DBRS Confirms Ratings of A10 Permanent Asset Financing 2015-I, LLC

DBRS, Limited. (DBRS) confirmed the ratings on the following Notes (the Notes) issued by A10 Permanent Asset Financing 2015-I, LLC:

-- Class A at AAA (sf)
-- Class B at A (low) (sf)
-- Class C at BBB (low) (sf)

All trends are Stable.

The rating actions reflect the overall stable performance of the transaction since issuance. To confirm the ratings of the Notes, DBRS analyzed the loans contributed to date and constructed a worst-case pool based on concentration limits and eligibility requirements as defined in the trust indenture relating to the minimum subordination requirements. As of the February 2018 remittance, the trust was nearly fully funded, with 42 loans contributed to date with an aggregate principal balance of approximately $297.6 million.

The ratings contemplate timely payments of distributable interest and ultimate payment of principal by the legal final maturity in December 2049.

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

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.

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 under Related Documents or by contacting us at info@dbrs.com.

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 for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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