.

As of the November 2025 remittance period, there are three specially serviced assets (12.3% of the pool balance), two of which are performing (10.1%) and one is in foreclosure (2.2%). KBRA identified 10 K-LOCs (29.3%), including the specially serviced assets. Of the K-LOCs, two (10.1%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2 Riverfront Plaza OF $44,639 7.2% Y C N Specially Serviced 03/07/2024 $14,138 31.7% 1 20 Times Square MU $43,359 6.9% N C N Modification 02/12/2021 - - 14 Cedar Ridge OF $20,625 3.3% N C N Occupancy 08/03/2023 - - 17 45-55 West 28th Street MU $18,570 3.0% Y PM Y Specially Serviced 05/13/2020 $3,217 17.3% 18 DoubleTree Charlotte Airport LO $16,690 2.7% N C Y DSCR 11/11/2022 - - 20 Peninsula Town Center RT $13,568 2.2% Y C N Specially Serviced 06/08/2020 - - 31 Four Points by Sheraton Louisville Airport LO $7,616 1.2% N C Y Forbearance 04/15/2020 - - 33 TownePlace Suites - Lombard, IL LO $6,970 1.1% N C N Occupancy 05/13/2020 - - 40 Highland Park 1 MU $6,100 1.0% N C N DSCR 10/03/2023 - - 41 Mesa Commons RT $4,933 0.8% N C N Occupancy 08/07/2024 - - Total K-LOCs $183,070 29.3% $17,355 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 91.4%, compared to 104.9% at KBRA's last ratings change in December 2020 and 96.6% at securitization. The KDSC is 2.08x, compared to 1.87x at KBRA's last ratings change and 2.13x 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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