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KBRA Downgrades Six Ratings, Affirms Six Ratings, and Removes Five Ratings from Watch Downgrade for UBS 2018-C9

16 Dec 2025   |   New York

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KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings of UBS 2018-C9, a $745.0 million CMBS conduit transaction. Simultaneously, KBRA removes five classes from Watch Downgrade (DN), where they were placed on October 3, 2025. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in interest shortfalls since the last ratings change in February 2025. The shortfalls are primarily due to two assets (8.4% of pool balance) being deemed non-recoverable in September 2025. In addition, KBRA's estimated losses from all seven K-LOCs (33.5% of the pool balance) have increased. The downgrades also reflect the possibility that interest shortfalls may affect higher tranches of the capital structure, as the servicer continues to work through the resolution of specially serviced assets.

As of the November 2025 remittance period, there are five specially serviced loans (25.1%), two of which are REO (13.4%), one (2.1%) in foreclosure, and two (9.7%) are 90+ days delinquent. KBRA has identified seven K-LOCs (33.5%), including the specially serviced assets, all of which have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1A1 Aspen Lake Office Portfolio OF $65,000 8.7% Y 90+ Y REO 02/14/2023 $28,591 44.0% 4A1 City Square and Clay Street MU $45,000 6.0% N C Y Occupancy 05/06/2022 $18,642 41.4% 3A1 Midwest Hotel Portfolio LO $44,309 5.9% Y 90+ N Delinquent 04/08/2020 $27,213 61.4% 7 22 West 38th Street OF $34,750 4.7% Y 90+ N REO 04/08/2020 $24,736 71.2% 8 Radisson Oakland LO $27,812 3.7% Y 90+ N Delinquent 10/10/2023 $25,809 92.8% 21A3 Park Place at Florham Park OF $17,500 2.3% N C N DSCR 11/07/2023 $1,820 10.4% 22 The IMG Building OF $15,457 2.1% Y 90+ N FCL 03/19/2019 $14,624 94.6% Total K-LOCs $249,827 33.5% $141,435 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. K-LOC Date 1 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
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 91.4%, compared to 92.6% at KBRA's last ratings change and 101.2% at securitization. The KDSC is 1.50x compared to 1.54x at KBRA's last ratings change and 1.79x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class A-S to AA (sf) from AAA (sf)
  • Class B to BBB- (sf) from A (sf) DN
  • Class C to B (sf) from BBB- (sf) DN
  • Class D to CCC (sf) from B- (sf) DN
  • Class D-RR to CC (sf) from CCC (sf) DN
  • Class E-RR to C (sf) from CC (sf) DN

To access ratings and relevant documents, click here.

Click here to view the report.

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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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