DBRS Confirms All Classes of Citigroup Commercial Mortgage Trust 2015-GC27

DBRS Limited (DBRS) has today confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2015-GC27 issued by Citigroup Commercial Mortgage Trust 2015-GC27 as follows:

-- 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-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class X-E at AAA (sf)
-- Class X-F at AAA (sf)
-- Class X-H at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall performance of the transaction, which has remained in line with DBRS’s expectations since issuance. The collateral consists of 100 fixed-rate loans secured by 116 commercial properties, and as of the January 2017 remittance, there has been a collateral reduction of 1.2% since issuance. Loans representing 99.7% of the current pool balance are reporting YE2015 figures with a weighted-average (WA) debt service coverage ratio (DSCR) and WA debt yield of 1.69 times (x) and 9.6%, respectively. The DBRS underwritten WA DSCR and WA debt yield at issuance were 1.45x and 8.1%, respectively. The largest 15 loans in the pool collectively represent 50.4% of the transaction balance and reported YE2015 or trailing-12-month financials showing a WA net cash flow growth of 19.9% over the DBRS underwritten figures, with a WA DSCR and WA debt yield of 1.74x and 9.5%, respectively.
As of the January 2017 remittance, there is one loan in special servicing and one loan on the servicer’s watchlist, representing 0.5% and 0.7% of the current pool balance, respectively.

DBRS has provided updated loan-level commentary and analysis for loans in special servicing and on the watchlist, as well as 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 in to 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 (January 2017) 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.