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KBRA Downgrades Five Ratings and Affirms All Other Ratings for GSMS 2018-GS9

6 Mar 2026   |   New York

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KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings for GSMS 2018-GS9, an $820.4 million CMBS conduit transaction. The ratings actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in March 2025. The ratings actions reflect increases in KBRA’s estimated losses for five K-LOCs (16.7% of the pool) and the resulting loss adjusted C/E levels.

As of the February 2026 remittance period, there are three specially serviced assets (14.7%), of which one (4.1%) is in foreclosure, one (6.3%) is 90+ days delinquent, and one (4.3%) is 60+ days delinquent. KBRA identified six K-LOCs (17.0%), including the specially serviced assets. Of the K-LOCs, five (16.7%) have an estimated loss. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 7 Pin Oak North Medical Office OF $52,040 6.3% Y 90+ N Specially Serviced 08/23/2023 $28,276 54.3% 9 Worldwide Plaza OF $35,000 4.3% Y 60+ N Specially Serviced 06/04/2024 $17,751 50.7% 10 90 Fifth Avenue MU $33,750 4.1% Y FCL N Specially Serviced 03/18/2024 $15,270 45.2% 21 357 Flatbush MU $10,500 1.3% N C N Occupancy 02/20/2025 $3,711 35.3% 28 Parkway Tower OF $5,690 0.7% N C N Occupancy 10/25/2021 $1,390 24.4% 33 ESA Indianapolis Airport LO $2,835 0.4% N C N DSCR 03/02/2026 - - Total K-LOCs $139,814 17.0% $66,398 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 89.4% as compared to 89.1% at last ratings change and 92.9% at securitization. The KDSC is 2.25x as compared to 2.11x at last ratings change and 2.16x at issuance.

Details concerning the classes with rating changes are as follows:

  • Class C to BBB- (sf) from A- (sf)
  • Class D to CCC (sf) from BB- (sf)
  • Class E to CC (sf) from CCC (sf)
  • Class F-RR to C (sf) from CC (sf)
  • Class X-D to CCC (sf) from BB- (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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