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KBRA Affirms All Ratings for UBS 2017-C3

10 Jul 2026   |   New York

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KBRA affirms all outstanding ratings of UBS 2017-C3, a $564.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since KBRA's last ratings change in July 2025.

As of the June 2026 remittance period, there are four specially serviced assets (15.5% of the pool balance), of which one (5.1%) is REO, one (5.0%) is in foreclosure, and one (0.4%) is over 90 days delinquent. KBRA identified nine K-LOCs (30.5%), including the specially serviced assets. Of the loans identified as K-LOCs, three (8.7%) have estimated losses. The K-LOCs are depicted in the table below:

Figure #1
Loss Given Default (000s) Loss Severity 5 Embassy Suites - Santa Ana LO $33,688 6.0% N C Y Prior SS 04/29/2020 - - 7 OKC Outlets RT $28,844 5.1% Y NP Y Non-Performing Maturity Balloon 06/26/2020 - - 9 JW Marriott Chicago LO $28,500 5.1% Y REO N REO 06/04/2020 - - 10 Center 78 OF $28,000 5.0% Y REO N REO 08/30/2023 $16,026 57.2% 11 Great Valley Commerce Center OF $23,173 4.1% N C N Occupancy 6/24/2020 - - 14 Younique HQ Building OF $18,828 3.3% N C N Occupancy 12/10/2025 $3,332 17.7% 23 Hampton Inn & Suites Williamsburg Historic District LO $6,547 1.2% N C N DSCR 08/25/2025 - - 39 5544 Greenwich Road OF $2,495 0.4% N C N DSCR 09/14/2021 - - 41 Woodville Plaza Apartments MF $2,158 0.4% Y 90+ N Delinquent 06/25/2024 $406 18.8% $172,233 30.5% $19,764 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. Total K-LOCs 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 K-LOCs with estimated losses, the transaction’s WA KLTV is 91.0%, compared to 86.7% at KBRA’s last ratings change in July 2025 and 90.7% at securitization. The KDSC is 1.99x, compared to 1.82x at KBRA’s last ratings change and 2.17x at securitization

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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