OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Rating Outlooks to Morgan Stanley Bank of America Merrill Lynch Trust (MSBAM) 2015-C22 commercial mortgage pass-through certificates:

--\$55,100,000 class A-1 'AAAsf'; Outlook Stable;
--\$66,500,000 class A-2 'AAAsf'; Outlook Stable;
--\$84,700,000 class A-SB 'AAAsf'; Outlook Stable;
--\$250,000,000 class A-3 'AAAsf'; Outlook Stable;
--\$318,826,000 class A-4 'AAAsf'; Outlook Stable;
--\$836,029,000a class X-A 'AAAsf'; Outlook Stable;
--\$60,903,000b class A-S 'AAAsf'; Outlook Stable;
--\$63,671,000b class B 'AA-sf'; Outlook Stable;
--\$175,788,000b class PST 'A-sf'; Outlook Stable;
--\$51,214,000b class C 'A-sf'; Outlook Stable;
--\$63,671,000ac class X-B 'AA-sf'; Outlook Stable;
--\$62,287,000c class D 'BBB-sf'; Outlook Stable;
--\$26,299,000c class E 'BB-sf'; Outlook Stable;
--\$13,841,000c class F 'B-sf'; Outlook Stable.

(a) Notional amount and interest-only.
(b) Class A-S, B and C certificates may be exchanged for class PST certificates, and class PST certificates may be exchanged for class A-S, class B and class C certificates. The class PST certificates will not have a pass-through rate, but will be entitled to receive the sum of the interest distributable on the percentage interests of the class A-S, class B, and class C trust components represented by the class PST certificates. The pass-through rates on the class A-S, class B, and class C trust components will at all times be the same as the pass-through rates of the class A-S, class B, and class C certificates, respectively.
(c) Privately placed and pursuant to Rule 144A.

Fitch did not rate the \$17,994,000 class G, or the \$35,989,016 class H certificates.

The certificates represent the beneficial ownership interest in the trust, primary assets of which are 77 loans secured by 91 commercial properties having an aggregate principal balance of approximately \$1.107 million, as of the cutoff date. The loans were contributed to the trust by Morgan Stanley Mortgage Capital Holdings LLC, Bank of America, National Association, Starwood Mortgage Capital LLC, and CIBC, Inc.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 76.9% of the properties by balance, cash flow analysis of 77.7%, and asset summary reviews on 77.7% of the pool.

KEY RATING DRIVERS

Fitch Leverage Higher than Recent Deals: The transaction has higher leverage than other recent Fitch-rated fixed-rate multiborrower transactions. The pool's Fitch debt service coverage ratio (DSCR) and loan to value (LTV) of 1.14x and 112.6% are worse than the 2013 and 2014 averages of 1.29x and 101.6% and 1.19x and 106.2%, respectively. Excluding the credit opinion loan (2.7% of the pool), the remaining conduit has a Fitch DSCR and LTV of 1.12x and 114.1%, respectively.

Investment-Grade Credit Opinion Loan: The eighth largest loan in the pool, 555 11th Street NW (2.7%), received a credit opinion of 'A-sf' on a stand-alone basis. The loan is secured by an office building located in Washington D.C.'s east end submarket. The property is 58.1% leased to the law firm Latham & Watkins, LLP through January 2031.

High Hotel Exposure: Approximately 23% of the pool by balance, including three of the top five loans (16.8%), consists of hotel properties, which is higher than the year to date 2015 average of 17.8% and the 2014 average of 14.2%; hotels have the highest probability of default in Fitch's multiborrower CMBS model.

Concentration in Primary Markets: Seven of the pools top 10 loans (38.3%) are secured by properties in primary metropolitan statistical areas (MSA). The pool's largest MSA concentrations are New York-New Jersey (14.2%), Chicago (12.7%), and Houston (6.4%).

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 11.5% 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 MSBAM 2015-C22 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 is Wells Fargo Bank, National Association rated 'CMS1-' by Fitch. The special servicer is Midland Loan Servicers, a Division of PNC Bank, National Association rated 'CSS1' by Fitch.