OREANDA-NEWS. Fitch Ratings has affirmed eight classes of Citigroup Commercial Mortgage Trust 2015-101A, Commercial Mortgage Pass-Through Certificates series 2015-101A. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations reflect stable performance of the underlying collateral since issuance. As of the December 2015 distribution date, the pool's aggregate certificate balance remained at $200 million, unchanged from issuance. The loan is interest only (annual interest rate of 4.65%) for the entire 20-year term.

The certificates represent the beneficial ownership in the issuing entity, the primary asset of which is one loan having an aggregate principal balance of $200 million and secured by the leasehold interest in the 101 Avenue of the Americas office property in New York, NY. The two largest tenants, NY Genome Center (39.4% of total square footage) and Two Sigma (31.9%) occupy approximately 71% of the property. Other major tenants include Digital Ocean (8.3%) and REGUS (7.2%).

As of November 2015, occupancy improved to 97.9% from 94.5% at issuance. For the nine months ended Sept. 30, 2015, the NOI debt service coverage ratio (DSCR) was 1.76x, compared with 2.05x at issuance. The lower debt service coverage ratio is due to free rent periods in place from issuance for the following tenants: Two Sigma, Digital Ocean and Harbor Sound.

The majority of the building rollover is associated with the two largest tenants which both roll prior to the loan's maturity date in January 2035. NY Genome Center has a lease expiration in September 2033 and Two Sigma expires in April 2029. In-place base rents average approximately $68 per square foot (psf) according to the November 2015 rent roll. Reis reported an average office vacancy rate of 4.8% with average asking rents of $50.86 in the South Broadway submarket of Manhattan. Average asking rents for buildings built between 1990 - 1999 were $68.64 psf. This compares with the greater New York Metro area which had a vacancy rate of 9.2% with average asking rents of $66.90 psf.

RATING SENSITIVITIES

The Rating Outlook for both classes remains Stable. No rating actions are anticipated unless there are material changes in property occupancy or cash flow. The property performance is consistent with issuance.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following classes:

--$96,000,000 class A at 'AAAsf'; Outlook Stable;
--$96,000,000 class X-A* at 'AAAsf'; Outlook Stable;
--$30,000,000 class X-B* at 'A-sf'; Outlook Stable;
--$16,000,000 class B at 'AA-sf'; Outlook Stable;
--$14,000,000 class C at 'A-sf'; Outlook Stable;
--$20,000,000 class D at 'BBB-sf'; Outlook Stable;
--$31,000,000 class E at 'BB-sf'; Outlook Stable;
--$19,000,000 class F at 'B-sf'; Outlook Stable.

* Interest-only class X-A is equal to the notional balance of class A. Interest-only class X-B is equal to the notional balance of class B and class C. Fitch does not rate the class G certificates.