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KBRA Downgrades Four Ratings and Affirms All Other Ratings for UBS 2019-C17

13 Aug 2026   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for UBS 2019-C17, a $748.8 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance compared to securitization. The rating actions reflect KBRA's estimated losses for two K-LOCs (2.9% of the pool balance) and the resulting loss adjusted C/E levels.

As of the July 2026 remittance period, there are five specially serviced loans (5.2%), including three delinquent loans (3.0%).KBRA identified eight K-LOCs (12.5%), including the specially serviced assets. Of the K-LOCs, two (2.9%) have estimated losses. The K-LOCs are depicted in the following table:

Loss Given Default (000s) Loss Severity 2 Phoenix Industrial Portfolio II IN $37,502 5.0% N C N Occupancy 07/08/2026 - - 16 SpringHill Suites Corona Riverside LO $13,327 1.8% N C N DSCR 02/06/2026 - - 22 Gateway Tower OF $13,157 1.8% Y 30+ N Specially Serviced 05/12/2023 $9,042 68.8% 20 Hudson River Hotel LO $12,668 1.7% Y C N Specially Serviced 04/16/2020 - - 34 Meidinger Tower OF $8,565 1.1% Y 90+ N Specially Serviced 02/23/2023 $8,379 98.2% 57 Parkway Village West RT $3,873 0.5% Y C N Specially Serviced 02/06/2026 - - 55 Best Western Plus - Newport News LO $3,681 0.5% N C N DSCR 05/12/2026 - - 67 FedEx Muncie IN $794 0.1% Y 60+ N Specially Serviced 05/12/2026 - - Total K-LOCs $93,566 12.5% $17,421 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 99.7%, compared to 101.5% at last review and 103.1% at securitization. The KDSC is 1.77x, in line with last review and 1.78x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class F to BB- (sf) from BB+ (sf)
  • Class G to B (sf) from BB- (sf)
  • Class X-F to BB- (sf) from BB+ (sf)
  • Class X-G to B (sf) from BB- (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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