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KBRA Affirms All Ratings for UBS 2017-C5

17 Oct 2025   |   New York

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KBRA affirms all of its outstanding ratings of UBS 2017-C5, a $508.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in pool performance since the last ratings change in October 2024, due to a reduction in KBRA's estimated losses. The former 7th largest loan, Delshah NYC Portfolio, was resolved in July 2025 without a loss.

As of the September 2025 remittance report, there are two specially serviced loans (7.1% of the current pool balance), both of which are current. KBRA identified 10 K-LOCs (26.5%), which include the specially serviced loans. Of the K-LOCs, three (11.3%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 8 237 Park Avenue OF $25,390 5.0% N C N Lease Rollover Aug-25 - - 11 DoubleTree Wilmington LO $20,957 4.1% N C, WL Y DSCR Apr-20 $6,121 29.2% 15 AHIP Northeast Portfolio III LO $18,979 3.7% Y C, SS Y DSCR Dec-23 $3,027 15.9% 17 50 Varick Street OF $17,390 3.4% N C, WL Y Recent Delinquency Jun-25 $4,891 28.1% 16 DoubleTree Berkeley Marina LO $17,077 3.4% Y C, SS Y Specially Serviced Apr-21 - - 26 50 Republic & 40 Marcus Drive OF $10,913 2.1% N C, WL N DSCR Sep-23 - - 29 Murrieta Plaza RT $9,549 1.9% N C, WL N Occupancy Jul-20 - - 33 Candlewood Suites Nashville LO $6,547 1.3% N C, WL N DSCR Jan-24 - - 36 Triangle Square Shopping Center RT $5,246 1.0% N C, WL N Tenant Issues Dec-24 - - 44 Ivy Falls Center RT $2,495 0.5% N C, WL N Lease Rollover Jun-20 - - Total K-LOCs $134,543 26.4% $14,040 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 93.0%, compared to 90.9% at the last ratings change in October 2024 and 92.0% at securitization. The KDSC is 1.93x, compared to 1.97x at the last ratings change and 2.19x 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.

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