OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Rating Outlooks:

FREMF 2015-K43 Multifamily Mortgage Pass-Through Certificates
--\$106,249,000 class A-1 'AAAsf'; Outlook Stable;
--\$1,095,800,000 class A-2 'AAAsf'; Outlook Stable;
--\$1,202,049,000* class X1 'AAAsf'; Outlook Stable;
--\$1,202,049,000* class X2-A 'AAAsf'; Outlook Stable;
--\$103,344,000 class B 'A-sf'; Outlook Stable;
--\$36,261,000 class C 'BBBsf'; Outlook Stable.

Freddie Mac Structured Pass-Through Certificates Series K-043 (Freddie Mac SPC K-043)
--\$106,249,000 class A-1 'AAAsf'; Outlook Stable;
--\$1,095,800,000 class A-2 'AAAsf'; Outlook Stable;
--\$1,202,049,000* class X1 'AAAsf'; Outlook Stable;

*Notional amount and interest only.

Fitch did not rate the following classes of FREMF 2015-K43:

--\$248,387,953 interest-only class X3;
--\$248,387,953 interest only class X2-B,
--\$108,782,953 class D.

Fitch also did not rate the \$248,387,953 class X3 of the structured pass-through certificates, series K-043.

The certificates represent the beneficial interests in a pool of 81 commercial mortgages secured by 81 properties. Freddie Mac SPC K-043 represents a pass-through interest in the corresponding class of securities issued by FREMF 2015-K43. Each Freddie Mac SPC K-043 security has the same designation as its underlying FREMF 2015-K43 class. All loans were originated specifically for Freddie Mac by approved Seller Servicers. The certificates follow a sequential-pay structure.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 65% of the properties by balance and cash flow analysis of 71.1% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.06x, a Fitch stressed loan-to value (LTV) of 114.5%, and a Fitch debt yield of 7.54%. Fitch's aggregate net cash flow represents a variance of 5.72% to issuer cash flows.

KEY RATING DRIVERS

Fitch Leverage Exceeds 2014 Averages: The Fitch stressed LTV ratio is 111.5%, which is greater than the average of 2014 Fitch-rated, 10-year, K-Series Freddie Mac deals, which averaged 107.3%. The Fitch stressed DSCR, at 1.10x, is less than the average of 1.15x for the 2014 Fitch-rated, 10-year, K-series Freddie Mac deals.

Loan Concentration: The top 10 loans comprise 39.4% of the pool, which is slightly greater than the 2014 average of 32.1% for Fitch-rated, 10-year, K-series Freddie Mac deals. The largest loan in the pool, K2 Apartments, represents 8.1% of the pool, while the second largest loan, Prosperity Flats, represents 4.7% of the pool.

Property Quality: Fitch considered the overall collateral quality to be above average relative to other recent fixed-rate deals, with five properties (19.1% of the pool) receiving a grade of 'A' or 'A-' and none of the properties receiving a grade below 'B-'.

Investment-Grade Credit Opinion Represents 1.78% of the Pool: Based on Fitch's credit opinion, Elms at Centreville, representing 1.78% of the pool, has credit characteristics consistent with investment-grade obligations on a stand-alone basis.

Investment-Grade Credit Opinion Represents 1.78% of the Pool: Based on Fitch's credit opinion, Elms At Centreville, representing 1.78% of the pool, has credit characteristics consistent with investment-grade obligations on a stand-alone basis.

Below-Average Pool Amortization: Within the pool, 17 loans representing 27.7% of the pool are full-term interest only, and 46 loans representing 59.5% of the pool have partial-term interest only components. Based on the loans' scheduled maturity balance, the pool is expected to amortize 9.1% during the life of the transaction. This is one of the lowest amortization levels of recent Freddie Mac securitizations, which had an average amortization of 12.1% for 2014 Fitch-rated, 10-year, K-series Freddie Mac deals.

Strong Origination Practices: All loans were originated by various sellers/originators according to Freddie Mac Multifamily Seller/Servicer Guide and adhere to the originator best practices identified by Fitch. Freddie Mac multifamily loans had an average delinquency rate of 0.04% as of August 2014 compared with 5.32% on Fitch-rated CMBS multifamily loans as of the same period. Based on these program attributes, Fitch applies a programmatic credit to Freddie Mac transactions.

RATING SENSITIVITIES

Fitch performed two model-based break-even analyses to determine the level of cash flow and value deterioration the pool could withstand prior to \$1 of loss being experienced by the 'BBBsf' and 'AAAsf' rated classes. Fitch found that the FREMF 2015-K43 pool could withstand a 40.93% decline in value (based on appraised values at issuance) and an approximately 17.13% decrease to the most recent actual cash flow prior to experiencing \$1 of loss to any 'AAAsf' rated class. Additionally, Fitch found that the pool could withstand a 34.07% decline in value and an approximately 7.50% decrease in the most recent actual cash flow prior to experiencing \$1 of loss to the 'BBBsf' rated class.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report.

The Master Servicer is KeyBank National Association, rated 'CMS1' by Fitch. The Special Servicer is KeyBank National Association rated 'CSS2+', by Fitch.

The presale report is available at 'www.fitchratings.com.'