Press Release

DBRS Confirms COMM 2015-CCRE27

CMBS
October 23, 2017

DBRS, Inc. (DBRS) confirmed the ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE27 issued by COMM 2015-CCRE27 Mortgage Trust:

-- 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-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class X-C at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-D at BB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (high) (sf)
-- Class X-E at B (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the continued overall performance of the transaction, which remains as expected since issuance. The collateral consists of 65 loans secured by 96 commercial and multifamily properties. As of the October 2017 remittance, the pool has experienced collateral reduction of 1.2% as a result of scheduled loan amortization as all original loans remain in the pool. According to the most recent year-end financial reporting, the pool reported a weighted-average (WA) debt service coverage ratio (DSCR) of 1.96 times (x) and a WA debt yield of 9.4%. Comparatively, the DBRS Term WA DSCR and WA debt yield were 1.61x and 8.8%, respectively, for the entire pool.

As at the October 2017 remittance, there are two loans on the servicer’s watchlist, representing 1.9% of the current pool balance. Both loans remain current but have been flagged for declining performance.

At issuance, DBRS shadow-rated one loan, 11 Madison Avenue (Prospectus ID#1, representing 7.6% of the current pool balance), as investment grade. DBRS confirmed that the performance of this loan remains consistent with investment-grade loan characteristics.

Classes X-A, X-B, X-C, X-D and X-E are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall.

All ratings will be subject to ongoing surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

DBRS has provided updated loan-level commentary and analysis for larger and/or pivotal watchlisted loans, as well as the Top 15 loans, in the DBRS Viewpoint 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 Viewpoint at viewpoint.dbrs.com.

The rating assigned to Class F materially deviates from the higher ratings 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. The deviations are warranted given the sustainability of loan performance trends is not demonstrated.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is CMBS North American Surveillance, which can be found on dbrs.com under Methodologies. For a list of the Structured Finance related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document on www.dbrs.com. Please note that not every related methodology listed under a principal Structured Finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Ratings

  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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