OREANDA-NEWS. Fitch Ratings has affirmed six classes of Freddie Mac (FREMF) 2015-K48 multifamily mortgage pass-through certificates along with three classes of Freddie Mac structured pass-through certificates, series K-048. A full list of rating actions follows at the end of this ratings action commentary.

The affirmations of the Freddie Mac K-048 certificates are the result of the pass-through nature of the certificates, as they are dependent on the underlying ratings of corresponding classes for FREMF 2015-K48.

KEY RATING DRIVERS

The affirmations for FREMF 2015-K48 are due to the overall stable performance of the pool's underlying collateral. Due to the stable performance, in which there has been no material change to pool metrics since issuance, the original rating analysis was considered in affirming the transaction. The pool's aggregate principal balance has been paid down 0.28% to $1.56 billion from $1.57 billion at issuance. There are no specially serviced loans and Fitch has not designated any loans as Fitch Loans of Concern. There is one loan (0.27% of the current pool balance) on the master servicer's watchlist due to deferred maintenance.

The largest loan in the pool (4.86%) is secured by the Casa Del Sol, a 448 unit, garden-style apartment complex located in Huntington Beach, CA. The subject property was originally built in 1969 and renovated in 2015. Common amenities include two pools with BBQ grill and lounge areas, a recreation center, clubhouse, volleyball and basketball courts, a fitness center, and multiple laundry facilities. Per servicer reporting, the property was 93% occupied as of December 2015 with a net operating income (NOI) debt service coverage ratio (DSCR) of 2.06x as of year-end (YE) 2015.

The next largest loan in the pool (3.71%) is secured by the Deerfield Village Apartments, a 554 unit, garden-style apartment complex in Milton, GA. The subject property, located 30 miles north of Atlanta, was built in 2001 and includes two clubhouses, two outdoor pools, tennis courts, and a fitness center and workout studio. Per servicer reporting, the property was 93% occupied with a NOI DSCR of 2.05x as of YE 2015.

The third largest loan in the pool (3.42%) is secured by the Hillside Ranch Apartments and Cottages, a 902 bed student housing property located in San Marcos, TX. The subject property's tenant base is students attending Texas State University, which is located less than a mile away. All leases are 12 months and require a parent or guardian co-signee. Per servicer reporting, the property was 98% occupied with a NOI DSCR of 1.83x as of YE 2015.

RATING SENSITIVITIES

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

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following ratings:

FREMF 2015-K48

--$157 million class A-1 notes at 'AAAsf'; Outlook Stable;

--$1.1 billion class A-2 notes at 'AAAsf'; Outlook Stable;

--$131 million class B notes at 'BBB+'; Outlook Stable;

--$39 million class C notes at 'BBB-'; Outlook Stable;

--$1.3 billion* class X-1 notes at 'AAAsf'; Outlook Stable;

--$1.3 billion* class X2-A notes at 'AAAsf'; Outlook Stable.

Fitch does not rate the class D, X2-B, X-3 certificates.

Freddie Mac Structured Pass-Through Certificates, Series K-048

--$157 million class A-1 notes at 'AAAsf'; Outlook Stable;

--$1.1 billion class A-2 notes at 'AAAsf'; Outlook Stable;

--$1.3 billion* class X-1 notes at 'AAAsf'; Outlook Stable.

Fitch does not rate the X-3 certificates.