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KBRA Withdraws One Rating and Affirms All Other Outstanding Ratings for BANK 2017-BNK9

5 Dec 2025   |   New York

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KBRA withdraws the AAA (sf) rating for Class A-3 following its paydown to zero during the November 2025 remittance period and affirms all other ratings for BANK 2017-BNK9, a $781.6 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses across five K-LOCs (19.7% of the pool balance); however, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the November 2025 remittance period, there are two specially serviced assets (12.9%), of which one is REO (5.3%) and one (7.7%) is 90+ days delinquent. KBRA identified 11 K-LOCs (39.6%), including the specially serviced assets. Of the K-LOCs, five (19.7%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 Duane Morris Plaza OF $105,300 13.5% N C Y Modification 06/02/2025 - - 7 Park Square OF $60,000 7.7% Y 90+ N Delinquent 04/14/2020 $25,993 43.3% 8 BWI Airport Marriott LO $41,168 5.3% Y 90+ N REO 04/14/2020 $25,352 61.6% 11 Warwick Mall RT $28,486 3.6% N C N Tenant Issues 04/24/2020 $3,319 11.6% 17 1151 Third Avenue RT $17,750 2.3% N C N Occupancy 07/25/2025 $2,198 12.4% 15 Crystal Glen Office Centre OF $15,819 2.0% N C N Occupancy 01/30/2024 - - 18 Dover Town Center RT $13,307 1.7% N C N Occupancy 09/24/2024 - - 22 Towne Centre Murfreesboro RT $11,948 1.5% N C N Tenant Issues 02/03/2025 - - 30 88 W Colorado MU $7,643 1.0% N C N Lease Rollover 07/29/2024 - - 32 Parkway Shopping Center RT $5,827 0.7% N C N Tenant Issues 04/02/2024 $498 8.6% 44 313 Arch Street MU $1,890 0.2% N C N Lease Rollover 11/27/2024 - - Total K-LOCs $309,140 39.6% $57,359 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 90.0%, compared to 99.3% at KBRA's last ratings change and 100.7% at securitization. The KDSC is 2.00x, compared to 1.96x at KBRA's last ratings change and 2.02x at issuance.

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.

Doc ID: 1012576

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