OREANDA-NEWS. Fitch Ratings has upgraded one and affirmed two classes of Commercial Capital Access One, Series 3 (CCA One, Series 3) commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The upgrade is due to stable performance and recent pay down. The pool has experienced $32.2 million (7.4% of the original pool balance) in realized losses to date. There are nine loans remaining in the pool; Fitch has identified three Loans of Concern (32.6% of the pool). As of the last rating action, 200 Wheeler Road was the largest loan in the transaction (previously 29.1% of the pool) and a Loan of Concern. This asset has paid-off in full; however, the concentration of Fitch Loans of Concern remains high.

As of the December 2015 distribution date, the pool's aggregate principal balance has been reduced by 95.9% to $17.8 million from $433.7 million at issuance. As of the last rating action, four loans were covered by a SunAmerica limited guaranty. All remaining loans backed by the guaranty have paid in full.

The largest loan in the pool (18.5% of the pool) is secured by a 308-unit multifamily property located in Charlotte, NC. The subject was previously on the servicer watch list in 2014 due to low NCF DSCR of 1.06x (NOI DSCR was 1.26x) as of year-end (YE) 2013. However, performance has improved, the loan has been removed from the watch list, and the loan remains current. NOI DSCR has increased to 1.48x and 1.76x as of YE 2014 and year-to-date (YTD) June 2015, respectively. The property was 91.3% occupied as of June 2015.

The largest contributor to expected losses (7.1% of the pool) is a loan secured by a 38,242 square foot (sf) office building built in 1998 and located in Midvale, UT (Salt Lake City MSA). The loan has been identified as a Fitch Loan of Concern and is on the master servicer's watch list due to low DSCR. Recently a new lease (expires August 2022) has helped to increase occupancy to 76.3% from 32.7% as of the June 2015 rent roll. However, the property is currently occupied by only two tenants and the smaller of the two (29.5% NRA) has a lease that expires in March 2016. The borrower has been contacted by the servicer for leasing updates. The NOI DSCR was 0.21x as of YE 2014 and 0.16x as of YTD June 2015. The loan remains current.

RATING SENSITIVITIES
The rating on class 3E is expected to remain stable due to increasing credit enhancement. Despite high credit enhancement, further upgrades on classes 3E and 3F are not warranted due to a concentrated pool and credit characteristics of the remaining collateral, including uncertainty regarding the Fitch Loans of Concern (32.6% of the pool) and binary risk from a single-tenant asset (18.1% of the pool). Class 3F may be subject to further rating actions should realized losses be greater than Fitch's expectations.

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

Fitch has upgraded the following class:

--$4.5 million class 3E to 'Asf' from 'BBBsf'; Outlook Stable.

Fitch has affirmed the following classes:

--$10.8 million class 3F at 'CCCsf'; RE 100%;
--$2.5 million class 3G at 'Dsf'; RE 70%.

The class 3A-1, 3A-2, 3X, 3B, 3C, and 3D certificates have paid in full. Fitch does not rate the class 3H certificates.