OREANDA-NEWS. Fitch Ratings has issued a presale report on Bank of America Merrill Lynch BAMLL Commercial Mortgage Securities Trust 2015-HAUL Commercial Mortgage Pass-Through Certificates Series 2015-HAUL.

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

--$93,800,000a Class A-1 notes 'AAAsf'; Outlook Stable;
--$65,000,000a Class A-2 notes 'AAAsf'; Outlook Stable;
--$158,800,000ab Class X-A notes 'AAAsf'; Outlook Stable;
--$55,700,000ab Class X-B notes 'A-sf'; Outlook Stable;
--$31,800,000a Class B notes 'AA-sf'; Outlook Stable;
--$23,900,000a Class C notes 'A-sf; Outlook Stable;
--$38,500,000a Class D notes 'BBB-sf'; Outlook Stable;
--$21,354,575a Class E notes 'BBsf'; Outlook Stable.

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

The expected ratings are based on information provided by the issuer as of July 17, 2015.

The certificates represent the beneficial ownership in the trust, the primary asset of which is one loan having an aggregate principal balance of $274.4 million as of the cutoff date. The trust is primarily secured by the first priority mortgages on the borrower's fee simple and leasehold interests in 60 self-storage properties.

The loan's sponsor is 2015 SAC Self-Storage, LLC, a wholly-owned subsidiary of Private Mini Storage Realty, L.P. The loan was originated Bank of America, N.A.

KEY RATING DRIVERS

Fully Amortizing Loan: The loan is structured with a 20-year amortization schedule providing full amortization over the term of the loan. The loan has a Fitch LTV of 78.3% and a Fitch DSCR of 1.22x, inclusive of an amortization factor of 75%.

Experienced Sponsorship and Management: The sponsor is indirectly wholly owned and controlled by Blackwater Investments, Inc., which is controlled by Mark V. Shoen, the son of the original founders of U-Haul and a significant shareholder in AMERCO, the holding company of U-Haul. The portfolio is managed by U-Haul through management agreements with U-Haul subsidiaries in each of the states where the portfolio properties are located.
U-Haul owns and operates approximately 1,280 self-storage locations in the U.S. totaling roughly 491,000 units and 44.2 million sf of space.

Collateral Performance: The portfolio has exhibited year-over-year growth in both occupancy and NOI since 2010. Occupancy increased from 77.5% in 2010 to the May 2015 trailing 12 months (TTM) occupancy of 87.6%. NOI experienced average year-over-year growth of 5.1% over the same period with the TTM NOI at 28.2% above the 2010 level.

Granular Portfolio: The loan is secured by 60 cross-collateralized self-storage properties located across six states. No single property represents more than 3.4% of NOI

RATING SENSITIVITIES

Fitch found that the property could withstand a 67.0% decline in value and an approximate 45.2% decline in Fitch's net cash flow prior to experiencing $1 of loss to the 'AAAsf' rated classes.

Fitch performed several stress scenarios in which the Fitch net cash flow (NCF) was stressed. Fitch determined that a 24.2% reduction in Fitch's NCF would cause the notes to break even at a 1.0x DSCR, based on the actual debt service.

Fitch evaluated the sensitivity of the ratings for class A and found that an 15.9% decline in Fitch NCF would result in a one-category downgrade, while a 40.7% decline would resulting a downgrade to below investment grade.

The Rating Sensitivity section in the presale report includes a detailed explanation of additional stresses and sensitivities. Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report. The presale report is available to all investors on Fitch's web site 'www.fitchratings.com'

DUE DILIGENCE USAGE

No third-party due diligence was provided to or reviewed by Fitch in relation to this rating action.