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

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