DBRS Confirms All Classes of Wells Fargo Commercial Mortgage Trust 2015-C28

DBRS Limited (DBRS) has today confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2015-C28 issued by Wells Fargo Commercial Mortgage Trust 2015-C28 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-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PEX at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class X-F at B (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of the transaction, which has remained in line with DBRS’s expectations since issuance. The collateral consists of 99 fixed-rate loans secured by 134 commercial properties; as of the April 2017 remittance, there has been a collateral reduction of 1.0% since issuance. Loans representing 88.4% of the current pool balance are reporting YE2016 figures, and loans representing 23.2% of the current pool balance are reporting partial-year 2016 financials. According to YE2016 financials, the pool reported a weighted average (WA) debt service coverage ratio (DSCR) and WA debt yield of 1.71 times (x) and 9.7%, respectively. The DBRS WA DSCR and WA debt yield at issuance were 1.53x and 8.5%, respectively. The largest 15 loans in the pool represent 57.1% of the transaction balance, and all but two of those loans reported YE2016 financials, which showed a WA net cash flow increase of 15.9% over the DBRS figures, with a WA DSCR and WA debt yield of 1.66x and 8.7%, respectively.

As of the April 2017 remittance, there are eight loans on the servicer’s watchlist, representing 10.3% of the current pool balance, including one loan in the Top 15; however, the largest watchlisted loan, RPC Northeast Storage Portfolio (Prospectus ID #4, 6.0% of the pool), was placed on the watchlist because of property condition issues that have since been resolved.

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 commercial mortgage-backed securities (CMBS) IReports platform. Registration is free. To view these and future loan-level updates provided as part of DBRS’s ongoing surveillance for this transaction, please register or log in 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.