OREANDA-NEWS. Fitch Ratings has affirmed Morgan Stanley Bank of America Merrill Lynch Trust (MSBAM) commercial mortgage pass-through certificates, series 2014-C18. A complete list of rating actions follows at the end of this release.

The transaction is collateralized by 65 loans and 100 properties. Fitch has only issued ratings for the 300 North LaSalle B Note (300N Rake) certificates issued by MSBAM 2014-C18. These certificates are subordinate in right of payment of interest and principal to the 300 North LaSalle A notes and derive their cash flow solely from the 300 North LaSalle Street loan. The 300N Rake certificates are generally not subject to losses from any of the other loans collateralizing the MSBAM 2014-C18 transaction. No other classes issued by MSBAM 2014-C18 are rated by Fitch.

KEY RATING DRIVERS

The affirmations are the result of the stable performance of the underlying asset. The certificates represent the beneficial interests in the mortgage loan securing the fee interest in the 300 North LaSalle office property located in Chicago, IL. Per servicer reporting, the subject property was 98% occupied as of April 2016, with a net operating income (NOI) debt service coverage ratio (DSCR) of 2.44x as of year-end (YE) 2015.

Constructed in 2009, 300 North LaSalle is a 60-story, class A, LEED Platinum building with a prime location within Chicago's central business district. The institutional-quality tenant roster at the subject includes Kirkland & Ellis LLP, with a lease encompassing 52.8% of net rentable area (NRA) that expires in February 2029, Boston Consulting Group (9.8% of NRA, expiry December 2024), and Quarles & Brady LLP (6.3% of NRA, expiry March 2024). Scheduled lease rollover is minimal in the near term, with in-place leases having an average of 11 years remaining.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transaction, limited historical servicer reporting, and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the transaction's portfolio-level metrics. The rated certificates are secured by a single property and are, therefore, more susceptible to single-event risk related to the market, sponsor or the largest tenants occupying the property.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes:

--$67.4 million class 300-A at 'AA-sf'; Outlook Stable;

--$39 million class 300-B at 'A-sf'; Outlook Stable;

--$57 million class 300-C at 'BBB-sf'; Outlook Stable;

--$49 million class 300-D at 'BB-sf'; Outlook Stable;

--$32 million class 300-E at 'Bsf'; Outlook Stable.

Fitch does not rate the A-1, A-2, A-3 of any classes of Morgan Stanley Bank of America Merrill Lynch Trust, series 2014-C18 other than those listed above.