DBRS Confirms All Classes of JPMCC Commercial Mortgage Securities Trust 2015-JP1

DBRS Limited (DBRS) has today confirmed the following classes of Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 issued by JPMCC Commercial Mortgage Securities Trust 2015-JP1:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class X-C at AAA (sf)
-- Class X-D at AAA (sf)
-- Class X-E at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class F at BB (high) (sf)
-- Class G at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of the transaction. The collateral consists of 51 fixed-rate loans secured by 58 commercial and multifamily properties. As of the November 2016 remittance, the pool has experienced a collateral reduction of 0.4% since issuance, with all of the original 58 loans remaining in the pool. Given the late 2015 closing date for this transaction, updated financial reporting is relatively limited, with 34 loans representing 61.4% of the current pool balance reporting Q2 2016 financials, and 29.3% of the pool reporting Q3 2016 financials. The 11 loans within the top 15 loans reporting 2016 figures showed an annualized weighted average (WA) net cash flow (NCF) improvement of 11.11% since DBRS underwriting. The pool reports a WA debt service coverage ratio (DSCR) and WA debt yield of 1.90 times (x) and 9.2%, respectively. In comparison, the DBRS underwritten WA DSCR and WA debt yield were 1.60x and 9.4%, respectively.

As of the November 2016 remittance, there are no loans in special servicing and two loans on the servicer’s watchlist, representing 2.2% of the pool balance.

DBRS has provided updated loan level commentary and analysis for the watchlisted loans and for the largest 15 loans in the pool in the DBRS CMBS IReports platform. To view these and future loan level updates provided as part of DBRS’s ongoing surveillance for this transaction, please log into DBRS CMBS IReports at www.ireports.dbrs.com.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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

The applicable methodologies are North American CMBS Rating Methodology (March 2016) and CMBS North American Surveillance (December 2016), which can be found on our website under Methodologies

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.