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KBRA Downgrades Two Ratings and Affirms All Other Outstanding Ratings for COMM 2017-COR2

21 Aug 2026   |   New York

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KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings for COMM 2017-COR2, an $814.8 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization. The rating actions reflect KBRA's estimated losses for five K-LOCs (21.6% of the pool balance) and the resulting loss-adjusted C/E levels.

As of the August 2026 remittance period, there are three delinquent loans (4.1% of pool balance), of which one is specially serviced. KBRA identified 13 K-LOCs (33.1% of the pool), including the delinquent and specially serviced loans. Of the K-LOCs, five (21.6%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 4 Grand Hyatt Seattle LO $50,000 6.1% N C Y DSCR 03/26/2020 $4,477 9.0% 5 Renaissance Seattle LO $50,000 6.1% N C Y DSCR 03/01/2024 $9,811 19.6% 6 Mall of Louisiana RT $44,318 5.4% N C N Maturity 8/21/2026 $5,445 12.3% 14 16027 Ventura Boulevard OF $25,000 3.1% N C N DSCR 08/28/2023 $10,266 41.1% 13 The Landing OF $23,950 2.9% N C N Maturity 8/21/2026 - - 20 Oaks Apartment Portfolio MF $13,537 1.7% N 60+ N Delinquent 11/29/2023 - - 23 592-594 Dean Street OF $12,857 1.6% Y 60+ N Specially Serviced 09/27/2023 - - 22 One Independence Way OF $12,376 1.5% N C N Occupancy 07/29/2025 - - 27 Oak Manor Villas MF $10,022 1.2% N C N DSCR 04/28/2020 - - 33 Rampart Village Center RT $7,346 0.9% N C Y DSCR 04/09/2020 - - 36 Courtyard West Des Moines LO $7,326 0.9% N C Y DSCR 12/09/2019 $3,326 45.4% 35 Packard Place OF $6,686 0.8% N 30+ N Delinquent 10/29/2025 - - 40 Lexington Hotel Miami Beach LO $6,500 0.8% N C Y DSCR 05/31/2024 - - Total K-LOCs $269,919 33.1% $33,325 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 Statu s Mod (Y/N) Primary K-LOC Reason
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 95.0%, compared to 101.8% at last review and 101.4% at securitization. The WA KDSC is 1.70x, compared to 1.71x at last review and 1.78x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class F-RR to B- (sf) from BB- (sf)
  • Class G-RR to CCC (sf) from B- (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: 1016643