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KBRA Downgrades Four Ratings and Affirms All Other Ratings for UBS 2018-C13

31 Jul 2026   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings of UBS 2018-C13, a $533.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance compared to securitization. Although the transaction has benefited from deleveraging from loan payoffs, amortization, and defeasances, particularly among the higher rated classes, the ratings actions reflect KBRA's estimated losses for six K-LOCs (25.7% of the pool balance) and the resulting loss-adjusted C/E levels.

As of the July 2026 remittance period, there are six specially serviced loans (26.5%), of which three (10.4%) are in foreclosure and one (7.9%) is over 90 days delinquent. KBRA identified 12 K-LOCs (35.5%), including the specially serviced loans, of which six (25.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2A1 The Buckingham MF $42,155 7.9% Y 90+ Y Delinquent 08/29/2025 $1,752 4.2% 1A1 1670 Broadway OF $31,131 5.8% Y C Y Matured-Performing 10/03/2023 $11,440 36.7% 7 Village at Beech Hill MF $25,343 4.8% Y FCL N Foreclosure 08/28/2024 $12,294 48.5% 11 Ellsworth Place RT $18,475 3.5% Y FCL Y Specially Serviced 12/02/2025 $5,652 30.6% 12 Wendland Plaza RT $18,000 3.4% N C N Prior SS 03/08/2023 - - 22 County Line Plaza RT $12,469 2.3% Y C N Occupancy 08/28/2024 - - 23 Aspect RHG Hotel Portfolio LO $11,730 2.2% Y FCL Y Specially Serviced 09/02/2020 $6,685 57.0% 33 1015 Locust OF $8,500 1.6% N C N Occupancy 10/12/2023 $2,180 25.6% 39 Country Square RT $6,283 1.2% N C N Lease Rollover 07/27/2023 - - 37 Kohl’s - Fort Smith RT $6,220 1.2% N C N Recent Delinquency 07/10/2025 - - 43 Quality Inn & Suites Florence LO $4,971 0.9% N C Y DSCR 06/03/2026 - - 46 Eastern Courtyard OF $4,110 0.8% N C N Occupancy 05/29/2025 - - Total K-LOCs $189,387 35.5% $40,003 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 94.8%, compared to 93.9% at last review and 96.0% at securitization. The WA KDSC is 1.58x, compared to 1.66x at last review and 1.81x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class D-RR to BB+ (sf) from BBB- (sf)
  • Class E-RR to BB- (sf) from BB+ (sf)
  • Class F-RR to B- (sf) from BB- (sf)
  • Class G-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.

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