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KBRA Downgrades Four Ratings and Affirms All Other Ratings for CGCMT 2018-C6

30 Oct 2026   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for CGCMT 2018-C6, a $646.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since last review. The rating actions also reflect KBRA's estimated losses for three K-LOCs (10.6% of the pool balance) and the resulting loss adjusted C/E levels.

As of the October 2026 remittance period, there are three specially serviced loans (16.8% of the pool balance), one of which is non-performing matured balloon (9.9%), one is current (6.5%), and one is in foreclosure (0.5%). KBRA identified nine K-LOCs (30.5%), including the specially serviced assets. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1 DUMBO Heights Portfolio OF $63,752 9.9% Y C Y Specially Serviced 02/01/2023 - - 3 Cambridge Corporate Center OF $41,800 6.5% Y C N Specially Serviced 07/10/2023 $8,980 21.5% 9 Holiday Inn FiDi LO $27,025 4.2% N C Y Prior SS 06/30/2020 - - 19 TownePlace Suites Clinton at Joint Base Andrews LO $13,669 2.1% N C N DSCR 04/07/2026 - - 25 Victory on 30th MF $13,500 2.1% N C N DSCR 04/08/2025 $2,281 16.9% 22 Riverside Office Center OF $13,026 2.0% N C N DSCR 05/04/2022 $5,195 39.9% 27 TownePlace Suites Houston - Galleria Area LO $10,781 1.7% N C N DSCR 04/06/2020 - - 28 Cotton Center I OF $10,509 1.6% N C N Occupancy 04/07/2026 - - 33 Fairway Plaza OF $3,272 0.5% Y FCL N Foreclosure 07/31/2025 - - Total K-LOCs $197,333 30.5% $16,457 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 102.8%, compared to 97.7% at last review and 99.7% at issuance. The KDSC is 1.64x, compared to 1.66x at last review, and 1.74x at issuance.

Details concerning the classes with rating changes are as follows:

  • Class F-RR to BB (sf) from BBB- (sf)
  • Class G-RR to BB- (sf) from BB+ (sf)
  • Class J-RR to B- (sf) from BB- (sf)
  • Class K-RR 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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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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