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KBRA Affirms All Outstanding Ratings for MSCI 2015-UBS8

2 Oct 2025   |   New York

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KBRA affirms all of its outstanding ratings for MSCI 2015-UBS8, a $465.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since KBRA’s last ratings change in October 2022, due to an increase in realized losses as well as estimated losses. Cumulative interest shortfalls now impact Classes C and below, an increase from impacting Classes F and below the prior month; however, the continued shortfall is not expected to persist as the change was driven by one-time work-out fees. Additionally, the transaction benefits from pay downs at the top of the capital structure. The magnitude of the changes does not warrant rating adjustments at this time.

As of the September 2025 remittance period, there are five specially serviced assets (19.0%), of which one (1.7%) is 90+days delinquent. KBRA identified eight K-LOCs (39.2%), including the specially serviced assets. Of the K-LOCs, four (31.6%)have estimated losses.

K-LOCs Loss Given Default (000s) Loss Severity 1 525 Seventh Avenue OF 63,884 13.7% N C N DSCR 09/09/2024 $7,195 11.3% 5 Grove City Premium Outlets RT 40,000 8.6% Y C N Specially Serviced 05/30/2025 $8,795 22.0% 7 Gulfport Premium Outlets RT 24,000 5.2% Y C N Specially Serviced 07/25/2025 $4,800 20.0% 8 Holiday Inn Express - SFO LO 19,153 4.1% N C Y DSCR 04/14/2020 $6,173 32.2% 16 Porterwood RT 10,897 2.3% N C N Lease Rollover 04/28/2025 - - 19 Lafayette Shopping Center RT 9,478 2.0% Y C N Specially Serviced 06/05/2024 $3,378 35.6% 23 Crowne Plaza Englewood LO 7,754 1.7% Y 90+ Y Modification 05/14/2018 $3,984 51.4% 26 2424 & 2500 Wilcrest Drive OF 7,390 1.6% Y C N Specially Serviced 07/11/2022 - - Total K-LOCs $182,556 39.2% $34,325 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 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 K-LOCs with estimated losses, the transaction’s WA KLTV is 86.8%, compared to 102.6% at last ratings change and 100.6% at securitization. The KDSC is 1.85x, compared to 1.58x at last ratings change and 1.73x at securitization.

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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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