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KBRA Downgrades Two Ratings and Affirms All Other Ratings for CSAIL 2017-C8

5 Jun 2025   |   New York

Contacts

KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings of CSAIL 2017-C8, a $589.7 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since last review.

As of the May 2025 remittance period, there is one specially serviced asset (6.4% of the pool balance), which is current. KBRA identified three K-LOCs (27.1%), including the specially serviced asset which has an estimated loss. The K-LOCs are displayed in the table below.

Loss Given Default (000s) Loss Severity 1 85 Broad Street OF $90,000 15.3% N C N Occupancy 8/28/2023 $0 0.0% 5 Hotel Eastlund LO $37,459 6.4% Y C Y Specially Serviced 04/10/2020 $16,615 44.4% 10 449 South Broadway MF $31,750 5.4% N C N DSCR 02/14/2024 $0 0.0% Total K-LOCs $159,209 27.1% $16,615 KBRA Estimated 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
Source: KBRA

Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 91.6%, compared to 94.7% at last review and 88.2% at securitization. The KDSC is 1.95x, compared to 2.08x at last review and 2.32x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class E to B (sf) from BB- (sf)
  • Class F to CCC (sf) from B- (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: 1009774

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