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KBRA Affirms All Ratings for JPMDB 2018-C8

6 Jun 2025   |   New York

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KBRA affirms all of its outstanding ratings for JPMDB 2018-C8, a $518.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since KBRA's last ratings change in June 2023.

As of the May 2025 remittance period, there are two specially serviced assets (10.3% of the pool balance) including one loan in foreclosure (4.7%). KBRA has identified five K-LOCs (15.7%), of which three (11.3%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 9 Meridian Corporate Center OF $29,023 5.6% Y C N Specially Serviced 09/03/2024 $7,138 24.6% 11 Constitution Plaza OF $24,320 4.7% Y FCL N Foreclosure 12/29/2021 $5,703 23.4% 17 Lakewood Forest Plaza RT $15,505 3.0% N C N DSCR 05/14/2020 $0 0.0% 26 Dam Neck Shopping Center RT $7,112 1.4% N C N Tenant Issues 08/12/2024 $0 0.0% 36 Fountaingrove Executive Center OF $5,325 1.0% N C N Lease Rollover 01/13/2025 $1,310 24.6% Total K-LOCs $81,286 15.7% $14,150 KBRA Estimated K-LOCs Prosp. ID Loan Name Property Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Modified (Y/N) Primary K-LOC Reason K-LOC Date
Source: KBRA

Excluding the K-LOCs with an estimated loss, the transaction's WA KLTV is 92.0%, compared to 101.2% at KBRA's last ratings change and 98.4% at closing. The KDSC is 1.70x, compared to 1.61x at KBRA's last ratings change and 1.84x at closing.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1009787

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