Fitch Affirms BAMLL 2015-HAUL
KEY RATING DRIVERS
The affirmations reflect stable loan performance and no material changes since issuance. Based on Fitch's surveillance analysis, which uses the same framework that was set out at issuance, the loan's performance metrics have remained relatively unchanged since issuance.
The loan has paid down by 2.5% of the original balance since issuance. Fitch reviewed the year-end (YE) 2015 OSARs and March 2016 rent rolls of the underlying properties in the portfolio. As of YE 2015, the servicer-reported debt service coverage ratio, on a net operating income basis, was 1.59x. As of the March 2016 rent rolls, the overall portfolio was 89.7% occupied, compared to 88.2% at issuance.
The transaction certificates represent the beneficial interests in a 20-year, fixed-rate, fully amortizing mortgage loan secured by 60 self-storage properties located across six states. Fifty-six of the properties are owned fee simple with four properties held in leasehold. Loan proceeds were used to refinance prior mortgage debt, repay prior subordinate debt and pay closing costs. The loan is sponsored by Private Mini Storage, L. P. The sponsor is indirectly wholly owned and controlled by Blackwater Investments, Inc., which is controlled by Mark V. Shoen, the son of the original founders of U-Haul and a significant shareholder in AMERCO, the holding company of U-Haul. The portfolio is managed by U-Haul through management agreements with U-Haul subsidiaries in each of the states where the portfolio properties are located. The loan matures in July 2035.
RATING SENSITIVITIES
The Rating Outlook for all classes remains Stable. Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the loan's performance metrics.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
Fitch has affirmed the following classes:
--$86.3 million(a) class A-1 notes 'AAAsf'; Outlook Stable;
--$65 million(a) class A-2 notes 'AAAsf'; Outlook Stable;
--$151.3 million(ab) class X-A notes 'AAAsf'; Outlook Stable;
--$55.7 million(ab) class X-B notes 'A-sf'; Outlook Stable;
--$31.8 million(a) class B notes 'AA-sf'; Outlook Stable;
--$23.9 million(a) class C notes 'A-sf; Outlook Stable;
--$38.5 million(a) class D notes 'BBB-sf'; Outlook Stable;
--$21.4 million(a) class E notes 'BBsf'; Outlook Stable.
(a)Privately placed pursuant to Rule 144A.
(b)Notional amount and interest-only.
Комментарии