DBRS Confirms All Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21

DBRS Limited (DBRS) has today confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2015-C21 issued by Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 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-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class X-E at AAA (sf)
-- Class X-FG at AAA (sf)
-- Class B at AA (high) (sf)
-- Class PST at A (sf)
-- Class C at A (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (high) (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 64 fixed-rate loans secured by 99 commercial properties, and as of the January 2017 remittance, there has been a collateral reduction of 1.2% since issuance. Loans representing 92.3% of the current pool balance are reporting YE2015 figures with a weighted-average (WA) debt service coverage ratio (DSCR) and WA debt yield of 1.57 times (x) and 8.7%, respectively. The DBRS WA DSCR and WA debt yield at issuance were 1.80x and 9.4%, respectively. The largest 15 loans in the pool represent 61.5% of the transaction balance and all loans but one reported YE2015 financials, which showed a slight WA net cash flow decline of 6.2% over the DBRS figures, with a WA DSCR and WA debt yield of 1.68x and 8.7%, respectively.

As of the January 2017 remittance, there are 11 loans on the servicer’s watchlist, representing 17.8% of the current pool balance, including three loans in the top 15.

DBRS has provided updated loan-level commentary and analysis for larger and/or pivotal watchlisted loans, 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.