Press Release|CMBS

KBRA Affirms All Ratings for UBS 2018-C10

10 May 2024   |   New York


KBRA affirms all of its outstanding ratings for UBS 2018-C10, a $678.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance compared to securitization.

As of the April 2024 remittance period, there are three specially serviced assets (1.6% of the pool balance), of which one (0.6%) is REO, one (0.4%) is in foreclosure and one (0.5%) is 30 days delinquent. KBRA identified five K-LOCs (8.3%), including the three specially serviced assets. The K-LOCs include two top 10 loans (6.8%):

  • Manchester Highlands (8th largest, 3.7% of the pool balance)
  • Port Atwater Parking (10th largest, 3.1%)

One K-LOC has an estimated loss:

  • Westpark Hudson (0.6%, 75.9% estimated loss severity, REO)

The remaining two K-LOCs do not have estimated losses and represent 1.0% of the pool balance.

Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 107.1%, compared to 105.2% at last review and 103.2% at securitization. The KDSC is 1.57x, compared to 1.58x at last review and 1.61x at securitization.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004268

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