DBRS Assigns Ratings to A10 Permanent Asset Financing 2015-I, LLC

DBRS, Inc. (DBRS) has assigned ratings to A10 Permanent Asset Financing 2015-I, LLC, as defined below:

-- Class B Notes at A (low) (sf)
-- Class C 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 as it relates to the minimum subordination requirements for each class to assign ratings to the Class B and Class C Notes. In addition, DBRS reviewed the largest loan contributed to the trust to date. The trust is expected to be fully funded within six months of the closing date, which was November 3, 2015. Additional notes, senior to the Class B and Class C notes are expected to be funded as more loans are sold into the trust.

The ratings assigned by DBRS contemplate timely payments of distributable interest and ultimate payment of principal by the legal final maturity in December 2049.

Notes:
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.

With regard to due diligence services, DBRS was not provided with the Form ABS Due Diligence-15E (Form-15E), which contains the description of the information that the third party reviewed in conducting the due diligence services and a summary of the findings and conclusions.

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.