KBRA Affirms All Ratings For UBS 2018-C13
2 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2018-C13, a $582.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to securitization, including the addition of specially serviced loans and K-LOCs. However, the transaction, particularly among higher rated classes, has benefited from deleveraging from loan payoffs, amortization, and defeasance.
As of the July 2024 remittance period, there are two specially serviced loans (11.2% of the pool balance). KBRA identified eight K-LOCs (24.0%), including the specially serviced loans. These include:
Four top 10 loans (17.3%):
- 1670 Broadway (largest, 7.7%)
- Shelbourne Global Portfolio I (5th largest, 3.4%)
- Wendland Plaza (8th largest, 3.1%)
- Medtronic Santa Rosa (9th largest, 3.0%, 22.1% estimated loss severity)
The remaining four K-LOCs do not have estimated losses and represent 6.7% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s weighted average WA KLTV is 99.0%, compared to 95.6% at last review and 96.0% at securitization. The WA KDSC is 1.77x, compared to 1.83x at last review and 1.81x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.