OREANDA-NEWS. Fitch Ratings has issued a presale report on Bank of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7 commercial mortgage pass-through certificates. Fitch expects to rate the transaction and assign Rating Outlooks as follows:

--\\$38,700,000 class A-1 'AAAsf'; Outlook Stable;
--\\$62,400,000 class A-SB 'AAAsf'; Outlook Stable;
--\\$200,000,000 class A-3 'AAAsf'; Outlook Stable;
--\\$228,996,000 class A-4 'AAAsf'; Outlook Stable;
--\\$530,096,000b class X-A 'AAAsf'; Outlook Stable;
--\\$50,170,000b class X-B 'AAAsf'; Outlook Stable;
--\\$39,879,000b class X-D 'BBB-sf'; Outlook Stable;
--\\$50,170,000 class A-S 'AAAsf'; Outlook Stable;
--\\$50,169,000 class B 'AA-sf'; Outlook Stable;
--\\$33,010,000 class C 'A-sf'; Outlook Stable;
--\\$39,897,000 class D 'BBB-sf'; Outlook Stable;
--\\$17,038,000ab class X-E 'BB-sf'; Outlook Stable;
--\\$17,038,000a class E 'BB-sf'; Outlook Stable;
--\\$7,573,000a 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 Sept. 3, 2015. Fitch does not expect to rate the \\$15,146,000 class X-FG, the \\$21,772,331 class X-NR, the \\$7,573,000 class G and the \\$21,772,331 class H.

The certificates represent the beneficial ownership interest in the trust, primary assets of which are 42 loans secured by 57 commercial properties having an aggregate principal balance of approximately \\$757.3 million as of the cutoff date. The loans were contributed to the trust by UBS Real Estate Securities, Inc. and Bank of America, National Association.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 77.5% of the properties by balance, cash flow analysis of 89.1%, and asset summary reviews on 89.1% of the pool.

KEY RATING DRIVERS
Fitch Leverage Lower than Recent Deals: The pool's Fitch DSCR and LTV are 1.21x and 103.7%, respectively. This represents lower leverage when compared to other Fitch-rated fixed-rated multiborrower transactions for YTD 2015, which average 1.20x and 109.0%, respectively.

Investment Grade Credit Opinion Loan: The Charles River Plaza North (9.6%) and 651 Brannan Street (5.9%) loans both received credit opinions of 'BBB-sf' on a stand-alone basis. Combined, they equate to 15.6% of the pool, which is greater than the Fitch rated 2015 YTD average of 3.8%. Charles River Plaza North is secured by a 354,594 square foot medical office building 100% leased to Massachusetts General Hospital. The lease is guaranteed by Massachusetts General Hospital's parent, Partners Healthcare, which is currently rated 'AA' by Fitch.

Pool Concentration: The largest 10 loans in the transaction account for 64.8% of the pool by balance. This concentration is significantly higher than the YTD 2015 average concentration of 48.2% for other deals Fitch has rated. The pool's above-average concentration resulted in a loan concentration index (LCI) of 524, which is higher than the YTD 2015 and 2014 averages of 349 and 387, respectively.

RATING SENSITIVITIES
For this transaction, Fitch's net cash flow (NCF) was 8.0% 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 the BACM 2015-UBS7 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 'A+sf' 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 42 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.