Press Release|CMBS
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KBRA Withdraws One Rating and Affirms All Other Ratings for MSBAM 2017-C34

2 Oct 2026   |   New York

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KBRA withdraws its AAA (sf) rating on Class A-2 following the reduction of the principal balance of the rated security to zero as reflected in the September 2026 remittance report and affirms the remaining outstanding ratings for MSBAM 2017-C34, a $900.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since the last ratings changes in October 2025.

As of the September 2026 remittance period, there are three specially serviced assets (4.9% of the pool balance), including one (0.5%) REO asset and one loan in foreclosure (2.7%). KBRA identified eight K-LOCs (25.9%), including the specially serviced assets. Of the K-LOCs, five (12.9%) have estimated losses. The K-LOCs are outlined in the table below:

Loss Given Default (000s) Loss Severity 3 237 Park Avenue OF $70,005 7.8% N C N Lease Rollover Sep-26 - - 9 Mall of Louisiana RT $38,924 4.3% N C N Occupancy Aug-26 $4,792 12.3% 11 Corporate Woods MU $33,218 3.7% N C N Lease Rollover Mar-23 $1,764 5.3% 13 Enclave at Carpinteria OF $28,877 3.2% N C N Lease Rollover Sep-26 - - 14 444 West Ocean OF $24,640 2.7% Y FCL N Specially Serviced Nov-22 $7,737 31.4% 19 Great Valley Commerce Center OF $17,853 2.0% N C N Occupancy Sep-26 - - 15 Starwood Capital Hotel Portfolio LO $15,268 1.7% Y C Y Specially Serviced Mar-25 $4,038 26.5% 39 Family Dollar Portfolio RT $4,209 0.5% Y REO N REO Oct-24 $1,151 27.3% Total K-LOCs $232,995 25.9% $19,482 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 91.3%, compared to 93.8% at KBRA's last ratings change in October 2025 and 99.9% at issuance. The KDSC is 1.88x, compared to 1.75x at KBRA's last ratings change and 1.87x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1017311