DBRS Places All Classes of RAIT 2015-FL5, RAIT 2016-FL6 and RAIT 2017-FL8 Under Review with Negative Implications

DBRS Limited (DBRS) placed all classes of the Floating Rate Notes issued by RAIT 2015-FL5 Trust, RAIT 2016-FL6 Trust and RAIT 2017-FL8 Trust Under Review with Negative Implications as follows:

RAIT 2015-FL5 Trust:
-- Class A at AAA (sf), Under Review with Negative Implications
-- Class B at AA (high) (sf), Under Review with Negative Implications
-- Class C at A (high) (sf), Under Review with Negative Implications
-- Class D at BBB (high) (sf), Under Review with Negative Implications
-- Class E at BBB (low) (sf), Under Review with Negative Implications
-- Class F at B (high) (sf), Under Review with Negative Implications

RAIT 2016-FL6 Trust:
-- Class A at AAA (sf), Under Review with Negative Implications
-- Class A-S at AAA (sf), Under Review with Negative Implications
-- Class B at AA (low) (sf), Under Review with Negative Implications
-- Class C at A (low) (sf), Under Review with Negative Implications
-- Class D at BBB (low) (sf), Under Review with Negative Implications
-- Class E at BB (sf), Under Review with Negative Implications
-- Class F at B (sf), Under Review with Negative Implications

RAIT 2017-FL8 Trust:
-- Class A at AAA (sf), Under Review with Negative Implications
-- Class A-S at AAA (sf), Under Review with Negative Implications
-- Class B at AA (low) (sf), Under Review with Negative Implications
-- Class C at A (low) (sf), Under Review with Negative Implications
-- Class D at BBB (low) (sf), Under Review with Negative Implications
-- Class E at BB (sf), Under Review with Negative Implications
-- Class F at B (sf), Under Review with Negative Implications

DBRS placed the referenced classes Under Review with Negative Implications citing concerns over the current servicing of the transactions.

On February 20, 2018, RAIT Financial Trust (RAIT or the Company), parent of the issuer, mortgage loan seller and servicer/special servicer for RAIT 2015-FL5, RAIT 2016-FL6 and RAIT 2017-FL8 Trusts, announced the conclusion of a Strategic and Financial Alternative Review Process conducted by a special committee of RAIT’s independent trustees.

On March 5th, DBRS spoke with members of the RAIT management team to determine the effect of the announcement on the securitized transactions, including the servicing and special servicing. Given the lack of information regarding the future of the Company, DBRS is concerned about the servicing and special servicing of these transactions. Hence, DBRS is placing the bonds under review with the expectation that additional information will be available in the near term to provide a clearer picture of the future of the Company and, specifically, its servicing and asset management teams. DBRS will revisit the ratings once additional information becomes available.

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.