DBRS Limited (DBRS Morningstar) upgraded the ratings on the following secured Fixed-Rate Notes (the Notes) issued by A10 Bridge Asset Financing 2015-A, LLC as follows.

Class B-1 to A (sf) from A (low) (sf)

Class C-1 to BBB (high) (sf) from BBB (sf)

Class D-1 to BBB (sf) from BBB (low) (sf)

Class E-1 to BBB (low) (sf) from BB (sf)

Class F-1 to BB (sf) from BB (low) (sf)

DBRS Morningstar also confirmed Class A-1 at AAA (sf). All trends are Stable.

The rating upgrades reflect the continued overall stable performance of the underlying loans since issuance along with principal reduction from successful loan repayments. The transaction closed in April 2015 and featured a funding period through April 2016, whereby the issuer had the ability to upsize the pool with additional collateral, subject to certain eligibility criteria and concentration limits. Following the funding period, the transaction paid sequentially, with 24 loans secured by 33 commercial properties, all originated by A10 Capital, LLC (A10). As of May 2020, the transaction consists of 11 floating-rate, fixed rate, and hybrid mortgage loans secured by transitional commercial real estate properties that are in some level of transition or stabilization.

According to the May 2020 remittance, there has been a collateral reduction of 39.0% since issuance, from principal paydown of $46.3 million. The pool has an aggregate balance of $72.3 million as of May 2020, as four loans paid out of the trust over the past 12 months. Nine loans in the pool (70.7% of the current outstanding loan balances) have remaining unfunded pari passu companion participations totaling $9.0 million. Most of the properties are currently cash-flowing assets in a period of transition with viable plans and loan structure in place to facilitate stabilization and value growth.

The pool is concentrated by loan size, as the largest five loans represent 69.3% of the pool. The pool is also concentrated by property type, as office (56.6% of the pool) and retail (43.4% of the pool) properties represent 100% of the pool balance. Per the most recent financials, the pool had a weighted-average (WA) debt yield and debt service coverage ratio (DSCR) of 9.5% and 1.54x, respectively, based on the fully funded whole loan amount. As of the May 2020 remittance report, all loans are current and there are no loans on the watchlist or in special servicing.

The Rite Aid Portfolio (Prospectus ID#34; 12.8% of the pool balance) was originally secured by a 10-property retail portfolio of single tenant Rite Aid drug stores. Nine of the properties were in New York, and the remaining property was in Chattanooga, Tennessee, with the properties built between 1997 and 2003. At contribution, the sponsor had purchased the portfolio assets with a business plan of selling off the individual properties throughout the loan term. The merger between Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corporation was initially announced in October 2015; however, when the sponsor purchased the subject properties in November 2016 there was uncertainty regarding the proposed merger. Had the merger occurred, it could potentially have resulted in a higher sales prices for the individual assets; however, the merger agreement was ultimately terminated in June 2017, and WBA instead purchased 1,932 Rite Aid stores.

The loan is structured with an execution covenant, which requires the borrower to sell a certain number of properties prior to the 18th, 24th, and 30th month of the loan term. In the event that the borrower is unable meet the execution timeline, all excess cash flow will be swept into a cash management account to paydown the loan. As of September 2019, the borrower went under contract to sell three properties and the loan was subsequently paid down by $10.5 million. The three properties were 173 Fairview Ave, Hudson, New York (Walgreens), 3569 Brainerd Road, Chattanooga, Tennessee (vacant), and 3249 Sheridan Drive, Amherst, New York. Previously in November 2018, leases on five of the remaining properties were extended for a 10-year term (through 2028) with reduced rents, while the other two properties have lease expirations in May 2022 and March 2025.

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.

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#40: Belle View (16.5% of the pool)

Prospectus ID#35: 1750 Forest Drive (13.8% of the pool)

Prospectus ID#33: Canon (13.1% of the pool)

Prospectus ID#36: Lookout Road (13.1% of the pool)

Prospectus ID#34: Rite Aid Portfolio (12.8% of the pool)

The deal and accompanying loan commentary will be available on the DBRS Viewpoint platform in the near term. 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 U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (March 6, 2020), 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.

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.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited

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Tel. +1 416 593-5577

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

04-Jun-20	Class A-1 Senior Fixed Rate Notes	Confirmed	AAA (sf)	Stb	CA
04-Jun-20	Class B-1 Senior Subordinated Fixed Rate Notes	Upgraded	A (sf)	Stb	CA
04-Jun-20	Class C-1 Senior Subordinated Fixed Rate Notes	Upgraded	BBB (high) (sf)	Stb	CA
04-Jun-20	Class D-1 Senior Subordinated Fixed Rate Notes	Upgraded	BBB (sf)	Stb	CA
04-Jun-20	Class E-1 Non-Offered Fixed Rate Notes	Upgraded	BBB (low) (sf)	Stb	CA
04-Jun-20	Class F-1 Non-Offered Fixed Rate Notes	Upgraded	BB (sf)	Stb	CA

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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