DBRS Confirms Ratings of A10 Bridge Asset Financing 2015-A, LLC

DBRS, Inc. (DBRS) has today confirmed the ratings of A10 Bridge Asset Financing 2015-A, LLC as follows:

-- Class A Senior Variable Funding Notes (the Class A-VFN Notes) at AA (low) (sf)
-- Class B Senior Subordinated Variable Funding Notes (the Class B-VFN Notes) at BBB (low) (sf)

All trends are Stable.

With this rating action, DBRS performed its analysis based on the current composition of the transaction, which currently consists of 29 loans secured by traditional commercial real estate assets. The 29 funded loans have a current trust balance of $141.7 million; however, 24 loans have future funding components to aid in property stabilization via capital expenditure projects or to fund future leasing costs. Inclusive of these future funding components, the trust has a potential future total balance of $170.8 million.

The note interest amount with respect to any class of offered notes (other than the Class A-VFN Notes), to the extent that it is not paid on the related payment date because of the unavailability of funds for such purpose in accordance with the priority of payments, will compound monthly (to the extent permitted by applicable law) and be payable on subsequent payment dates as part of the deferred note interest amount. There are certain possible cash flow and loan default scenarios whereby there could be a deferred note interest amount accruing on one or more payment dates with respect to one or more classes of offered notes (other than the Class A-VFN Notes).

The ratings assigned by DBRS contemplate timely payments of distributable interest and, in the case of the Class B-VFN Notes, ultimate recovery of deferred note interest amounts (inclusive of interest payable thereon at the applicable rate, to the extent permitted by law). Accordingly, DBRS will assign the Interest in Arrears designation to any class of offered notes (other than the Class A-VFN Notes) during any interest accrual period when such class accrues deferred note interest amounts. The ratings also address ultimate payment of principal by the final distribution date in May 2030.

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

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

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

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