DBRS Confirms All Classes of JPMBB Commercial Mortgage Securities Trust 2015-C31

DBRS Limited (DBRS) has today confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2015-C31 issued by JPMBB Commercial Mortgage Trust 2015-C31 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 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 E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall performance of the transaction, which has remained in line with DBRS’s expectations since issuance. As of the July 2017 remittance, there has been a collateral reduction of 1.8% as a result of scheduled amortization. Loans representing 70.5% of the current pool balance show a YE2016 analysis in the servicer’s reporting. Those loans reported a weighted-average (WA) debt service coverage ratio (DSCR) and WA debt yield of 1.40 times (x) and 8.8%, respectively. The DBRS WA DSCR and WA debt yield for the pool at issuance were 1.34x and 8.3%, respectively. The largest 15 loans in the pool represent 65.9% of the current pool balance, and 14 of those loans, representing 63.0% of the current pool balance, show a YE2016 analysis, with a WA net cash flow growth of 8.8% over the DBRS issuance figures, and a WA DSCR and WA debt yield for those loans of 1.39x and 8.9%, respectively.

As of the July 2017 remittance, there were four loans on the servicer’s watchlist, representing 2.4% of the current pool balance. All four of these loans are being monitored for cash flow declines. There are no loans in special servicing as of the July 2017 remittance.

The rating assigned to Class F materially deviates from the higher rating implied by the quantitative results. DBRS considers a material deviation to be a rating differential of three or more notches between the assigned rating and the rating implied by the quantitative results that is a substantial component of a rating methodology; in this case, the assigned rating that reflects the sustainability of loan performance trends was not demonstrated.

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 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 methodology is CMBS North American Surveillance (March 2017), 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.