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KBRA Affirms All Ratings for CSAIL 2017-CX9

5 Sep 2025   |   New York

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KBRA affirms all of its outstanding ratings for CSAIL 2017-CX9, a $494.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to KBRA's last rating change in August 2024 due to an increase in the number of specially serviced loans and the loans identified as K-LOCs; however, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the August 2025 remittance period, there are three specially serviced assets (24.5 % of the pool balance), of which one (8.1%) is REO. KBRA identified eight K-LOCs (43.8%), including the specially serviced assets. Of the K-LOCs, three (16.3%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 7 85 Broad Street OF $45,000 9.1% Y C N Specially Serviced 05/27/2025 - - 9 JW Marriott Chicago LO $40,000 8.1% Y NPM Y REO 06/04/2020 - - 10 300 Montgomery OF $36,000 7.3% N C N Occupancy 05/31/2023 $11,219 31.2% 11 Center 78 OF $35,863 7.3% Y 90+ N Specially Serviced 08/30/2023 $22,544 62.9% 14 Wal-Mart Central RT $25,095 5.1% N C N DSCR 03/06/2025 - - 20 Apex Fort Washington OF $15,102 3.1% N C N Occupancy 02/07/2023 - - 22 Tenalok Portfolio RT $11,113 2.2% N C Y Occupancy 09/10/2024 - - 24 Comfort Suites Arlington LO $8,363 1.7% N C N DSCR 04/08/2025 $563 6.7% Total K-LOCs $216,536 43.8% $34,326 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 losses, the transaction’s WA KLTV is 75.6%, compared to 70.1% at KBRA's last rating change and 80.2% at securitization. The KDSC is 3.62x, compared to 3.48x at KBRA's last rating change and 2.93x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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