KBRA Downgrades Four Ratings and Affirms All Other Ratings for CCUBS 2017-C1
30 Oct 2026 | New York
KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for CCUBS 2017-C1, a $498.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in November 2025. The rating actions also reflect KBRA's estimated losses for four K-LOCs (22.9% of the pool balance) and the resulting loss adjusted C/E levels.
As of the October 2026 remittance period, there are two specially serviced loans (15.1%), comprising one that is in foreclosure (8.9%) and one that is 90+ days delinquent (6.2%). KBRA identified eight K-LOCs (33.4%), including the specially serviced loans. Of the K-LOCs, four (22.9%) have estimated losses. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 95.6%, compared to 98.1% at last review and 98.7% at securitization. The KDSC is 1.79x, compared to 1.87x at last review and 1.95x at securitization.
Details concerning the classes with ratings actions are as follows:
- Class D to BB (sf) from BBB- (sf)
- Class D-RR to CCC (sf) from B- (sf)
- Class E-RR to CC (sf) from CCC (sf)
- Class F-RR to C (sf) from CC (sf)
To access ratings and relevant documents, click here.
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