OREANDA-NEWS. Fitch Ratings has issued a presale report on Deutsche Bank Securities, Inc.'s COMM Mortgage Trust 2015-CCRE24 commercial mortgage pass-through certificates.

Fitch expects to rate the transaction and assign Rating Outlooks as follows:

--$70,050,000 class A-1 'AAAsf'; Outlook Stable;
--$14,480,000 class A-2 'AAAsf'; Outlook Stable;
--$107,950,000 class A-SB 'AAAsf'; Outlook Stable;
--$8,360,000 class A-3 'AAAsf'; Outlook Stable;
--$250,000,000 class A-4 'AAAsf'; Outlook Stable;
--$520,508,000 class A-5 'AAAsf'; Outlook Stable;
--$1,056,733,000b class X-A 'AAAsf'; Outlook Stable;
--$85,025,000b class A-M 'AAAsf'; Outlook Stable;
--$95,435,000 class B 'AA-sf'; Outlook Stable;
--$62,467,000 class C 'A-sf'; Outlook Stable;
--$71,143,000 class D 'BBB-sf'; Outlook Stable;
--$157,902,000ab class X-B 'A-sf'; Outlook Stable;
--$71,143,000ab class X-C 'BBB-sf'; Outlook Stable;
--$31,234,000ab class X-D 'BB-sf'; Outlook Stable;
--$31,234,0000a class E 'BB-sf'; Outlook Stable;
--$13,881,000a class F 'B-sf'; Outlook Stable.

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest-only.

The expected ratings are based on information provided by the issuer as of July 16, 2015. Fitch does not expect to rate the $15,617,000 class G, $41,645,303 class H, $29,498,000 interest-only class X-E, or the $41,645,303 interest-only class X-F.

The certificates represent the beneficial ownership interest in the trust, primary assets of which are 81 loans secured by 128 commercial properties having an aggregate principal balance of approximately $1.4 billion as of the cut-off date. The loans were contributed to the trust by German American Capital Corporation, Cantor Commercial Real Estate lending, L.P., Ladder Capital Financial LLC and Pillar Funding LLC

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 80.9%, and asset summary reviews on 80.9% of the pool.

KEY RATING DRIVERS

Leverage in Line with 2014 and 2015 Averages: The pool's Fitch DSCR and LTV are 1.18x and 106.1%, respectively. The leverage metrics for this transaction are in line with other
recent Fitch-rated, fixed-rate multiborrower transactions. The 2014 average Fitch DSCR was 1.19x, and the average Fitch LTV was 106.2%. The 2015 YTD DSCR and LTV averages are 1.21x and 109.3%, respectively.

Investment-Grade Credit Opinion Loans: Three loans totaling 15.1% of the pool have investment-grade credit opinions on a stand-alone basis. Lakewood Center Mall (8.6%) has an investment-grade opinion of 'A+sf', 40 Wall Street (4.3%) has an investment-grade opinion of 'BBB-sf' and Avco Center (2.2%) has an investment-grade opinion of 'BBB-sf'. Excluding the credit opinion loans, Fitch's implied conduit subordination at 'AAAsf' is approximately 27.0% and 'BBB-sf' is approximately 8.6%.

Strong Collateral Quality: As a percentage of Fitch inspected properties, 40.5% of the pool received a property quality grade of "B+" or higher. Three loans (5.1% of the pool) received property quality grades of 'A-' or higher. Only one inspected property(0.4%) received a property quality grade below
'B-'.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 18.25% below the most recent year's NOI (for properties for which a full year NOI was provided, excluding properties that were stabilizing during this period).The following rating sensitivities describe how the ratings would react to further NCF declines below Fitch's NCF. The implied rating sensitivities are only indicative of some of the
potential outcomes and do not consider other risk factors to which the transaction is exposed. Stressing additional risk factors may result in different outcomes. Furthermore, the implied
ratings, after the further NCF stresses are applied, are more akin to what the ratings would be
at deal issuance had those further stressed NCFs been in place at that time

Fitch evaluated the sensitivity of the ratings assigned to COMM 2015-CCRE24 certificates and found that the transaction displays 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 senior 'AAAsf' certificates to 'Asf' could result. In a more severe scenario, in which NCF declined a further 30% from Fitch's NCF, a downgrade of the senior 'AAAsf' certificates to 'BBB+sf' could result. The presale report includes a detailed explanation of additional stresses and sensitivities on pages 10 - 11.

DUE DILIGENCE USAGE

Fitch was provided with third-party due diligence information from KPMG LLP. The third-party due diligence information was provided on Form ABS Due Diligence-15E and focused on a comparison and re-computation of certain characteristics with respect to each of the 81 mortgage loans. Fitch considered this information in its analysis and the findings did not have an impact on our analysis. A copy of the ABS Due Diligence Form-15E received by Fitch in connection with this transaction may be obtained through the link contained on the bottom of the related rating action commentary (RAC).