Press Release|CMBS
View PDF

KBRA Affirms All Ratings for UBS 2018-C15

14 Nov 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for UBS 2018-C15, a $443.7 million CMBS conduit transaction, following a surveillance review of the transaction. The transaction's credit enhancement levels have benefited from loan payoffs and amortization. However, there has been an increase in the number of K-LOCs and estimated losses.

As of the October 2025 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified eight K-LOCs (32.2%). Of the K-LOCs, four (17.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 3A2A1 Saint Louis Galleria RT $43,615 9.8% N C N Lease Rollover 03/23/2021 $6,021 13.8% 6 435 Tasso Street OF $30,000 6.8% N C N Occupancy 04/08/2024 - - 11 16300 Roscoe Blvd OF $16,050 3.6% N C N DSCR 12/01/2021 $2,062 12.9% 12 Warren Hospitality Portfolio LO $14,782 3.3% N C N DSCR 04/14/2020 - - 19 345 Flats MF $12,429 2.8% N C N Recent Delinquency 09/09/2025 - - 24 Clevelander South Beach LO $9,765 2.2% N C N DSCR 04/04/2024 $612 6.3% 22 Five Points Plaza OF $9,517 2.1% N C N Lease Rollover 11/07/2022 $3,412 35.9% 30 Spanish Springs Shopping Center RT $6,669 1.5% N C N Recent Delinquency 01/08/2025 - - Total K-LOCs $142,825 32.2% $12,108 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 estimated losses, the transaction’s WA KLTV is 95.5%, compared to 101.4% at last review and 93.6% at securitization. The KDSC is 1.61x, compared to 1.63x at last review and 1.89x at securitization.

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.

Doc ID: 1012301