OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Rating Outlooks to one group in Citigroup Mortgage Loan Trust 2015-6:

Group 1 Securities
--\\$23,800,800 class 1A1 'BBBsf'; Outlook Stable;
--\\$16,038,631 class 1A2 not rated.

KEY RATING DRIVERS
CMLTI 2015-6 is composed of two groups, and Fitch is rating one bond from one of the groups. Each group is a resecuritization of an ownership interest in residential mortgage-backed securities. As a resecuritization, the securities will receive their cashflow from the underlying security. The Fitch-rated group is collateralized with a senior class from an Alt A transaction issued in 2007. Collateral performance has shown improvement over the past few years. The underlying pool has exhibited improvement in the percentage of loans seriously delinquent. Also, the percentage of loans transitioning from current to delinquent has slowed as well.

For the Fitch rated group, interest is paid pro rata and principal is paid sequentially. Realized losses are applied reverse sequentially.

Key rating drivers include the performance of the underlying pool as well as the collateral characteristics, such as sustainable loan-to-value ratio (sLTV), credit score and geographic concentration. For the Fitch rated group, Fitch ran various prepayment speeds and loss timing scenarios in its analysis of the deal structure. This analysis was done to determine that the cash flow to the Fitch rated bonds would not be exposed to losses as a result of potential alternative cashflow timing stress scenarios.

Group 1 represents a 35.32% interest in the Banc of America Funding 2007-C Trust class 7A1. Based on the collateral composition of the Group 1 underlying pool, Fitch assumed a base-case scenario expected loss (XL) of 24.55%. In the rating stress scenarios, Fitch assumed a 'BBBsf' XL of 38.68%. Fitch increased the model-expected loss severity on liquidated loans by 10% at each rating scenario to better reflect recent loss severity trends. Fitch ran these loss assumptions through 12 different interest rate, prepayment and timing scenarios and used the most conservative value to determine the required credit enhancement (CE). The required CE to support a 'BBBsf' rating is 40.26%. The slightly higher CE as compared to the projected pool collateral loss is due to the underlying structure which allows principal to be redirected to cover interest payments

Fitch is assigning the ratings based on underlying pool collateral composition, the results of its cashflow analysis, review of final structure and supporting deal documents. }

RATING SENSITIVITIES
Fitch analyses each bond in a number of different scenarios to determine the likelihood of full principal recovery and timely interest. The scenario analysis incorporates various combinations of the following stressed assumptions: mortgage loss, loss timing, interest rates, prepayments, servicer advancing and loan modifications.

The analysis includes rating stress scenarios from 'CCCsf' to 'AAAsf'. The 'CCCsf' scenario is intended to be the most likely base-case scenario. Rating scenarios above 'CCCsf' are increasingly more stressful and less likely outcomes. Although many variables are adjusted in the stress scenarios, the primary driver of the loss scenarios is the home price forecast assumption. In the 'Bsf' scenario, Fitch assumes home prices decline 10% below their long-term sustainable level. The home price decline assumption is increased by 5% at each higher rating category up to a 35% decline in the 'AAAsf' scenario.

The publication of a RW&Es appendix is not required for this transaction as stated in Fitch's Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions Report dated June 12,2015.

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