OREANDA-NEWS. Fitch Ratings has affirmed five classes of BBCMS Trust 2015-SLP commercial mortgage pass-through certificates series 2015-SLP (BBCMS 2015-SLP). A full list of rating actions follows at the end of this ratings action commentary.

KEY RATING DRIVERS

The affirmations reflect the overall stable performance of the pool. The servicer provided year to date (YTD) Sept. 2015 financials for the portfolio and trailing 12 months (TTM) STR reports for 55% of the assets. Average RevPAR penetration for hotels reporting was over 100%. Fitch expects to review the transaction again when year-end 2015 financial statements become available.

The collateral consists of a diverse and granular pool of 127 limited service, extended stay and select service hotels located in 21 states. Hotel flags include Fairfield Inn, Fairfield Inn & Suites, Residence Inn, Springhill Suites, Courtyard, Hampton Inn, Staybridge Suites, Homewood Suites, Comfort Suites, and Townplace Suites. No single asset comprises more than 2.3% of the pool. The portfolio does include approximately 20% exposure to certain energy industry dependent markets in Texas, Colorado, and Oklahoma. Fitch remains concerned about the impact that recent volatility in the oil and gas industry may have on overall economic performance in these markets. Additionally, three properties (3%) are located in Bismarck, ND, which while not within the troubled Bakken shale region, could see some collateral impact from the declining energy market. Fitch's analysis applied additional credit loss to account for the potential negative performance impact.

Since issuance, eight properties (3.2% of the pool) from the original pool of 135 hotels have been released resulting in pay down of $18.4 million to the senior class. Releases have included five properties in energy dependent markets.

The transaction is sponsored by an affiliate of Starwood Capital Group (Starwood). Starwood is a global private investment firm with a core focus on real estate. Starwood created Starwood Hotels & Resorts Worldwide, Inc. in 1995 and has since continued to acquire and operate hotels throughout the world.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Should portfolio performance remain stable or improve and properties continue to be released, classes C through E could be upgraded in the future. All classes could be subject to downgrade should performance decline. Fitch will continue to monitor the impact to the portfolio on the declining energy sector.

Additional information on rating sensitivity is available in the report BBCMS Trust 2015-SLP' (March 12, 2015), available at www.fitchratings.com

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

--$181.6 million class A at 'AAAsf'; Outlook Stable;
--$68 million class B at 'AAAsf'; Outlook Stable;
--$55.1 million class C at 'A+sf'; Outlook Stable;
--$75.6 million class D at 'BBB-sf'; Outlook Stable;
--$76.3 million class E at 'BB-sf'; Outlook Stable.

Fitch does not rate Class F and V.