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KBRA Affirms All Ratings for UBS 2018-C14

7 Nov 2025   |   New York

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KBRA affirms all of its outstanding ratings for UBS 2018-C14, a $526.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in estimated losses compared to KBRA’s last rating adjustments in November 2024. However, the magnitude of these changes does not warrant rating adjustments at this time. Additionally, the transaction has benefited from an increase in pool defeasance since last review, which now accounts for 17.7% of the pool balance.

As of the October 2025 remittance period, there are three specially serviced assets (8.0% of the pool balance). KBRA identified nine K-LOCs (30.2%), including the specially serviced assets. Of the nine K-LOCs, five (13.8%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1A2 GNL Portfolio MU $44,325 8.4% N C N DSCR 02/07/2023 - - 6A1 Clevelander South Beach LO $31,735 6.0% N C N DSCR 04/04/2024 $1,988 6.3% 7A2 1670 Broadway OF $24,026 4.6% Y PM Y Performing Matured 10/03/2023 - - 12 Crowne Plaza - Jacksonville (Airport) LO $15,868 3.0% N C N DSCR 05/03/2025 $5,054 31.8% 16 Orchard Ridge Corporate Park MU $13,251 2.5% N C N DSCR 06/15/2020 $7,520 56.7% 14 Four Points - Juneau LO $12,422 2.4% Y C Y Specially Serviced 06/15/2020 - - 36 150 Grand Street MU $6,000 1.1% N C N DSCR 12/10/2020 $1,440 24.0% 33 La Quinta - College Station LO $5,949 1.1% Y C Y Specially Serviced 04/16/2020 $2,020 34.0% 35 Holiday Inn Express & Suites Port Lavaca LO $5,653 1.1% N C N DSCR 02/08/2024 - - Total K-LOCs $159,228 30.2% $18,021 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 93.9%, compared to 94.8% at KBRA’s last rating adjustments in November 2024 and 95.7% at securitization. The KDSC is 1.65x, compared to 1.64x at KBRA’s last rating adjustments and 1.71x at securitization.

To access ratings and relevant documents, click here.

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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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