OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Outlooks to Wells Fargo Commercial Mortgage Trust 2015-NXS1 commercial mortgage pass-through certificates:

--\$32,424,000 class A-1 'AAAsf'; Outlook Stable;
--\$164,219,000 class A-2 'AAAsf'; Outlook Stable;
--\$20,791,000 class A-3 'AAAsf'; Outlook Stable;
--\$155,000,000 class A-4 'AAAsf'; Outlook Stable;
--\$236,966,000 class A-5 'AAAsf'; Outlook Stable;
--\$59,256,000 class A-SB 'AAAsf'; Outlook Stable;
--\$54,926,000b class A-S 'AAAsf'; Outlook Stable;
--\$723,582,000a class X-A; 'AAAsf'; Outlook Stable;
--\$52,537,000b class B; 'AA-sf'; Outlook Stable;
--\$45,373,000b class C; 'A-sf'; Outlook Stable
--\$152,836,000b class PEX 'A-sf'; Outlook Stable;
--\$53,732,000 class D 'BBB-sf'; Outlook Stable;
--\$22,686,000ac class X-E 'BB-sf'; Outlook Stable;
--\$10,746,000ac class X-F 'B-sf'; Outlook Stable;
--\$22,686,000c class E 'BB-sf'; Outlook Stable;
--\$10,746,000c class F 'B-'; Outlook Stable.

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

Since Fitch published its expected ratings on April 15, 2015, the issuer removed the \$236,966,000 class A-5FL and the \$0 class A-5FX from the capital structure. As such, Fitch withdrew its expected ratings of 'AAAsf' for each class. Additionally, the balance of the interest-only class X-B decreased from \$151,642,000a to \$97,910,000a.

Fitch does not rate the \$97,910,000a interest-only class X-B, the \$46,568,153ac interest-only class X-G or the \$46,568,153c class G.

The certificates represent the beneficial ownership interest in the trust, primary assets of which are 68 loans secured by 93 commercial properties having an aggregate principal balance of approximately \$955 million as of the cutoff date. The loans were contributed to the trust by Natixis Real Estate Capital LLC and Wells Fargo Bank, National Association.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 73.7% of the properties by balance, cash flow analysis of 84.5% and asset summary reviews on 84.5% of the pool.

KEY RATING DRIVERS

High Fitch Leverage: The transaction has higher leverage than other recent Fitch-rated transactions. The pool's Fitch debt service coverage ratio (DSCR) of 1.11x is below both the year-to-date 2015 average of 1.20x and the 2014 average of 1.19x. The pool's Fitch loan to value (LTV) of 113.6% is above both the year-to-date 2015 average of 110% and the 2014 average of 106.2%.

Single-Tenant Properties: The pool consists of 47 (36.3%) single-tenanted properties, including collateral for three of the top 10 loans - Patriots Park, Stanford Research Park and 45 Waterview Boulevard. Patriots Park (9.9%) is 97.5% occupied by the GSA (rated 'AAA') and 45 Waterview Boulevard (2.8%) is 100% occupied by DSM Nutritional Products, Inc. (parent rating of 'A-'), both on long-term leases.

Above-Average Collateral Quality: The pool's collateral exhibits above-average quality relative to other recent Fitch-rated transactions. Thirteen properties (50.8%), including nine properties collateralizing the top 10 loans, received property quality grades of 'B+' or better. Stanford Research Park (5.2%), 100 West 57th Street (3.7%) and Hotel Andra (2.5%) received property quality grades of 'A-'.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 12.7% 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 WFCM 2015-NXS1 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 page 13.

The master servicer is Wells Fargo, National Association rated 'CMS1-' by Fitch. The special servicer is Rialto Capital Advisors, LLC rated 'CSS2' by Fitch.