KBRA Downgrades One Rating of COMM 2014-UBS2 to D (sf) Following Realization of Principal Losses

KBRA downgrades the rating of the Class E certificates to D (sf) from C (sf) for COMM 2014-UBS2, a $66.1 million CMBS conduit transaction, following realized losses incurred from the resolution of the Avnet Building REO asset ($14.8 million loan balance at issuance) as reflected in the September 2025 remittance report. The asset was liquidated with a loss of $8.1 million (54.8% loss severity of original balance). The loss was generally in line with KBRA's expectations in the July 2025 Surveillance Report. As of the October 2025 remittance period, there are three remaining assets, of which two are REO (87.1%) and one (12.9%) is in foreclosure. There are $59.3 million in cumulative principal losses on the transaction according to the October 2025 remittance report. Classes F and G have been reduced to zero and the realized losses have resulted in the principal balance of Class E being reduced by $554,659 (2.0% of the original certificate balance).

KBRA's other outstanding ratings are unchanged at this time.

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