OREANDA-NEWS. Fitch Ratings has affirmed all 15 rated classes of Deutsche Bank Securities, Inc.'s COMM 2015-CCRE22 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. As of the February 2016 remittance, the pool has had no delinquent or specially serviced loans since issuance. Eight loans are on the servicer watchlist (11.3%), including four loans in the top 15 (59%). Three of the properties are encountering upcoming lease expirations that were anticipated at issuance, two for late payments of less 30 days and the last for an advance of tax payments that will be recovered via future monthly mortgage payments.

The transaction has a high concentration of hotels (16%), including those located in Manhattan (13.9%). Given the increased supply in the market, Fitch is monitoring the performance of this asset class. One loan in the top 15 (6.2%) located in Houston, will be monitored due its tenant exposure to the oil and energy industry.

The pool's aggregate principal balance has been paid down by approximately 0.5% since issuance. Fifty-two (88.1% of the pool) of the 59 pool loans reported partial year 2015 financials. Based on the annualized 2015 financials, the pool's overall net operating income (NOI) has increased 7.2% over the reported portfolio NOI at issuance.

Concentrations in the pool include 30.1% full-term interest-only loans and 41.4% partial-term interest-only. The three largest geographic concentrations for the transaction are the New York Newark-Jersey City MSA (29.5%), Washington DC Metro (6.9%), Minneapolis-St. Paul, MN (6.7%). The pool's maturity dates are concentrated between 2022 (8.6%), 2024 (12.4%), and 2025 (65.4%).

The third largest loan in the pool (6.2%) is secured by One Riverway, a 483,410 sf suburban office located in Houston, TX. Occupancy at year-end 2014 was 88% and the debt service coverage ratio was 1.66x. As of third quarter 2015, the property's occupancy had fallen to 84% and property's debt service coverage ratio (DSCR) was 2.64x. Although performance is currently strong, Fitch is monitoring the loan due to 16% of the net rentable area (NRA) being leased to tenants in the oil and gas industry. Additionally, the Galleria submarket is experiencing strong development growth which could lead to some softness in rental rates and additional competition when the largest percentage of NRA (16.6%) expires in 2018. Fitch's analysis was based on September 2015 annualized NOI and a stressed cap rate. Fitch will monitor the loan as the sponsor updates the servicer on the subject's operation and market conditions.

The seventh largest loan in the pool (3.5%) is secured by Soho House NYC, a members's only private club and hotel located in Manhattan's meatpacking district. The loan is on the master servicer's watchlist. The amenities include a spa, rooftop deck, bar, dining area, and heated pool with lounge. The hotel is not the main source of revenue but it does command premium rates due to the exclusive nature of the club. SoHo House Group has over 39,000 members of which 6,000 are located in the New York area. The hotel's average daily rate decreased 21% through third quarter 2015 compared to issuance. Fitch's analysis was based on September 2015 annualized NOI and a stressed cap rate.

The 10th largest loan in the pool (3%) is secured by Hotel Giraffe, 72 unit boutique hotel located in Midtown Manhattan. The loan is on the master servicer's watchlist. The amenities include a concierge, rooftop garden, restaurant, and meeting room. The hotel is operated by Henry Kallan, the owner of the Library Hotel Collection and an experienced operator of high end boutique brands. The servicer-reported third quarter 2015 NOI decreased 25% compared to issuance due to volatility in the hotel's occupancy rate. The submarket has experienced an increase in supply during the second half of 2015 with the completion of two new hotels in the boutique category. Fitch's analysis was based on September 2015 annualized NOI and a stressed cap rate.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings 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:

--$40.3 million class A-1 at 'AAAsf'; Outlook Stable;
--$178.9 million class A-2 at 'AAAsf'; Outlook Stable;
--$109 million class A-3 at 'AAAsf'; Outlook Stable;
--$200 million class A-4 at 'AAAsf'; Outlook Stable;
--$293.5 million class A-5 at 'AAAsf'; Outlook Stable;
--$79.8 million class A-SB at 'AAAsf'; Outlook Stable;
--$81 million class A-M at 'AAAsf'; Outlook Stable;
--$982.4 million class X-A at 'AAAsf'; Outlook Stable;
--$132.9 million class X-B at 'A-sf'; Outlook Stable;
--$68.1 million class X-C at 'BBB-sf'; Outlook Stable;
--$213.9 million class PEZ at 'A-sf'; Outlook Stable;
--$76.2 million class B at 'AA-sf'; Outlook Stable;
--$56.7 million class C at 'A-sf'; Outlook Stable;
--$68.1 million class D at 'BBB-sf'; Outlook Stable;
--$27.6 million class E at 'BB-sf'; Outlook Stable.

Fitch does not rate the class F, G, H, and X-D certificates.