DBRS Assigns Ratings to A10 Bridge Asset Financing 2015-A, LLC

DBRS, Inc. (DBRS) has today assigned ratings to A10 Bridge Asset Financing 2015-A, LLC Variable Funding Notes as defined below:

-- Class A Senior Variable Funding Notes (the Class A-VFN Notes) at AA (low) (sf)
-- Class B Senior Subordinated Variable Funding Notes ( the Class B-VFN Notes) at BBB (low) (sf)

DBRS used its static CMBS methodology to construct a worst-case pool based on concentration limits and eligibility requirements as defined in the trust indenture to assign ratings to the Class A-VFN and Class B-VFN Notes.

The note interest amount with respect to any class of offered notes (other than the Class A-VFN Notes), to the extent that it is not paid on the related payment date because of the unavailability of funds for such purpose in accordance with the priority of payments, will compound monthly (to the extent permitted by applicable law) and be payable on subsequent payment dates as part of the deferred note interest amount. There are certain possible cash flow and loan default scenarios whereby there could be deferred note interest amount accruing on one or more payment dates with respect to one or more classes of offered notes (other than the Class A-VFN Notes).

The ratings assigned by DBRS contemplate timely payments of distributable interest and, in the case of the Class B-VFN Notes, ultimate recovery of deferred note interest amounts (inclusive of interest payable thereon at the applicable rate, to the extent permitted by law). Accordingly, DBRS will assign its “Interest in Arrears” designation to any class of offered notes (other than the Class A-VFN Notes) during any interest accrual period when such class accrues deferred note interest amounts. The ratings address ultimate payment of principal by the rated final distribution date of May 2030.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are North American CMBS Rating Methodology and Legal Criteria for U.S. Structured Finance, which can be found on our website under Methodologies.

This rating did not include issuer participation and is based solely on publicly available information.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.