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KBRA Affirms All Ratings for UBS 2017-C7

30 Oct 2026   |   New York

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KBRA affirms all outstanding ratings for UBS 2017-C7, a $707.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited worsening in pool performance since securitization, including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustment at this time. Additionally, the transaction has benefited from loan payoffs ($111.7 million issuance balance, eight loans, 12.5% of the issuance balance), amortization, and defeasance ($134.5 million, five loans, 19.0% of the pool balance), particularly at the top of the capital structure.

As of the October 2026 remittance period, one loan (6.5% of the pool balance) is specially serviced and 90+ days delinquent, while another loan (0.5%) is 60+ days delinquent. KBRA identified nine K-LOCs (26.9%), including the specially serviced loan, one of which (6.5%) has estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 One State Street OF $62,220 8.8% N C N DSCR 03/25/2024 - - 4 National Office Portfolio OF $45,900 6.5% N C N Occupancy 09/24/2026 - - 5 Tryad Industrial & Business Center IN $45,896 6.5% Y 90+ N Specially Serviced 10/26/2023 $9,102 19.8% 24 South Coast Plaza RT $9,395 1.3% N C Y DSCR 01/30/2024 - - 23 Alliance Crossing RT $9,318 1.3% N C N Occupancy 12/11/2024 - - 33 Murrieta Plaza RT $7,488 1.1% N C N Occupancy 07/14/2020 - - 43 Mini U Storage - Denver SS $4,030 0.6% N C N DSCR 03/07/2025 - - 44 Hampton Inn - South Haven LO $3,218 0.5% N 60+ N Delinquent 12/11/2024 - - 48 55 Northwest 25th Street RT $2,900 0.4% N C N Recent Delinquency 01/06/2026 - - Total K-LOCs $190,364 26.9% $9,102 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

Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 89.3%, compared to 88.3% at the last review and 96.3% at securitization. The WA KDSC is 1.87x, which is stable compared to last review and 1.88x 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.

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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