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KBRA Downgrades Three Ratings and Affirms All Other Ratings for WFCM 2018-C46

16 Jul 2026   |   New York

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KBRA downgrades the ratings of three classes of certificates and affirms all other outstanding ratings of WFCM 2018-C46, a $536.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last KBRA's last ratings change in July 2021. Two top 10 loans in the pool, Silver Spring Plaza ($35.0 million, 6.5% of the pool balance) and the Constitution Plaza ($19.6 million, 3.7%), were the primary reasons for the increase in estimated losses.

As of the June 2026 remittance period, there are three specially serviced assets (7.2%), two of which (5.4%) are in foreclosure and one (1.7%) of which is REO. KBRA identified seven K-LOCs (23.9%), including the specially serviced assets. Of the K-LOCs, four (12.9%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2 Fair Oaks Mall RT $35,270 6.6% N C Y Modification 10/13/2020 - - 4 Silver Spring Plaza OF $35,000 6.5% N C Y Modification 04/06/2023 $13,345 38.1% 7 Constitution Plaza OF $19,638 3.7% Y FCL N Foreclosure 12/29/2021 $9,502 48.4% 15 Ardsley Town Center RT $14,000 2.6% N C N Occupancy 10/07/2025 - - 25 Medical Village At Pine Hills OF $9,448 1.8% Y FCL Y Foreclosure 07/25/2022 - - 32 2415 Mission Street MU $9,350 1.7% Y REO N REO 05/29/2020 $7,361 78.7% 39 11 North Pearl Street OF $5,271 1.0% N C N Tenant Issues 10/07/2025 $2,593 49.2% Total K-LOCs $127,976 23.9% $32,800 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 transaction’s WA KLTV is 100.3%, compared to 114.1% at KBRA's last ratings change and 99.6% at securitization. The KDSC is 1.49x, compared to 1.43x at KBRA's last ratings change and 1.64x at securitization.

Details concerning the classes with rating changes are as follows:

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

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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