DBRS Confirms All Classes of CSAIL 2015-C2 Commercial Mortgage Trust

DBRS Limited (DBRS) has today confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2015-C2 issued by CSAIL 2015-C2 Commercial Mortgage Trust 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 X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C 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 (high) (sf)
-- Class F at B (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 118 fixed-rate loans secured by 160 commercial properties; as of the April 2017 remittance, there has been a collateral reduction of 2.2% since issuance. Loans representing 63.2% of the current pool balance are reporting YE2016 figures, and loans representing 29.2% 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 1.83 times (x) and 9.8%, respectively. The DBRS WA DSCR and WA debt yield at issuance were 1.61x and 8.5%, respectively. The largest 15 loans in the pool represent 44.4% of the transaction balance, and nine of those loans, representing 31.4% of the current pool balance, reported YE2016 financials, which showed a WA net cash flow growth of 10.4% over the DBRS issuance figures, with a WA DSCR and WA debt yield of 1.61x and 7.6%, respectively.

As of the April 2017 remittance, there were seven loans on the servicer’s watchlist, representing 4.2% of the current pool balance, and two loans in special servicing, representing 2.8% of the current pool balance, including one loan in the Top 15.

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

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