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KBRA Downgrades Two Ratings and Affirms All Other Ratings for UBS 2017-C1

1 May 2026   |   New York

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KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for UBS 2017-C1, a $640.6 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a decline in pool performance since KBRA's last ratings change in May 2025. The ratings actions also reflect KBRA's estimated losses from K-LOCs and the resulting loss-adjusted C/E levels, and consider the transaction deleveraging from loan payoffs, amortization, and defeasance.

As of the April 2026 remittance period, there are two specially serviced assets (7.5%), one of which (2.3%) is REO. KBRA identified eight K-LOCs (25.5%), including the specially serviced assets. Of the K-LOCs, three (7.6%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 3 Moffett Place Google OF $37,351 5.8% N C N Lease Rollover 12/10/2025 - - 7 75 Broad Street OF $33,000 5.2% Y C Y SS 05/27/2025 - - 9 One West 34th Street MU $30,000 4.7% N C N DSCR 01/25/2021 $15,811 52.7% 10 Baypoint Commerce Center OF $26,403 4.1% N C N Occupancy 06/27/2024 - - 24 Boston Creek Apartments MF $14,730 2.3% Y REO N REO 01/31/2019 $9,032 61.3% 25 Sheraton Hotel Greensboro LO $11,785 1.8% N C N Occupancy 02/13/2024 - - 48 Hampton Inn Monroe LO $5,945 0.9% N C Y DSCR 01/30/2026 - - 53 Monroe Building-WI OF $4,100 0.6% N C N DSCR 02/07/2022 $304 7.4% Total K-LOCs $163,314 25.5% $25,147 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 87.3%, compared to 85.3% at KBRA's last ratings change and 95.1% at securitization. The KDSC is 1.69x, compared to 1.71x at KBRA's last ratings change and 1.79x at securitization.

Details concerning the ratings adjustments are as follows:

  • Class C to BBB (sf) from A (sf)
  • Class D to BB (sf) from BBB (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.

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