Fitch Affirms 92 Classes from 9 Recent Vintage U. S. CMBS and Freddie Mac SPC Transactions
KEY RATING DRIVERS
The affirmations reflect the overall stable performance of the underlying collateral pools and no material changes since issuance. These transactions were all issued during the 4Q15. None of the transactions have had specially serviced loans since issuance. Only one of the transactions, CSAIL 2015-C4, has had two loans (0.7%) which were previously 30 days delinquent, since issuance.
The transactions' aggregate principal balance has been reduced by 0.45% on average.
Fitch has reviewed the servicer-reported cash flow, occupancy, and watch-list commentary, if any, for the top 15 loans of each pool. There are 15 loans on the servicers' watch-lists in total; only five are within the top 15 loans of their respective pools. There have been no material changes to the pool metrics for any of the reviewed transactions.
Fitch has designated one loan as a Fitch Loan of Concern. The Palmer House Retail Shops loan (5.5% of JPMBB 2015-C32) is secured by a 134,536 square foot mixed use property with a retail, office, and parking garage component located in downtown Chicago. According to the servicer, the second largest tenant, retailer A'Gaci (13.9% of net rentable area), is currently paying percentage rent on a month-to-month (MTM) basis. The tenant exercised its early termination option during 1Q16, but then rescinded the termination and is now operating on a MTM lease. The tenant's original lease expiration date was in July 2025. Fitch will continue to monitor the occupancy and cash flow of the property.
Fitch is relying on the original rating analyses of the pool, given the recent issuance of the transactions. The affirmations of the Freddie Mac structured pass-through certificates, series K-049 and series K-050 are the result of the pass-through nature of the certificates, as they are dependent on the underlying ratings of the corresponding classes of FREMF 2015-K49 and FREMF 2015-K50.
RATING SENSITIVITIES
The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transactions and overall stable pool performance, Fitch does not foresee positive or negative ratings migration to these transactions until a material economic or asset-level event changes the transactions' portfolio-level metrics. Additional information on rating sensitivity is discussed further in each transaction's new issue report available at www. fitchratings. com.
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.
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