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KBRA Downgrades Two Ratings and Affirms All Other Outstanding Ratings for UBS 2018-C8

6 Feb 2026   |   New York

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KBRA downgrades the ratings of two classes of certificates and affirms all other outstanding ratings for UBS 2018-C8, an $876.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA’s estimated losses for eight K-LOCs (23.7% of the pool balance) compared to last review. Four (18.8%) of the loans with estimated losses are top 10 non-defeased loans, and the resulting loss adjusted C/E levels have declined at the bottom of the capital structure. The rating actions also consider the transaction deleveraging from loan payoffs, amortization and defeasance.

As of the January 2026 remittance period, there are three specially serviced assets (12.6%), including one (5.1%) in foreclosure and one (5.6%) that is 90+ days delinquent. KBRA identified nine K-LOCs (24.8%), including the specially serviced assets. Of the nine K-LOCs, eight (23.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2A12 Tryad Industrial & Business Center IN $48,910 5.6% Y 90+ N Specially Serviced 10/26/2023 $7,411 15.2% 7A2 City Square and Clay Street MU $45,000 5.1% N C Y Modification 05/06/2022 $18,642 41.4% 6A1 Park Place at Florham Park OF $45,000 5.1% Y C N Specially Serviced 11/07/2023 $4,968 11.0% 13 El Dorado Tech Center OF $25,350 2.9% N C N Recent Delinquency 09/30/2025 $6,040 23.8% 17 4851 South Alameda Street IN $16,444 1.9% Y C N Specially Serviced 02/06/2020 $6,560 39.9% 25 Fortuna Center Plaza RT $13,500 1.5% N C N Occupancy 09/04/2025 $2,889 21.4% 33 249 E Ocean Blvd OF $10,346 1.2% N C N Occupancy 12/09/2021 $957 9.3% 34 Dorset & Market Street MU $9,684 1.1% N C Y DSCR 11/11/2025 - - 62 Clarksville Shops RT $2,880 0.3% N C N DSCR 11/11/2020 $396 13.8% Total K-LOCs $217,113 24.8% $47,863 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 95.9%, as compared to 96.4% at last review and 103.2% at securitization. The KDSC is 1.72x, compared to 1.75x at last review and 1.79x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class E-RR to B- (sf) from BB- (sf)
  • Class F-RR to CCC (sf) from B- (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.

Doc ID: 1013398