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KBRA Affirms All Ratings for MSC 2018-H4

14 Nov 2025   |   New York

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KBRA affirms all of its outstanding ratings for MSC 2018-H4, a $719.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA’s last ratings change in December 2021.

As of the October 2025 remittance period, there are two specially serviced assets (5.9% of the pool balance), one of which is REO (4.1%) and one (1.8%) is 90+ days delinquent. KBRA identified 13 K-LOCs (23.0%), including the specially serviced assets. Of the K-LOCs, five (10.6%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5A1 Fordham Medical Office Portfolio MU $39,450 5.5% N C Y Prior SS 08/12/2024 - - 6 300 North Greene OF $29,168 4.1% Y 90+ N REO 09/14/2020 $14,835 50.9% 18 Lakeside Pointe & Fox Club Apartments MF $15,433 2.1% N C N Property Damage 12/22/2020 - - 20 One Sound Shore OF $13,144 1.8% N C N Lease Rollover 07/13/2020 $1,244 9.5% 22 Mama Shelter LA LO $12,960 1.8% Y 90+ N Foreclosure 06/11/2020 $256 2.0% 23 Fairfield Inn Perimeter Center LO $11,767 1.6% N C N DSCR 04/14/2020 $1,967 16.7% 26 Fairfield Inn Buckhead LO $10,022 1.4% N C N DSCR 05/13/2020 - - 28 1714 West Division Street MU $8,931 1.2% N C N Occupancy 05/11/2023 $1,331 14.9% 30 Park South Apartments MF $7,710 1.1% N C N DSCR 08/13/2024 - - 35 AVR Homewood Suites Lubbock LO $7,130 1.0% N C N DSCR 04/15/2020 - - 43 1510 East Bell Road MU $4,023 0.6% N C N Occupancy 03/13/2024 - - 48 Foothills Corporate Center OF $3,081 0.4% N C N Lease Rollover 05/07/2021 - - 49 216 Chartres Street MF $2,503 0.3% N C N DSCR 10/13/2020 - - Total K-LOCs $165,322 23.0% $19,633 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 96.9%, compared to 100.4% at last review and 97.6% at securitization. The KDSC is 1.62x, compared to 1.60x at last review and 1.70x 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: 1012320