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KBRA Downgrades Five Ratings and Affirms All Other Ratings for Benchmark 2018-B8

13 Nov 2026   |   New York

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KBRA downgrades the ratings of five class of certificates and affirms all other outstanding ratings of Benchmark 2018-B8, a $932.8 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA’s last review. The rating actions also reflect KBRA’s estimated losses for five K-LOCs (22.8%) and the resulting loss-adjusted C/E levels.

As of the October 2026 remittance period, there are four specially serviced loans (16.5% of the pool balance), of which one (4.3%) is in foreclosure. KBRA identified eight K-LOCs (34.3%), including the specially serviced assets. Of the eight K-LOCs, five (22.8%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 4A1A2 Saint Louis Galleria RT $52,335 5.6% Y C N Modification 03/23/2021 $6,838 13.1% 6 590 East Middlefield OF $48,750 5.2% N C N DSCR 01/14/2022 $18,996 39.0% 7 3 Huntington Quadrangle OF $47,000 5.0% N C N DSCR 08/13/2021 $20,223 43.0% 9A9B Workspace MU $40,000 4.3% Y FCL Y Specially Serviced 05/16/2023 - - 10A1 145 Clinton RT $40,000 4.3% N C N Occupancy 11/06/2026 - - 11 Crowne Plaza Melbourne LO $34,437 3.7% Y C Y Specially Serviced 03/06/2025 $5,317 15.4% 16A1 5444 & 5430 Westheimer OF $30,000 3.2% N C N Occupancy 03/07/2023 $3,843 12.8% 15A3A DUMBO Heights Portfolio OF $27,322 2.9% Y NPM Y Specially Serviced 02/01/2023 - - Total K-LOCs $319,845 34.3% $55,217 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. K-LOC Date 1 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
Source: KBRA

Excluding the K-LOCs with estimated losses, the WA KLTV is 95.1%, compared to 94.5% at KBRA's last ratings change in November 2024 and 94.7% at securitization. The KDSC is 1.76x, compared to 1.86x at KBRA's last ratings change in November 2024 and 1.89x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class D to BBB- (sf) from BBB (sf)
  • Class E-RR to B (sf) from BB (sf)
  • Class F-RR to CC (sf) from CCC (sf)
  • Class G-RR to C (sf) from CCC- (sf)
  • Class X-D to BBB- (sf) from BBB (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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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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