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KBRA Downgrades Nine Ratings and Affirms All Other Ratings for CGCMT 2017-P7

13 Mar 2026   |   New York

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KBRA downgrades the ratings of nine classes of certificates and affirms all other outstanding ratings for CGCMT 2017-P7, a $785.5 million CMBS conduit transaction. The ratings actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since KBRA’s last ratings change in March 2024 for four of the K-LOCs (11.5% of the pool balance).

As of the February 2026 remittance period, there are six specially serviced assets (17.4% of the pool balance), of which, two are in foreclosure (5.3%), one is 60+ days delinquent (2.4%), and one (0.5%) is non-performing matured. KBRA identified a total of 13 K-LOCs (43.6%), including the specially serviced assets. Of the K-LOCs, seven (16.8%) have estimated losses.

Loss Given Default (000s) Loss Severity 2 50 Broadway MU $62,000 7.9% N C N Occupancy 02/23/2026 - - 4 Scripps Center OF $43,926 5.6% N C N Maturity 02/23/2026 - - 3 Key Center Cleveland MU $42,169 5.4% Y C Y Specially Serviced 12/08/2020 - - 7 Veteran's Plaza OF $37,297 4.7% N C N Lease Rollover 02/23/2026 - - 9 Hamilton Crossing OF $29,579 3.8% Y C N Specially Serviced 09/10/2018 $5,419 18.3% 13 111 Livingston Street OF $29,000 3.7% N C N DSCR 02/27/2023 $8,654 29.8% 17 Cahuenga West Office Building OF $23,138 2.9% Y FCL N Foreclosure 10/14/2020 $9,157 39.6% 23 The Tower at OPOP MF $18,777 2.4% Y 60+ N Specially Serviced 03/21/2022 $6,709 35.7% 18 SAP Building OF $18,772 2.4% Y FCL N Foreclosure 09/23/2022 $10,058 53.6% 28 East Park Tower MF $14,850 1.9% N C N Occupancy 06/02/2025 - - 32 Residence Inn Orlando East UCF LO $10,190 1.3% N C Y DSCR 03/21/2024 - - 36 400 Manley IN $8,461 1.1% N C N Occupancy 10/21/2025 $1,261 14.9% 42 Shilo Inn Idaho Falls LO $4,163 0.5% Y NPM N Non-Performing Matured 12/11/2018 $4,088 98.2% Total K-LOCs $342,324 43.6% $45,347 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 104.6%, compared to 106.2% at KBRA's last ratings change, and 99.5% at issuance. The KDSC is 1.42x, compared to 1.52x at KBRA's last ratings change and 1.78x at issuance.

Details concerning the classes with ratings changes are as follows:

  • Class C to BBB (sf) from A- (sf)
  • Class D to CCC (sf) from B (sf)
  • Class E to CC (sf) from CCC (sf)
  • Class F to C (sf) from CC (sf)
  • Class X-D to CCC (sf) from B (sf)
  • Class V-2C to BBB (sf) from A- (sf)
  • Class V-3C to BBB (sf) from A- (sf)
  • Class V-2D to CCC (sf) from B (sf)
  • Class V-3D 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.

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