Press Release|CMBS
View PDF

KBRA Withdraws One Rating, Downgrades Four Ratings, and Affirms All Other Ratings for CSAIL 2017-CX10

17 Sep 2026   |   New York

Contacts

KBRA withdraws the rating of one class of certificates, downgrades the ratings of four classes of certificates and affirms all other outstanding ratings of CSAIL 2017-CX10, a $598.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses from four K-LOCs (21.1% of the pool balance), each of which is secured by office properties. The withdrawal action was taken as the principal balance of the class has been reduced to zero as of the August 2026 distribution date. The ratings also consider increased certificate C/E levels due to amortization and loan payoffs, as well as deleveraging due to defeasances.

As of the September 2026 remittance period, there are three specially serviced loans (15.6%), two of which (7.9%) are in foreclosure. KBRA has identified six K-LOCs (30.2%), including the specially serviced assets. Of the K-LOCs, four (21.1%) have estimated losses. The K-LOCs are outlined in the table below.

Loss Given Default (000s) Loss Severity 5 One California Plaza OF $46,324 7.7% Y PM N SS 03/15/2021 $6,474 14.0% 9 379 West Broadway OF $42,000 7.0% N C N DSCR 04/15/2020 - - 10 600 Vine OF $31,892 5.3% Y FCL N Foreclosure 01/03/2023 $15,467 48.5% 11 300 Montgomery OF $30,000 5.0% N C N Occupancy 05/31/2023 $10,267 34.2% 18 701 East 22nd Street OF $15,190 2.5% Y FCL N Foreclosure 07/09/2024 $13,279 87.4% 19 237 East Fordham Road RT $15,000 2.5% N C N Occupancy 12/10/2020 - - Total K-LOCs $180,405 30.2% $45,488 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

Details concerning the ratings adjustments are as follows:

  • Class C to BBB (sf) from A- (sf)
  • Class D to B- (sf) from BB- (sf)
  • Class V1-B to BBB (sf) from A- (sf)
  • Class V1-D to B- (sf) from BB- (sf)

Details concerning the withdrawn rating is as follows:

  • Class A-SB to WR from AAA (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.

Doc ID: 1017063