OREANDA-NEWS. Fitch Ratings has affirmed all classes of J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO commercial mortgage pass-through certificates series 2015-COSMO. A full list of rating actions follows at the end of this release.

The certificates represent the beneficial ownership in the trust, the primary asset of which is one loan having an aggregate principal balance of $875 million secured by The Cosmopolitan of Las Vegas, a 2,959 room luxury hotel located along the Las Vegas Strip. The sponsor of the loan is Blackstone Real Estate Partners VII-NQ L.P. The loan was originated by JPMorgan Chase Bank, National Association.

KEY RATING DRIVERS
The affirmations reflect stable collateral performance since issuance. As of the trailing 12 months (TTM) December 2015 the property had occupancy, average daily rate (ADR) and revenue per available room (RevPAR) of 93.3%, $310.81 and $289.86 respectively. This compares with TTM January 2015 occupancy, ADR and RevPAR of 93.4%, $311.91, and $291.28.

The Cosmopolitan is a Class A luxury hotel and casino with an irreplaceable central location along Las Vegas Strip Corridor (the Strip) in Las Vegas, NV. It was built for approximately $3.8 billion and features high-end amenities and services. The property consistently ranks among the top hotels along the Strip and commands higher average daily rates relative to its competitive set. The subject also has a more diverse revenue stream than other competitive hotels.

The transaction is secured by a single hotel property and therefore more susceptible to single event risk related to the market. Hotel performance is considered to be more volatile due to their operating nature.

Approximately 25% of revenue at The Cosmopolitan is derived from gaming, a more volatile revenue stream. Between 2007 and 2010, Las Vegas gaming revenue declined approximately 20% in a recessionary environment. Fitch accounted for the exposure to gaming by discounting gaming revenue by a similar magnitude as the historical decline.

RATING SENSITIVITIES
All of the classes have Stable Rating Outlooks and no rating changes are expected unless there is a material decline in property performance. Upgrades are unlikely given the concentrated pool and relatively short loan term.

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

Fitch has affirmed the following classes:

--$287,000,000 class A at 'AAAsf'; Outlook Stable;
--$78,000,000 class B at 'AA-sf'; Outlook Stable;
--$70,000,000 class C at 'A-sf'; Outlook Stable.

Fitch does not rate classes D, E, F, X-CP, and X-EXT.