OREANDA-NEWS. Fitch Ratings has affirmed all classes of BBCCRE Trust 2015-GTP commercial mortgage pass-through certificates, series 2015-GTP. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of the overall stable performance of the pool, which has exhibited no material change since issuance. As of year-end (YE) 2015, the portfolio was 100% occupied and the servicer reported a net operating income (NOI) debt service coverage ratio (DSCR) of 2.11x.

The transaction represents the beneficial interest in a trust that holds a 10-year, fixed-rate, interest-only $660 million mortgage loan secured by the fee and leasehold interests in a portfolio of 39 office and two industrial properties, totalling 2.6 million square feet (sf). The portfolio is spread across 19 different states, with the highest concentrations in Florida (25.2% of the current balance) and Texas (15.7%). The portfolio is fully occupied by 16 different U. S. Federal Government ('AAA'/Stable Outlook) agencies via General Services Administration (GSA) leases. The largest three agency tenants are the Federal Bureau of Investigation, which is 22.5% of net rentable area (NRA), United States Citizenship and Immigration Services (18% of NRA), and the Drug Enforcement Agency (11.7% of NRA).

Over the term of the loan, the portfolio has significant initial (hard) lease rollover of 95.4% (by sf) prior to loan maturity in August 2025. The rollover is staggered throughout the loan term with no more than 22.9% of total rent across nine leases expiring in any year. The properties were all either built-to-suit or retrofit-to-suit to fit GSA requirements. Due to the mission critical nature of many government facilities, locational restrictions, and various procurement factors, renewal probability in the government sector has historically been high.

The Fitch maturity stressed loan-to-value is approximately 97% based on capitalization of the Fitch-adjusted net cash flow at a rate of 8%.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not foresee positive or negative migration until a material economic or asset level event changes the transaction's portfolio-level metrics.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes:

--$330 million class A at 'AAAsf'; Outlook Stable;

--$330 million* class X-A at 'AAAsf'; Outlook Stable;

--$62 million class B notes at 'AA-sf'; Outlook Stable;

--$41 million class C notes at 'A-sf'; Outlook Stable;

--$103 million* class X-B at 'A-sf'; Outlook Stable.

*Notional amount and interest-only

Fitch does not rate the class D, E, or F certificates.