DBRS Confirms All Classes of COMM 2015-PC1 Mortgage Trust

DBRS Limited (DBRS) confirmed the ratings on the Commercial Mortgage Pass-Through Certificates, Series 2015-PC1 issued by COMM 2015-PC1 Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of the transaction, which has remained in line with DBRS’s expectations since issuance. At issuance, the pool consisted of 80 loans secured by 147 properties. As of the April 2018 remittance, there has been a collateral reduction of 2.3% as a result of scheduled amortization and one loan that prepaid, Prospectus ID #68, 7 Carnegie Plaza (previously 0.38% of the pool). There are 70 loans, representing 60.9% of the current pool balance, that are reporting YE2017 financials. Per the most recent year-end and year-to-date financials available, the top 15 loans, which collectively represent 48.3% of the pool, reported a weighted-average (WA) debt service coverage ratio (DSCR) and debt yield of 1.70 times (x) and 9.5%, respectively. Pool-wide, the loans reported a WA DSCR of 1.81x as of the most recent year-end financials available, compared to the WA DSCR of 1.74x for the prior reporting cycle. The WA DBRS Term DSCR for the pool was 1.51x at issuance.

Five loans, representing 5.5% of the pool, are on the servicer’s watchlist. Four loans on the watchlist (5.3% of the pool balance) are being monitored for deferred maintenance. The remaining watchlisted loan, Prospectus ID#78, Quail Medical Building B, comprising 0.16% of the pool, is being monitored for a decline in occupancy. The loan reported a Q3 2017 DSCR of 1.21x and an in-place debt yield of 11.4%.

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 applicable reference obligation 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.

As part of this review, DBRS has provided updated analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:

• Prospectus ID#4 – The Plaza at Harmon Meadow (3.4% of the pool balance)
• Prospectus ID#9 – 270 Munoz Rivera (2.08% of the pool balance)
• Prospectus ID#11 – 100 Pearl Street (1.95% of the pool balance)

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrs.com. The platform includes issuer and servicer data for the entire commercial mortgage-backed securities (CMBS) universe, as well as deal and loan-level commentary for all DBRS rated transactions.

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.