NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of UBS 2018-C11 (see ratings list below), a $803.8 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 91 properties. The collateral properties are located in 26 states, with three state exposures each representing more than 10.0% of the pool balance: New York (18.5%) and California (13.7%), and Virginia (13.6%). The pool ha