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KBRA Affirms All Ratings for CGCMT 2017-C4

24 Oct 2025   |   New York

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KBRA affirms all outstanding ratings for CGCMT 2017-C4, a $780.3 million conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited worsening in pool performance since securitization, including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time. Additionally, the transaction has benefited from loan payoffs, amortization and defeasance ($114.2million, 10 loans, 14.6% of the pool balance), particularly at the top of the capital structure.

As of the October 2025 remittance period, there is one specially serviced asset (1.1%) in the pool. KBRA identified ten K-LOCs (21.6%), including the specially serviced asset. Of the ten K-LOCs, three (12.8%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 9 50 Varick Street OF $35,000 4.5% N C Y Recent Delinquency 06/02/2025 $9,743 27.8% 6 Marriott LAX LO $34,240 4.4% N C Y DSCR 01/23/2025 $9,786 28.6% 8 Corporate Woods Portfolio MU $30,317 3.9% N C N Lease Rollover 03/31/2023 $3,706 12.2% 20 Capital Centers II & III OF $18,165 2.3% N C N Occupancy 07/02/2024 - - 24 Walgreens Witkoff Portfolio RT $15,669 2.0% N C N DSCR 07/22/2025 - - 28 Hotel Normandie LO $10,003 1.3% N C Y Occupancy 12/16/2024 - - 33 Courtyard Brunswick LO $8,296 1.1% Y 90+ Y Specially Serviced 06/21/2024 - - 37 HIE&S Sequim LO $6,475 0.8% N C Y Recent Delinquency 05/08/2020 - - 42 Bear River Storage SS $5,169 0.7% N C N DSCR 03/18/2025 - - 46 Vail Ranch Towne Square MU $4,745 0.6% N C N Occupancy 03/18/2024 - - Total K-LOCs $168,080 21.5% $23,235 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.com

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 109.2%, compared to 106.0% at last review and 102.9% at issuance. The KDSC is 1.56x, compared to 1.58x at last review and 1.72x at issuance.

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.

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