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Fitch Ratings affirms 15 classes of Morgan Stanley Bank of America Merrill Lynch Trust PTCs.

New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, affirmed 15 classes of Morgan Stanley Bank of America Merrill Lynch Trust (MSBAM) Mortgage Trust 2015-C25 commercial mortgage pass-through certificates.

The largest Fitch Loan of Concern (4.7%), Villas at Dorsey Ridge, is a 238 unit multifamily property located in Hanover, MD. The property has sustained a 20.6% drop in YE 2017 NOI compared to issuance. NOI DSCR has improved slightly to 1.30x at YE 2017 compared to 1.23x at YE 2016. The property occupancy still remains strong after recently increasing to 96% as of May 2018 from to 88% at YE 2017 and 98% at issuance.

As of the September 2018 distribution date, the pool's aggregate principal balance has been paid down by 1.3% to $1.164 billion from $1.179 billion at issuance. The pool is scheduled to amortize by 10.1% of the initial pool balance prior to maturity. Five loans (22.4%) are full-term interest-only, 14 loans (32%) have partial interest-only periods, and the 37 remaining loans (45.7%) are balloon loans. Stable Performance and Loss Expectations: The affirmations are based on the relatively stable performance and loss expectations of the underlying collateral. Two loans (6.5% of pool) are designated as Fitch Loans of Concern and are in the top 15 (5.9%) with one also being a specially serviced loan.

The largest property type is office, which comprises 22.6% of the pool, followed by retail (21.7%) and multifamily (19.9%). Hotels comprise only 13.2% of the pool, which is lower than the average of 17% for 2015. The two largest loans (19.3% of current pool) are located in Manhattan in the Midtown South and Penn Station Submarkets.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Dec 29, 2018
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