KBRA Downgrades Five Ratings and Affirms All Other Ratings for CCUBS 2017-C1

KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings for CCUBS 2017-C1, a $576.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in loans which transferred to special servicing and have been identified as K-LOCs, three of which (17.5% of the pool balance) have estimated losses.

As of the October 2024 remittance period, there are four specially serviced loans (19.0% of the pool balance), including one which is 90+ days delinquent (2.1%), one which is 30 days delinquent (5.5%), one which is late in payment but less than 30 days (7.7%), and one which is current and performing (3.7%). KBRA identified five loans (23.3%) as K-LOCs. This includes:

Three top 10 loans (17.6%):

The remaining two K-LOCs do not have estimated losses and represent 5.8% of the pool balance.

Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 98.7%, compared to 97.6% at last review and 98.7% at securitization. The KDSC is 1.86x, compared to 1.85x at last review and 1.95x at securitization.

Details concerning the classes with rating changes are as follows:

To access ratings and relevant documents, click here.

Click here to view the report.

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