DBRS Upgrades One Class of Wachovia Bank Commercial Mortgage Trust, Series 2004-C15

DBRS Limited (DBRS) has today upgraded the rating of the Class F Commercial Mortgage Pass-Through Certificates, Series 2004-C15 issued by Wachovia Bank Commercial Mortgage Trust, Series 2004-C15 (the Trust) as follows:

-- Class F to A (high) (sf) from BBB (high) (sf)

The trend is Stable.

The rating upgrade reflects the increased credit support to the bond as a result of loan amortization, successful loan repayment and principal proceeds recovered from liquidated loans. Since issuance, the pool has experienced a collateral reduction of 97.6%, with four of the original 87 loans outstanding as of the July 2017 remittance. To date, 12 loans have been liquidated from the trust with a combined realized loss of $52.9 million.

One loan, 4 Sylvan Way (Prospectus ID#13), representing 55.9% of the pool, is in special servicing. Two loans, representing 37.3% of the pool, are fully defeased and have maturity dates in August 2019. The last remaining loan, representing 6.7% of the pool, is secured by a retail property that is 100.0% leased to CVS; however, the tenant has vacated the single-tenant property and continues to pay rent until October 2023. The loan is fully amortizing, maturing in September 2024, minimizing refinance risk.

The rating assigned to the Class F certificates materially deviates from the higher rating implied by the quantitative results. The deviations are warranted because of loan level event risk.

DBRS has provided updated loan-level commentary and analysis for both the loan in special servicing and the loan on the servicer’s watchlist on the DBRS 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 at or log into www.ireports.dbrs.com.

Notes:
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 methodology is CMBS North American Surveillance (March 2017), which can be found on dbrs.com under Methodologies.