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KBRA Downgrades Six Ratings and Affirms All Other Ratings for UBS 2017-C4

10 Oct 2025   |   New York

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KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings for UBS 2017-C4, a $685.4 million CMBS conduit transaction. The downgrades follow a surveillance review of the transaction, which has exhibited an increase in estimated losses and interest shortfalls since last review.

As of the September 2025 remittance period, there are eight specially serviced assets (16.2% of the pool balance), of which two (4.4%) are REO, and one (1.2%) is in foreclosure. KBRA identified 13 K-LOCs (31.0%), including the specially serviced assets. Of the K-LOCs, five (10.5%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1 237 Park Avenue OF $50,000 7.3% N C N Lease Rollover 09/08/2025 - - 9 Fairmount at Brewerytown MF $28,000 4.1% Y 90+ Y Specially Serviced 06/09/2020 - - 10 50 Varick Street OF $25,500 3.7% N C N Delinquent 06/02/2025 $7,173 28.1% 14 1600 Corporate Center OF $19,472 2.8% Y 90+ N REO 09/09/2021 $15,993 82.1% 17 Courtyard St. Louis Downtown Convention Center LO $15,642 2.3% N C Y DSCR 07/07/2025 - - 18 Grandview Shopping Center RT $14,755 2.2% Y C N Specially Serviced 04/29/2024 - - 23 DoubleTree Berkeley Marina LO $12,523 1.8% Y C N Specially Serviced 04/14/2021 $1,804 14.4% 28 Sarasota Retail Portfolio RT $10,870 1.6% Y C N Specially Serviced 03/04/2024 - - 29 JW Marriott Chicago LO $10,800 1.6% Y NPM Y REO 06/04/2020 - - 30 221-223 W. Ohio & 215 W. Ohio OF $8,544 1.2% Y 90+ N Foreclosure 09/25/2024 $4,617 54.0% 41 Red Roof Inn Erlanger LO $5,953 0.9% N C N DSCR 8/29/2025 - - 42 401 West Ontario OF $5,809 0.8% Y 90+ N Specially Serviced 02/08/2023 $3,976 68.4% 44 Holiday Inn Express & Suites Duncan LO $4,716 0.7% N C Y DSCR 01/29/2024 - - Total K-LOCs $212,584 31.0% $33,562 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 106.6%, compared to 102.9% at last review, and 97.8% at issuance. The KDSC is 1.65x, compared to 1.78x at last review, and 1.95x at closing.

Details concerning the classes with rating changes are as follows:

  • Class D to BB (sf) from BBB- (sf)
  • Class E to B- (sf) from B+ (sf)
  • Class F to CCC (sf) from B- (sf)
  • Class X-D to BB (sf) from BBB- (sf)
  • Class X-E to B- (sf) from B+ (sf)
  • Class X-F to CCC (sf) from B- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

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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