Fitch Affirms BAMLL 2015-HAUL

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all classes of Bank of America Merrill Lynch BAMLL Commercial Mortgage Securities Trust 2015-HAUL (BAMLL 2015-HAUL). A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect stable loan performance and no material changes since issuance. Based on Fitch's surveillance analysis, which uses the same framework that was set out at issuance, the loan's performance metrics have remained relatively unchanged since issuance.

The loan has paid down by 2.5% of the original balance since issuance. Fitch reviewed the year-end (YE) 2015 OSARs and March 2016 rent rolls of the underlying properties in the portfolio. As of YE 2015, the servicer-reported debt service coverage ratio, on a net operating income basis, was 1.59x. As of the March 2016 rent rolls, the overall portfolio was 89.7% occupied, compared to 88.2% at issuance.

The transaction certificates represent the beneficial interests in a 20-year, fixed-rate, fully amortizing mortgage loan secured by 60 self-storage properties located across six states. Fifty-six of the properties are owned fee simple with four properties held in leasehold. Loan proceeds were used to refinance prior mortgage debt, repay prior subordinate debt and pay closing costs. The loan is sponsored by Private Mini Storage, L.P. The sponsor is indirectly wholly owned and controlled by Blackwater Investments, Inc., which is controlled by Mark V. Shoen, the son of the original founders of U-Haul and a significant shareholder in AMERCO, the holding company of U-Haul. The portfolio is managed by U-Haul through management agreements with U-Haul subsidiaries in each of the states where the portfolio properties are located. The loan matures in July 2035.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the loan's performance metrics.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following classes:

--$86.3 million(a) class A-1 notes 'AAAsf'; Outlook Stable;

--$65 million(a) class A-2 notes 'AAAsf'; Outlook Stable;

--$151.3 million(ab) class X-A notes 'AAAsf'; Outlook Stable;

--$55.7 million(ab) class X-B notes 'A-sf'; Outlook Stable;

--$31.8 million(a) class B notes 'AA-sf'; Outlook Stable;

--$23.9 million(a) class C notes 'A-sf; Outlook Stable;

--$38.5 million(a) class D notes 'BBB-sf'; Outlook Stable;

--$21.4 million(a) class E notes 'BBsf'; Outlook Stable.

(a)Privately placed pursuant to Rule 144A.

(b)Notional amount and interest-only.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 18 Jul 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=884963

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (pub. 27 Aug 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870009

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 16 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=882401

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130

Related Research

BAMLL Commercial Mortgage Securities Trust 2015-HAUL Commercial Mortgage Pass-Through Certificates ￢ﾀﾓ Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868835

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009701

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009701

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160729005565/en/

Fitch Ratings, Inc.
Primary Analyst
Melissa Che
Director
+1-212-612-7862
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Britt Johnson
Senior Director
+1-312-606-2341
or
Media Relations
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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