Press Release|CMBS
View PDF

KBRA Downgrades Six Ratings and Affirms All Other Ratings for CSAIL 2018-C14

6 Nov 2026   |   New York

Contacts

KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings for CSAIL 2018-C14, a $632.7 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in November 2023. The rating actions also reflect KBRA's estimated losses for five K-LOCs (14.9% of the pool balance) and the resulting loss adjusted C/E levels.

As of the October 2026 remittance period, there are three specially serviced assets (11.8%), of which one (9.4%) is 90+ days delinquent, one is matured performing (1.5%), and one is current (0.9%). KBRA identified eight K-LOCs (21.8%), including the specially serviced assets. Of the K-LOCs, five (14.9%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 3 Continental Towers OF $59,500 9.4% Y 90+ N Delinquent 10/28/2020 $32,078 53.9% 9 Holiday Inn FiDi LO $25,000 4.0% N C Y Prior SS 06/30/2020 - - 24 Fairfield Inn & Suites Denver/Aurora LO $10,929 1.7% N C N DSCR 04/06/2023 $501 4.6% 29 8713 5th Avenue OF $10,000 1.6% N C N DSCR 05/04/2022 $3,800 38.0% 25 20 Times Square MU $9,496 1.5% Y PM Y Specially Serviced 02/12/2021 - - 31 Tarpon Square RT $9,052 1.4% N C N Occupancy 09/04/2024 - - 34 1010 Bush MU $8,000 1.3% N C Y DSCR 07/13/2020 $500 6.3% 36 Canton Fields Hotel Portfolio LO $5,820 0.9% Y C N Specially Serviced 02/08/2024 $1,571 27.0% Total K-LOCs $137,797 21.8% $38,450 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 90.2%, compared to 93.6% at KBRA's last ratings change, 88.8% at last review, and 94.0% at securitization. The KDSC is 1.89x, unchanged from the last ratings change,compared to 1.90x at last review, and 1.93x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class D to BBB- (sf) from BBB+ (sf)
  • Class E to BB (sf) from BBB (sf)
  • Class F to CCC (sf) from B- (sf)
  • Class G to C (sf) from CCC (sf)
  • Class X-F to CCC (sf) from B- (sf)
  • Class X-G to C (sf) from CCC (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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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.

Doc ID: 1017967