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KBRA Downgrades Six Ratings and Affirms All Other Ratings for CSAIL 2017-CX10

3 Oct 2025   |   New York

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KBRA downgrades the ratings of six classes of certificates and affirms all other outstanding ratings of CSAIL 2017-CX10, a $656.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses from four K-LOCs (19.5% of the pool balance), each of which is secured by office properties. The ratings also consider increased certificate C/E levels due to amortization and loan payoffs, as well as deleveraging due to defeasances.

As of the September 2025 remittance period, there are three specially serviced loans (14.9%), each of which is in foreclosure. KBRA has identified six K-LOCs (28.1%), including the specially serviced assets, four of which (19.5%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 5 One California Plaza OF $50,000 7.6% Y FCL N Foreclosure 03/15/2021 $7,866 15.7% 9 379 West Broadway OF $42,000 6.4% N C N DSCR 04/15/2020 - - 10 600 Vine OF $32,595 5.0% Y FCL N Foreclosure 01/03/2023 $10,802 33.1% 11 300 Montgomery OF $30,000 4.6% N C N Occupancy 05/31/2023 $9,349 31.2% 18 701 East 22nd Street OF $15,190 2.3% Y FCL N Foreclosure 07/09/2024 $12,271 80.8% 19 237 East Fordham Road RT $15,000 2.3% N C N Occupancy 12/10/2020 - - Total K-LOCs $184,785 28.1% $40,288 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 79.2%, compared to 82.8% at KBRA's last ratings change and 81.8% at securitization. The KDSC is 2.93x, compared to 2.85x at KBRA's last ratings change and 3.07x at securitization.

Details concerning the ratings adjustments are as follows:

  • Class D to BB- (sf) from BBB- (sf)
  • Class E to CCC (sf) from B (sf)
  • Class F to CC (sf) from CCC (sf)
  • Class X-E to CCC (sf) from B (sf)
  • Class V1-D to BB- (sf) from BBB- (sf)
  • Class V1-E to CCC (sf) from BB- (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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