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KBRA Downgrades Two Ratings and Affirms All Other Ratings for UBS 2017-C6

9 Oct 2026   |   New York

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KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings for UBS 2017-C6, a $432.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which considered realized losses to date as well as KBRA's estimated losses from K-LOCs and the resulting loss adjusted C/E levels. KBRA also considered the potential for interest shortfalls, currently impacting the Class E certificates and below.

As of the September 2026 remittance period, there are three specially serviced assets (14.4%), including one that is 90+days delinquent (4.2%). KBRA identified 10 K-LOCs (34.8%), including the specially serviced assets. Six of the K-LOCs (20.2%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 4 One Cleveland Center OF $34,124 7.9% Y C N Specially Serviced 01/03/2025 $3,173 9.3% 3 National Office Portfolio OF $33,459 7.7% N C N Occupancy 09/24/2026 - - 13 2U Headquarters OF $17,960 4.2% Y 90+ Y Forbearance 08/28/2024 $14,732 82.0% 20 Chelsea Multifamily Portfolio MF $15,000 3.5% N C N Occupancy 09/24/2026 $660 4.4% 22 Murrieta Plaza RT $14,063 3.3% N C N Occupancy 07/14/2020 - - 26 Dorian Apartments MF $10,200 2.4% N C Y DSCR 01/12/2021 $4,583 44.9% 28 IGF Portfolio RT $10,130 2.3% Y C N Specially Serviced 08/03/2021 - - 30 Holiday Inn Express - Lansing LO $7,095 1.6% N C N DSCR 06/11/2020 $2,195 30.9% 33 Hampton Inn Kingsland LO $5,429 1.3% N C N DSCR 08/01/2025 - - 38 DoubleTree Wilmington LO $2,985 0.7% N C Y DSCR 04/13/2020 $1,431 47.9% Total K-LOCs $150,445 34.8% $26,774 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 94.7%, compared to 107.5% at last rating's change and 95.8% at issuance. The KDSC is 1.46x, compared to 1.43x at last rating's change and 2.01x at issuance.

Details concerning the classes with rating changes are as follows:

  • Class D to CCC (sf) from B-
  • Class X-D to CCC (sf) from B-

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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