Class A-4 at
Class A-5 at
Class A-SB at
Class A-M at
Class X-A at
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 (high) (sf)
Class E at BB (sf)
Class F at B (high) (sf)
Class X-E at B (sf)
Class G at B (low) (sf)
DBRS Morningstar also discontinued its rating on Class A-3 after the class fully repaid with the
DBRS Morningstar assigned Negative trends to Classes D, E, F, G, X-C, X-D, and X-E because of the increased risk from various loans secured by hospitality and retail properties. In addition, the Palazzo Verdi loan (Prospectus ID#4 - 5.7% of Pool Balance) exhibited increased risk since issuance after losing a primary tenant in
At issuance, the trust consisted of 81 fixed-rate loans secured by 128 commercial and multifamily properties with a total trust balance of
The pool is geographically concentrated as 13 loans, representing 26.2% of the pool balance, are secured by properties in
Per the
An additional 15 loans, consisting of 26.8% of the pool balance, are on the servicer's watchlist, which are primarily due to cash flow declines or coronavirus-related relief. The watchlist loan of most concern is the Palazzo Verdi (Prospectus ID#4 - 5.7% of the pool balance), which is a 15-story, Class A office property in
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.
DBRS Morningstar materially deviated from its principal methodology when determining the rating assigned to Class B as the quantitative results suggested a lower rating. The material deviations is warranted given the uncertain loan level event risk with the
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 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#1 - Lakewood Center (7.6% of the pool)
Prospectus ID#2 -
Prospectus ID#4 - Palazzo Verdi (5.7% of the pool) - DBRS Morningstar Hotlist
Prospectus ID#5 - Equinox West LA (5.2% of the pool) - DBRS Morningstar Hotlist
Prospectus ID#6 - Two Chatham Center & Garage (4.4% of the pool)
Prospectus ID#8 -
Prospectus ID#12 - Embassy Suites Denver Tech Center (2.3% of the pool)
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, which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. 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.
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 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. +1 312 696-6293
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
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class A-4 ConfirmedAAA (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class A-5 ConfirmedAAA (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class A-M ConfirmedAAA (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class A-SB ConfirmedAAA (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class X-A ConfirmedAAA (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class B Confirmed AA (low) (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class X-B Confirmed A (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, ClassC Confirmed A (low) (sf) Stb US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class X-C Trend Change BBB (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, ClassD Tren d Change BBB (low) (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class X-D Trend Change BB (high) (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, ClassE Tren d Change BB (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, ClassF Tren d Change B (high) (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class X-E Trend Change B (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, ClassG Tren d Change B (low) (sf) Neg US
16-Nov-20 Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24, Class A-3 Disc.-Repaid Discontinued -- US
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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