OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Rating Outlooks to Deutsche Bank Securities, Inc.'s COMM 2015-CCRE22 Commercial mortgage pass-through certificates:

--\$46,400,000 class A-1 'AAAsf'; Outlook Stable;
--\$178,900,000 class A-2 'AAAsf'; Outlook Stable;
--\$108,950,000 class A-3 'AAAsf'; Outlook Stable;
--\$79,800,000 class A-SB 'AAAsf'; Outlook Stable;
--\$200,000,000 class A-4 'AAAsf'; Outlook Stable;
--\$293,492,000 class A-5 'AAAsf'; Outlook Stable;
--\$988,573,000a class X-A 'AAAsf'; Outlook Stable;
--\$81,031,000b class A-M 'AAAsf'; Outlook Stable;
--\$76,169,000b class B 'AA-sf'; Outlook Stable;
--\$213,921,000b class PEZ 'A-sf'; Outlook Stable;
--\$56,721,000b class C 'A-sf'; Outlook Stable;
--\$132,890,000ac class X-B 'A-sf'; Outlook Stable;
--\$68,066,000ac class X-C 'BBB-sf'; Outlook Stable;
--\$68,066,000c class D 'BBB-sf'; Outlook Stable;
--\$27,550,000c class E 'BB-sf'; Outlook Stable.

(a) Notional amount and interest-only.
(b) Class A-M, B and C certificates may be exchanged for class PEZ certificates, and class PEZ certificates may be exchanged for class A-M, B, and C certificates.
(c) Privately placed and pursuant to Rule 144A.

Fitch does not rate the \$43,757,000 interest-only class X-D, the \$16,207,000 class F, the \$24,309,000 class G or the \$38,894,958 class H certificates.

The certificates represent the beneficial ownership interest in the trust, primary assets of which are 65 loans secured by 74 commercial properties having an aggregate principal balance of approximately \$1.3 billion, as of the cutoff date. The loans were contributed to the trust by German American Capital Corporation, Cantor Commercial Real Estate Lending, L.P., Natixis Real Estate Capital LLC and The Bank of New York Mellon.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 73.3% of the properties by balance, cash flow analysis of 82.8%, and asset summary reviews on 82.8% of the pool.

KEY RATING DRIVERS

High Fitch Leverage: The pool's Fitch DSCR and LTV are 1.10x and 114.3%, respectively. This represents higher leverage than other recent Fitch-rated fixed-rate multiborrower transactions. The 2014 average Fitch DSCR was 1.19x and the average Fitch LTV was 106.2%.

High New York Concentration: The largest state concentration is New York (28.20%), with four of the largest 10 loan concentrations (22.4%) secured by properties located in New York City. The next largest state concentrations are Texas (11.5%), California (8%), New Jersey (7.4%) and Minnesota (7.4%). The largest loan in the pool (7.7%) is secured by a property located in downtown Manhattan.

Collateral Quality: As a percentage of Fitch inspected properties, 35% of the pool received a property quality grade of 'B+' or higher. Three loans (10.5% of the pool) received property quality grades of 'A-'. Only one inspected property (0.79%) received a property quality grade below a 'B-'. Further, three loans (10% of the pool) are collateralized by leased fee positions, two of which are located in Manhattan.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 17.3% below the most recent net operating income (NOI; for properties for which a recent NOI was provided, excluding properties that were stabilizing during this period). Unanticipated further declines in property-level NCF could result in higher defaults and loss severities on defaulted loans, and could result in potential rating actions on the certificates. Fitch evaluated the sensitivity of the ratings assigned to COMM 2015-CCRE22 certificates and found that the transaction displays slightly above average sensitivity to further declines in NCF. In a scenario in which NCF declined a further 20% from Fitch's NCF, a downgrade of the junior 'AAAsf' certificates to 'A-sf' could result. In a more severe scenario, in which NCF declined a further 30% from Fitch's NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB+sf' could result. The presale report includes a detailed explanation of additional stresses and sensitivities on pages 10 - 11.

The master servicer will be Wells Fargo Bank, National Association, rated 'CMS1-' by Fitch and the special servicers will be LNR Partners LLC and Midland Loan Services, rated 'CSS1-'and 'CSS1' by Fitch.