OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Rating Outlooks to JPMBB Commercial Mortgage Securities Trust 2015-C33 commercial mortgage pass-through certificates.

--$28,723,000 class A-1 'AAAsf'; Outlook Stable;
--$44,092,000 class A-2 'AAAsf'; Outlook Stable;
--$135,000,000 class A-3 'AAAsf'; Outlook Stable;
--$286,963,000 class A-4 'AAAsf'; Outlook Stable;
--$38,471,000 class A-SB 'AAAsf'; Outlook Stable;
--$40,946,000 class A-S 'AAAsf'; Outlook Stable;
--$574,195,000b class X-A 'AAAsf'; Outlook Stable;
--$35,232,000 class B 'AA-sf'; Outlook Stable;
--$35,232,000b class X-B 'AA-sf'; Outlook Stable;
--$41,899,000 class C 'A-sf'; Outlook Stable;
--$41,899,000ab class X-C 'A-sf'; Outlook Stable;
--$23,805,000ac class D-1 'BBBsf'; Outlook Stable;
--$19,997,000ac class D-2 'BBB-sf'; Outlook Stable;
--$43,802,000ac class D 'BBB-sf'; Outlook Stable;
--$43,802,000ab class X-D 'BBB-sf'; Outlook Stable;
--$19,997,000a class E 'BB-sf'; Outlook Stable;
--$8,570,000a class F 'B-sf'; Outlook Stable;

(a) Privately placed and pursuant to Rule 144A.
(b) Notional amount and interest-only.
(c) Class D-1 and D-2 certificates may be exchanged for class D certificates, and class D certificates may be exchanged for class D-1 and D-2 certificates.

Since Fitch issued its presale on November 9, 2015, the $43,802,000 class D certificates have been split into a $23,805,000 class D-1 and a $19,997,000 Class D-2. The class D certificates are exchangeable with class D-1 and D-2. Fitch does not rate the $15,236,000 class G certificates and the $22,853,212 class NR certificates.

The classes above reflect the final ratings and deal structure. The certificates represent the beneficial ownership interest in the trust, primary assets of which are 64 loans secured by 89 commercial properties having an aggregate principal balance of approximately $761.8 million as of the cut-off date. The loans were contributed to the trust by JPMorgan Chase Bank, N.A., Barclays Bank plc, Ladder Capital Finance LLC, and Redwood Commercial Mortgage Corporation.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 74.9% of the properties by balance, cash flow analysis of 80.6%, and asset summary reviews on 80.6% of the pool.

KEY RATING DRIVERS

Fitch Leverage: The transaction has higher leverage than other recent Fitch-rated fixed-rate multiborrower transactions. The pool's Fitch debt service coverage ratio (DSCR) of 1.14x is lower than both the YTD 2015 average of 1.19x and the 2014 average of 1.19x, and the pool's Fitch loan-to-value (LTV) of 112.0% is higher than both the YTD 2015 average of 109.6% and the 2014 average of 106.2%.

Pool Concentration: The largest loan in the pool, 32 Avenue of the Americas, represents 16.4% of the pool's balance, among the largest single-loan concentrations in CMBS 2.0. However, the largest 10 loans account for 48.8% of the total pool, which is in line with the YTD 2015 average of 48.1% and the 2014 average of 50.5%. This results in a loan concentration index (LCI) of 473, which is higher than the YTD 2015 and 2014 averages of 349 and 331, respectively. Four loans in the top 20, representing 14.2% of the pool balance, have the same sponsor. The pool's sponsor concentration index (SCI) of 685 is higher than the YTD 2015 and 2015 averages of 384 and 419, respectively.

Property Type Concentration: The pool's largest property type is multifamily at 36.1%, followed by hotel at 19.7% and office at 18.9%. Multifamily and hotel concentrations are above the YTD 2015 averages for other Fitch-rated fixed-rate multiborrower transactions of 16.7% and 16.6%, respectively.

Below-Average Amortization: Sixteen loans representing 41.6% of the pool are interest-only, which is higher than the YTD 2015 average of 20% for other Fitch-rated fixed-rate multiborrower transactions. There are nine loans representing 18.1% of the pool that are partial interest-only. Based on the scheduled balance at maturity, the pool is expected to pay down by 9.0%, which is less than the YTD 2015 average of 12.4%.

Dispersion of Property Quality: Five loans in the pool (26.4% by balance) are secured by properties that received property quality grades of 'B+' or better, including four of the largest 20 loans (25.0% of the pool), while five loans representing 4.8% of the pool are secured by properties that received Fitch property quality grades of 'C+' or lower, including two of the top 20 loans (3.8% of the pool). The pool's overall property quality was considered to be in line with recent transactions.

Low Mortgage Coupons: The pool's weighted average mortgage coupon is 4.63%, below historical averages. Fitch accounted for increased refinance risk in a higher interest rate environment by analyzing sensitivity to increased interest rates.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 11.7% 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 JPMBB 2015-C33 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 'BBB+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 due diligence information from Ernst & Young LLP. The due diligence focused on a comparison and re-computation of certain characteristics with respect to each of the 64 mortgage loans. Fitch considered this information in its analysis and the findings did not have an impact on our analysis.