OREANDA-NEWS. Fitch Ratings has assigned the following ratings and Rating Outlooks to the BBCMS Trust 2015-SLP commercial mortgage pass-through certificates, series 2015-SLP:

--\$200,000,000 a class A 'AAAsf'; Outlook Stable;
--\$68,000,000 a class B 'AAAsf'; Outlook Stable;
--\$55,100,000 a class C 'A+sf'; Outlook Stable;
--\$75,600,000 a class D 'BBB-sf'; Outlook Stable;
--\$76,300,000 a class E 'BB-sf'; Outlook Stable.

The following classes are not rated:

--\$105,000,000 a class F;
--\$100 class V a.

Classes X-CP and X-NCP were not expected to be rated and have since been removed from the capital structure of the transaction. The classes above reflect the final ratings and deal structure.

a Privately placed pursuant to Rule 144A..

The ratings are based on information provided by the issuer as of Feb. 10, 2015.

The certificates represent the beneficial ownership in the trust, the primary asset of which is one loan having an aggregate principal balance of \$580 million as of the cutoff date. The trust is secured by the mortgage loan secured by 135 hotel properties totaling 9,601 keys and a pledge by TMI Mortgage Opco Holdings, L.L.C., a Delaware limited liability company, of the equity interests in the Op Co Mortgage Borrowers. The sponsor is Starwood Capital Group Global II, L.P., an affiliate of Starwood Capital Group. The loan was co-originated by Barclays Bank PLC (50%) and Bank of America, N.A. (50%).

Highly Granular and Diverse Portfolio. The portfolio is composed of 135 properties across 21 states and 15 different hotel flags. No single asset accounts for more than 2.2% of the TTM November 2014 net cash flow.

High Trust Leverage. Fitch's stressed debt service coverage ratio (DSCR) and loan-to-value (LTV) for the trust component of the debt are 1.04x and 102.6%, respectively. The Fitch DSCR and LTV for the Fitch rated classes are 1.27x and 84% respectively.

Market Positioning and Asset Quality: The portfolio is considered to have above-average performance within the respective markets with a TTM November 2014 RevPAR penetration level of approximately 122.1% by allocated loan amount. Although the vintage is considered to be below average with an average age of approximately 17 years, approximately 83.7% of the guestrooms built prior to 2010 have undergone major renovations in the past five years.

Hotel Flag Conversions: Approximately 11.9% of the hotels in the portfolio, by number of properties, carry the Marriott Fairfield Inn flag (16 hotels). The sponsor plans to invest additional capital through 2017 including converting nine additional Fairfield Inns to Fairfield Inn & Suites which is anticipated to result in higher room rates for these properties. Approximately \$41.8 million was reserved up-front to cover 50% of the estimated future capital expenditures. The sponsor provided a guaranty for the remaining 50%.

Exposure to Energy Markets. The portfolio includes exposure to certain energy industry-dependent states including a 27% concentration in Texas based on TTM November 2014 net cash flow. Fitch is concerned about the impact that recent pricing volatility may have on the overall economic performance in markets with a high exposure to this industry and applied an additional credit loss due to the portfolio's exposure to potential performance volatility within this region.

RATING SENSITIVITIES

Fitch found that the property could withstand a 68.8% decline in value and an approximate 58.9% decrease in the Fitch's net cash flow prior to experiencing \$1 of loss to any 'AAAsf' rated classes.

Fitch performed several stress scenarios in which the Fitch net cash flow (NCF) was stressed. Fitch determined that a 72.2% reduction in Fitch's NCF would cause the notes to break even at a 1x DSCR, based on the actual debt service.

Fitch evaluated the sensitivity of the ratings for class A and found that a 35.1% decline in Fitch NCF would result in a one-category downgrade, while a 51.2% decline would result in a downgrade to below investment grade.