Fitch Ratings has affirmed 194 classes from 14 U.S. CMBS transactions and two Freddie Mac structured pass-through transactions that were issued in 2014 or 2015. A spreadsheet detailing Fitch's rating actions can be found at 'www.fitchratings.com' by performing a title search for 'U.S. CMBS Rating Actions for January 15, 2016'.
KEY RATING DRIVERS
The rating actions reflect the overall stable performance of the underlying collateral pools. These transactions were generally issued in the first quarter of 2014 or 2015. Four of the transactions each have one delinquent loan: MSBAM 2014-C15, (1%, 90+ days delinquent); COMM 2014-CCRE16, (0.7%, in foreclosure); COMM 2015 LC-19 (0.5%, 30 days delinquent); and COMM 2015-CCRE22 (0.4%, 30 days delinquent). Currently, 10 transactions have no delinquent loans. None have incurred a realized loss to date.
The transactions' aggregate principal balance has been reduced by 1.37% on average for the 2014 vintage transactions and 0.45% on average for the 2015 vintage transactions.
Fitch has reviewed the servicer-reported cash flow, occupancy and watch-list commentary, if any, for the top 15 loans of each pool as well as loans that are delinquent or in special servicing. There have been no material changes to the pool metrics for any of the reviewed transactions. Therefore, Fitch is relying on the original rating analysis of the pool, given the recent issuance of the transaction.
Eleven transactions have no Fitch loans of concern; Fitch has designated three loans as Fitch loans of concern across the reviewed transactions of which two are currently in special servicing. The Fitch loans of concern are described below and are in the following transactions: COMM 2014-CCRE16, MSBAM 2014-C14, and MSBAM 2014-C15.
The affirmations of the Freddie Mac structured pass-through certificates, series K-036 and series K-043 certificates are the result of the pass-through nature of the certificates, as they are dependent on the underlying ratings of the corresponding classes of FREMF 2014-K36 and FREMF 2015-K43.
The Felling 3-Hotel Portfolio, 0.7% (COMM 2014-CCRE16), is secured by three hotels in Indiana totaling 192 rooms. The loan transferred to special servicing in November 2014 when the borrower refused to set up a required lockbox; currently, the borrower is only making partial payments and the loan is in foreclosure.
Aspen Heights - Columbia, 3.4% (MSBAM 2014-C14), is secured by a 318 unit student housing project located in Columbia, MO. The property, located three miles southeast of the University of Missouri, has experienced a decline in net cash flow and occupancy as of year-end 2014 from issuance and has not yet reported any 2015 performance data.
Campus Court, 1% (MSBAM 2014-C15), is secured by a 198 unit student housing project located in Bloomington, IN near Indiana University. The loan transferred to special servicing in May 2015 due to payment default and is currently 90+ days delinquent. The property's occupancy has suffered due to additional supply in the market, including new construction and the university's renovation of older dorms.
RATING SENSITIVITIES
The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transactions and overall stable pool performance, Fitch does not foresee positive or negative ratings migration to these transactions until a material economic or asset-level event changes the transactions' portfolio-level metrics. Additional information on rating sensitivity is discussed further in each transaction's new issue report available at www.fitchratings.com.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Additional information is available at www.fitchratings.com.
Fitch Affirms Classes from 14 Recent Vintage U.S. CMBS Transactions
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=876717
Applicable Criteria
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952
U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395
Related Research
COMM 2014-CCRE16 Mortgage Trust -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748226
COMM 2015-CCRE22 Mortgage Trust - Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867536
COMM 2015-DC1 Mortgage Trust -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861825
COMM 2015-LC19 Mortgage Trust - Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=858868
CSAIL 2015-C1 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863316
Citigroup Commercial Mortgage Trust 2014-GC19 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872378
FREMF 2014-K36 Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872508
FREMF 2014-K36 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-036 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=734496
FREMF 2015-K43 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-043 : Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862387
FREMF 2015-K43 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-043: Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862386
IMSCI 2015-6 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862113
MSBAM Commercial Mortgage Trust 2015-C21 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861857
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751573
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C15 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751411
WFCM Commercial Mortgage Trust 2015-C26 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861288
WFRBS Commercial Mortgage Trust 2014-C19 -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748774
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997954
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997954
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
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