DBRS Downgrades One Class of Wachovia Bank Commercial Mortgage Trust, Series 2004-C15

DBRS, Inc. (DBRS) has today downgraded the rating of the following class of Commercial Mortgage Pass-Through Certificates, Series 2004-C15 issued by Wachovia Bank Commercial Mortgage Trust, Series 2004-C15 (the Trust):

-- Class G to D (sf) from C (sf)

In addition to the rating action above, DBRS has removed the Interest in Arrears designation on the Class G and Class F certificates.

The rating downgrade is the result of the most recent realized losses to the Trust, which occurred after the 10 East Baltimore Street loan (Prospectus ID#28) was liquidated from the Trust at a loss of $7.1 million with the January 2017 remittance. The 10 East Baltimore Street loan was secured by an office property in Baltimore, Maryland, and was transferred to special servicing in March 2013 for imminent default.

The loan became real estate owned in March 2014. The last property valuation dated October 2016 valued the subject at $7.8 million, down from $16.7 million at issuance. The realized trust loss of $7.1 million resulted in a loss severity of 65.7%, as the servicer recovered liquidation proceeds of $3.3 million, which were applied to the outstanding principal balance of the Class E certificates. The loss wiped the remaining balance of the Class H certificates and reduced the principal balance on the Class G certificates by $51,183. As of the January 2017 remittance, one loan remains in special servicing, 4 Sylvan Way (Prospectus ID#13), with a remaining balance of $13.7 million (55.3% of the current pool balance). Of the three other remaining loans in the pool, two loans, representing approximately 37.6% of the current pool balance, are fully defeased.

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

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

The applicable methodologies are North American CMBS Rating Methodology (January 2017) and CMBS North American Surveillance (December 2016), which can be found on our website under Methodologies.

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