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KBRA Downgrades Two Ratings and Affirms All Other Ratings for WFCM 2017-C41

10 Oct 2025   |   New York

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KBRA downgrades the ratings of two classes and affirms all other outstanding ratings for WFCM 2017-C41, a $710.6 million CMBS conduit transaction. The downgrades follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses on nine of the K-LOCs (21.9% of the pool balance).

As of the September 2025 remittance period, there are three specially serviced assets (4.8%), one of which is in foreclosure (0.4%). KBRA identified 15 K-LOCs (38.1% of the pool balance). Of the K-LOCs, nine (21.9%) have estimated losses.

Loss Given Default (000s) Loss Severity 1 Headquarters Plaza MU $50,000 7.0% N C Y DSCR 05/08/2020 - - 2 Marriott LAX LO $38,128 5.4% N C Y DSCR 01/23/2025 $11,028 28.9% 9 One Century Place OF $22,300 3.1% N C N Occupancy 08/01/2023 $1,244 5.6% 16 555 De Haro IN $19,000 2.7% N C N Occupancy 08/23/2023 - - 11 777 Township Line Road OF $18,882 2.7% N C N Lease Rollover 04/20/2023 $8,093 42.9% 14 DoubleTree Berkeley Marina LO $18,215 2.6% Y C N Specially Serviced 04/14/2021 - - 13 Corporate Center I & III OF $17,913 2.5% N C N DSCR 06/11/2020 $2,570 14.2% 15 Redmont Hotel Curio LO $16,620 2.3% N C N DSCR 06/24/2025 $2,699 16.2% 19 100-102 Forsyth Street MU $16,000 2.3% N C Y DSRC 8/12/2020 $4,159 26.0% 26 Columbia Park Shopping Center RT $12,700 1.8% Y C N Specially Serviced 03/08/2023 $3,038 23.9% 24 HGI Plymouth LO $11,636 1.6% N C Y DSCR 04/13/2020 - - 32 Cascade Building MU $10,000 1.4% N C N Occupancy 06/13/2024 $3,143 31.4% 31 Northern Ohio Industrial Park IN $9,431 1.3% N C N Occupancy 05/06/2025 - - 38 Omega Self Storage – Amityville Portfolio SS $6,845 1.0% N C N DSCR 2/10/2025 - - 49 Rite Aid Dunmore RT $3,113 0.4% N FCL N Foreclsoure 05/28/2025 $839 26.9% Total K-LOCs 270,783 $ 38.1% $36,811 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 107.0%, compared to 108.4% at last review and 102.6% at securitization. The KDSC is 1.55x, compared to 1.59x at last review change and 1.72x at securitization.

To access ratings and relevant documents, click here.

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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: 1011746