Fitch Ratings has affirmed 12 classes of COMM 2015-
RATING ACTIONS
Entity / Debt
Rating
Prior
COMM 2015-CCRE22
A-3 12592XBA3
LT
AAAsf
Affirmed
AAAsf
A-4 12592XBC9
LT
AAAsf
Affirmed
AAAsf
A-5 12592XBD7
LT
AAAsf
Affirmed
AAAsf
A-M 12592XBF2
LT
AAAsf
Affirmed
AAAsf
A-SB 12592XBB1
LT
AAAsf
Affirmed
AAAsf
B 12592XBG0
LT
AA-sf
Affirmed
AA-sf
C 12592XBJ4
LT
A-sf
Affirmed
A-sf
D 12592XAG1
LT
BBB-sf
Affirmed
BBB-sf
E 12592XAJ5
LT
BB-sf
Affirmed
BB-sf
Page
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VIEW ADDITIONAL RATING DETAILS
KEY RATING DRIVERS
Stable Loss Expectations: Overall loss expectations have slightly improved since Fitch's prior rating action and the performance of properties previously impacted by the pandemic have generally improved. Eight loans are considered Fitch Loans of Concern (FLOCs -- 18.6% of the pool) including two properties within the top 15 with declining performance, occupancy and/or upcoming rollover concerns. Fitch's current ratings reflect a base case loss of 5.70%.
The largest increase in loss since the last rating action is the Wells Fargo Portfolio (8.5%), which comprises a group of six crossed loans secured by six single-tenant, office properties totaling 1,636,299-sf located in
Occupancy for the portfolio as of
As of
According to the third-quarter 2022 CoStar, market rents in the Airport/
The largest decrease in loss since the last rating action is Wonderbread (3.0%), which is secured by an 82,132-sf office building located in
The property's major tenants include,
Increased Credit Enhancement: As of the
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Factors that lead to downgrades include an increase in pool level losses from underperforming loans.
Downgrades would occur with an increase in pool-level losses from underperforming or specially serviced loans. Downgrades to classes A-3, A-4, A-5, A-SB, A-M and X-A are not likely due to the position in the capital structure, but may occur should interest shortfalls affect these classes. Downgrades to classes B, C, D, E and X-B may occur should expected pool losses increase significantly and/or the FLOCs and/or loans susceptible to the pandemic suffer losses.
Fitch has identified both a baseline and a worse-than-expected, adverse stagflation scenario based on fallout from the
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Factors that could lead to upgrades would include stable to improved asset performance, coupled with additional paydown and/or defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated classes are not expected, but may occur with significant improvement in CE and/or defeasance, in addition to the stabilization of properties impacted from the coronavirus pandemic.
Upgrades of the 'BBB-sf' category rated classes are considered unlikely, until the later years in the transaction and only if the performance of the remaining pool is stable and there is sufficient CE to the class. Classes would not be upgraded above 'Asf' if there is a likelihood of interest shortfalls.
Best/Worst Case Rating Scenario
International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
Additional information is available on www.fitchratings.com
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