Fitch Affirms 1211 Avenue of the Americas Trust 2015-1211

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all eight classes of 1211 Avenue of the Americas Trust 2015-1211 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the stable performance of the underlying trust asset. Fitch reviewed the most recently available rent roll and financial performance of the collateral. Full year 2015 and year-to-date (YTD) March 31, 2016 performance data were provided.

As of the July 2016 distribution date, the transaction's balance remained at $1.035 billion, unchanged from issuance. The 10-year, fixed-rate, interest-only loan matures in August 2025. This single borrower transaction is secured by an interest in 1211 Avenue of the Americas, a class A- office building located in Midtown Manhattan adjacent to Rockefeller Center. The 45-story property totals approximately 2.0 million square feet (msf) and consists of 1.9 msf of office space and 114,815 sf of retail, storage and other space.

The servicer-reported occupancy was 91.7% as of March 31, 2016, compared to 91.5% as of May 2015 at issuance. The property has maintained an average occupancy of 96.8% over the past 10 years. The top five tenants account for approximately 83.8% of net rentable area (NRA) and include 21st Century Fox (55.3% of NRA; rated 'BBB+'), Ropes & Gray (17.1% of NRA), Axis Reinsurance (6.1% of NRA; rated 'A+'), RBC (3.1% of NRA; rated 'AA') and Nordea (2.1% of NRA; rated 'AA-' ).No material lease rollover is scheduled until 2020, when the largest tenant's lease expires.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are anticipated unless there are material changes in property performance or cash flow. Fitch will continue to monitor the subject property's performance to ensure that revenues and incomes considered at the time of Fitch's initial ratings are sustainable over the 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:

--$100,000,000 class A-1A1 at 'AAAsf'; Outlook Stable;

--$490,000,000 class A-1A2 at 'AAAsf'; Outlook Stable;

--$590,000,000 class X-A* at 'AAAsf'; Outlook Stable;

--$119,000,000 class X-B* at 'AA-sf'; Outlook Stable;

--$119,000,000 class B at 'AA-sf'; Outlook Stable;

--$79,000,000 class C at 'A-sf'; Outlook Stable;

--$110,800,000 class D at 'BBB-sf'; Outlook Stable;

--$136,200,000 class E at 'BBsf'; Outlook Stable.

*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

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130

Related Research

1211 Avenue of the Americas Trust 2015-1211 - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869099

Additional Disclosures

Dodd-Frank Rating Information Disclosure Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1010196

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1010196

Endorsement Policyhttps://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/20160810005877/en/

Fitch Ratings
Primary Analyst:
Tiffany Pierce, +1-212-908-9107
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
[email protected]

Source: Fitch Ratings

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