Press Release|CMBS
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KBRA Affirms All Ratings for MSCI 2016-UBS11

24 Apr 2026   |   New York

Contacts

KBRA affirms all of its outstanding ratings for MSCI 2016-UBS11, a $425.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA’s last ratings change in July 2021 as a result of pay downs at the top of the capital structure, as well as a reduction in the number of K-LOCs and specially serviced loans. However, the magnitude of the change does not warrant ratings adjustments at this time.

As of the April 2026 remittance period, there are no delinquent or specially serviced loans. Two loans (1.4%) are identified as K-LOCs, neither of which has an estimated loss. The K-LOCs are displayed in the table below.

K-LOCs Loss Given Default (000s) Loss Severity 33 321 West Geer Street MU 3,292 0.8% N C N Occupancy 12/30/2024 - - 34 Carnegie Corporate Plaza IN 2,592 0.6% N C N DSCR 11/12/2025 - - Total K-LOCs $5,884 1.4% - 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 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

The transaction’s WA KLTV is 76.0% compared to 77.2% at last review and 91.5% at securitization. The KDSC is 2.23x, compared to 2.65x at last review and 2.20x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1014620