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KBRA Downgrades Five Ratings and Affirms All Other Ratings for JPMCC 2017-JP5

17 Feb 2026   |   New York

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KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings of JPMCC 2017-JP5, a $752.1 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last rating action in March 2025, including an increase in KBRA's estimated losses for five K-LOCs (28.3% of the pool balance). The ratings also consider the likelihood of interest shortfalls continuing and affecting classes higher in the capital structure while the servicer resolves the transaction’s specially serviced assets.

As of the January 2026 remittance period, there are four specially serviced assets (21.5%), of which one is REO (0.9%), one is in foreclosure (7.4%), one is 90 days delinquent (8.2%) and one is non-performing matured (5.1%). KBRA identified eight K-LOCs (38.9%), including the specially serviced assets. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 2 Moffett Gateway OF $70,942 9.4% N C N Lease Rollover 12/30/2025 - - 6 55 Hawthorne OF $61,500 8.2% Y 90+ N Specially Serviced 03/11/2025 $39,787 64.7% 5 Riverway OF $55,967 7.4% Y 90+ N Foreclosure 08/13/2020 $47,024 84.0% 8 Landmark Square MU $51,000 6.8% N C N Occupancy 03/02/2021 $8,262 16.2% 12 Reston EastPointe OF $38,000 5.1% Y NPM N Non-Performing Maturity Balloon 12/09/2020 $16,643 43.8% 29 Montgomery Triangle Gateway MU $6,599 0.9% Y 90+ N REO 03/02/2020 $4,042 61.2% 36 3200 North Hayden OF $5,214 0.7% N C N DSCR 01/21/2026 - - 41 Walgreens Cooper City RT $3,300 0.4% N C N Recent Delinquency 07/09/2024 - - Total K-LOCs $292,523 38.9% $115,757 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 K-LOCs with estimated losses, the transaction’s WA KLTV is 78.7% compared to 79.4% at last review and 96.8% at securitization. The KDSC is 1.97x compared to 2.05x at last review and 1.82x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class B to A (sf) from AA+ (sf)
  • Class C to BB (sf) from A (sf)
  • Class D to CCC (sf) from BBB- (sf)
  • Class D-RR to CC (sf) from B- (sf)
  • Class E-RR to C (sf) from CC (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.

Doc ID: 1013538