DBRS Confirms All Classes of JPMBB Commercial Mortgage Securities Trust 2015-C30

DBRS Limited (DBRS) has today confirmed the ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2015-C30 issued by JPMBB Commercial Mortgage Securities Trust 2015-C30:

-- 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-5 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 AA (sf)
-- Class B at AA (low) (sf)
-- Class X-C at A (sf)
-- Class C at A (low) (sf)
-- Class EC at A (low) (sf)
-- Class X-D at BBB (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 since issuance in July 2015. The transaction consists of 70 fixed-rate loans secured by 114 commercial properties. The pool has experienced a collateral reduction of 1.3% since issuance as a result of scheduled amortization and one loan, representing 0.2% of the original pool balance, having been repaid. All loans reported YE2016 financials, reporting a weighted-average (WA) debt service coverage ratio (DSCR) of 1.67 times (x) and a WA debt yield of 9.5%. Comparatively, the YE2015 WA DSCR and WA debt yield were 1.61x and 9.0%, respectively.

As of the June 2017 remittance, there were three loans, representing 1.7% of the pool balance, on the servicer’s watchlist and no loans in special servicing. None of the loans on the servicer’s watchlist individually represent over 1.0% of the current pool balance.

At issuance, DBRS shadow-rated two loans investment-grade. DBRS confirms with this review that the performance of these loans, Prospectus ID#2 Pearlridge Center (5.5% of the current pool balance) and Prospectus ID#11 Scottsdale Quarter (3.2% of the current pool balance), remains consistent with investment-grade loan characteristics.

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 into DBRS CMBS IReports at 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 www.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.