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

9 Oct 2026   |   New York

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KBRA downgrades the ratings of five classes and affirms all other outstanding ratings for WFCM 2017-C41, a $694.8 million CMBS conduit transaction. The downgrades follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses from 10 of the transaction's K-LOCs (28.2% of the pool balance), including three top 10 loans (13.8%).

As of the September 2026 remittance period, there are two specially serviced assets (4.0%), one of which is in foreclosure (2.6%). KBRA identified 15 K-LOCs (37.4% of the pool balance). Of the K-LOCs, 10 have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2 Marriott LAX LO $37,182 5.4% N C Y DSCR 01/23/2025 $11,162 30.0% 3 Mall of Louisiana RT $36,270 5.2% N C N Occupancy 08/27/2026 $4,395 12.1% 6 National Office Portfolio OF $25,094 3.6% N C N Occupancy 09/24/2026 - - 9 One Century Place OF $22,300 3.2% N C N Occupancy 08/01/2023 $6,139 27.5% 16 555 De Haro IN $19,000 2.7% N C N Occupancy 08/23/2023 - - 14 DoubleTree Berkeley Marina LO $17,835 2.6% Y FCL N Foreclosure 04/14/2021 $6,165 34.6% 13 Corporate Center I & III OF $17,529 2.5% N C N DSCR 06/11/2020 $4,686 26.7% 15 Redmont Hotel Curio LO $16,238 2.3% N C N DSCR 06/24/2025 $7,926 48.8% 19 100-102 Forsyth Street MU $16,000 2.3% N C Y Maturity 8/12/2020 $3,395 21.2% 24 HGI Plymouth LO $11,376 1.6% N C Y DSCR 04/13/2020 $4,247 37.3% 26 Columbia Park Shopping Center RT $10,905 1.6% N C Y DSCR 03/08/2023 $6,947 63.7% 32 Cascade Building MU $10,000 1.4% Y C N DSCR 06/13/2024 $3,426 34.3% 31 Northern Ohio Industrial Park IN $9,187 1.3% N C N Occupancy 05/06/2025 - - 38 Omega Self Storage – Amityville Portfolio SS $6,668 1.0% N C N DSCR 2/10/2025 - - 47 Shaw Blackstone Center-CA RT $4,258 0.6% N C N Lease Rollover 03/26/2026 - - Total K-LOCs $259,841 37.4% $58,489 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. K-LOC Date 1 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
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 91.7%, compared to 107.0% at last review and 102.6% at securitization. The KDSC is 1.62x, compared to 1.55x at last review and 1.72x at securitization.

Details concerning the classes with ratings adjustments are as follows:

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