Class A-3 at
Class A-4 at
Class A-SB at
Class A-S at
Class X-A at
Class X-B at
Class B at AA (low) (sf)
Class C at A (low) (sf)
Class X-D at BBB (sf)
Class D at BBB (low) (sf)
Class X-E at B (sf)
Class E at B (low) (sf)
Class X-FG at B (low) (sf)
Class F at CCC (sf)
Class G at CCC (sf)
Classes F, G, and X-FG were removed from Under Review with Negative Implications, where they were placed on
The Negative trends on Classes D, E, X-D, X-E, and X-FG reflect the continued performance challenges for the underlying collateral, much of which has been driven by the impacts of the Coronavirus Disease (COVID-19) global pandemic. In addition to the four loans representing 20.7% of the pool in special servicing as of the
In addition, the transaction has a higher concentration of retail property types, with 10 loans secured by regional malls and both anchored and unanchored retail properties, collectively representing 20.0% of the pool. Office collateral makes up the largest concentration of one property type, with four loans comprising 25.2% of the current trust balance.
The four loans in special servicing are
The largest loan in special servicing, The Mall of
The borrower last paid debt service in
As of the
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
Classes X-A, X-B, X-D, X-E, and X-FG 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 are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for the following loans in the transaction:
Prospectus ID#5-The Mall of
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.
Notes:
All figures are in
The principal methodology is North American CMBS Surveillance Methodology (
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.
For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.
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@dbrsmorningstar.com.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process. Please note a sensitivity analysis is not performed for CMBS bonds rated CCC or lower. The DBRS Morningstar long-term rating scale definition indicates that ratings of CCC or lower are assigned when the bond is highly likely to default or default is imminent, thereby prevailing over a sensitivity analysis
Generally, the conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are monitored.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 416 593-5577
Ratings
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class A-3 ConfirmedAAA (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class A-4 ConfirmedAAA (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class A-S ConfirmedAAA (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class A-SB ConfirmedAAA (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class X-A ConfirmedAAA (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class X-B ConfirmedAAA (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class B Confirmed AA (low) (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, ClassC Confirmed A (low) (sf) Stb CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class X-D Trend Change BBB (sf) Neg CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, ClassD Tren d Change BBB (low) (sf) Neg CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class X-E Trend Change B (sf) Neg CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, ClassE In t. in Arrears B (low) (sf) Neg CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, ClassE Tren d Change B (low) (sf) Neg CA
04-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, ClassE In t. in Arrears B (low) (sf) Stb US
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class X-FG Confirmed B (low) (sf) Neg CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class F Confirmed CCC (sf) -- CA
30-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7, Class G Confirmed CCC (sf) -- CA
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