KBRA Affirms All Ratings for UBS 2018-C11
13 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2018-C11, a $673.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which exhibited an improvement in overall pool performance compared to KBRA’s last ratings change in December 2020 but remains exposed to a relatively high concentration of loans that have been identified as K-LOCs. In addition, the transaction has benefitted from deleveraging from loan payoffs, amortization and defeasances.
As of the November 2024 remittance period, there is one specially serviced asset (6.8% of the pool balance) which is current. KBRA identified 11 K-LOCs (31.5%), including the specially serviced asset. The K-LOCs include:
Three top 10 loans (17.1%), one of which has an estimated loss (6.8%):
- Riverfront Plaza (largest, 6.8% of the pool balance, 16.7% estimated loss severity)
- 20 Times Square (2nd largest, 6.7%)
- Premier Rochester Office Portfolio (10th largest, 3.6%)
Two additional K-LOCs (6.0%) have estimated losses:
- Cedar Ridge (3.1%, 49.4%)
- 45-55 West 28th Street (2.9%, 26.7%)
The remaining six K-LOCs do not have estimated losses and represent 8.5% of the pool balance.
Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 94.7%, compared to 104.9% at KBRA's last ratings change in December 2020 and 96.6% at securitization. The KDSC is 1.93x, compared to 1.87x at KBRA's last ratings change and 2.13x at securitization.
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