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KBRA Downgrades Two Ratings and Affirms All Other Outstanding Ratings For UBS 2017-C5

16 Oct 2026   |   New York

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KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings of UBS 2017-C5, a $468.8 million CMBS conduit transaction. The ratings action follows a surveillance review of the transaction, which has experienced realized losses and an increase in estimated losses since KBRA's last ratings change in October 2024. The pool has incurred $15.2 million in realized losses, which have impacted the Class NR-RR certificates, and KBRA estimates an additional $20.6 million of loss given default.

As of the September 2026 remittance report, there is one specially serviced loan (3.6% of the current pool balance), which is in foreclosure. KBRA identified 11 K-LOCs (34.2%), which include the specially serviced loan. Of the K-LOCs, three (11.6%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 6 National Office Portfolio OF $29,276 6.2% N C N Occupany Sep-26 - - 8A2C2 237 Park Avenue OF $25,390 5.4% N C N Lease Rollover Sep-26 - - 11 DoubleTree Wilmington LO $20,470 4.4% N C Y DSCR Apr-20 $9,812 47.9% 17 50 Varick Street OF $17,390 3.7% N C Y Tenant Issues Jun-25 $5,011 28.8% 16A12 DoubleTree Berkeley Marina LO $16,720 3.6% Y FCL Y Foreclosure Apr-21 $5,779 34.6% 21 Hyatt Regency Princeton LO $13,971 3.0% N C Y Maturity Sep-26 - - 26 50 Republic & 40 Marcus Drive OF $10,655 2.3% N C N Tenant Issues Sep-23 - - 29 Murrieta Plaza RT $9,375 2.0% N C N Occupany Jul-20 - - 32 SNP Portfolio OF $7,493 1.6% N C N DSCR Sep-26 - - 30 Holiday Inn Express Tallahassee LO $7,300 1.6% N C Y DSCR Mar-26 - - 44 Ivy Falls Center RT $2,438 0.5% N C N Lease Rollover Jun-20 - - Total K-LOCs $160,479 34.2% $20,602 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 88.8%, compared to 90.9% at the last ratings change in October 2024 and 92.0% at securitization. The KDSC is 1.94x, compared to 1.97x at the last ratings change and 2.19x at issuance.

Details concerning the classes with ratings changes are as follows:

  • Class F-RR to CCC (sf) from B- (sf)
  • Class G-RR to CC (sf) from CCC (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.

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