Fitch Affirms BAMLL 2015-200P

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed BAMLL Commercial Mortgage Securities Trust 2015-200P commercial mortgage pass-through certificates series 2015-200P. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on stable performance of the underlying collateral since issuance. The subject is 200 Park Avenue, commonly known as the MetLife Building, a class A office building located above Grand Central Terminal in the heart of Midtown Manhattan. The 58-story property totals over three million square feet (sf) and offers ease of accessibility and impressive views of Bryant Park and the Park Avenue corridor. The sponsor, since acquiring the asset in 2005, has maintained a continuous capital improvement program. The superior property quality and excellent location make this one of Manhattan's premier buildings.

Major tenants include MetLife (18.5% NRA, rated A/F1 by Fitch Ratings as of January 13, 2016), The Dreyfus Corporation (10.4% NRA), Gibson, Dunn & Crutcher, LLP (10.3% NRA), Winston & Strawn, LLP (8.7% NRA) and Greenburg Traurig, LLP (6.6% NRA). Leases representing less than 3% of the NRA are scheduled to roll in the next 48 months. At issuance, Barclays occupied 357,405 sf of space and had recently executed a lease termination option. In conjunction with this lease termination, MetLife signed an expansion lease which included space surrendered by Barclays. As of February 2016, the property is 99% occupied by over 50 tenants.

The loan is interest-only for the full 10-year term. Sixty million dollars in upfront reserves were funded at closing to address landlord obligations for previously signed new and renewal leasing. In addition, ongoing deposits totalling $62.5 million are being collected through the first 18 months of the loan term. Barclays also paid a $27.5 million lease termination fee, and the current reserve balance is $86.3 million.

RATING SENSITIVITIES

All classes maintain Stable Outlooks. Due to the recent issuance of the transaction and stable performance of the underlying property, Fitch does not expect positive or negative ratings migration unless material economic or asset-level changes to the pool metrics warrant such changes.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

--$773,000,000 class A at 'AAAsf'; Outlook Stable;

--$773,000,000* class X-A at 'AAAsf'; Outlook Stable;

--$177,000,000 class B at 'AA-sf'; Outlook Stable;

--$177,000,000* class X-B at 'AA-sf'; Outlook Stable.

*Interest-only class X-A is equal to the notional balance of class A and the interest-only class X-B is equal to the notional balance of class B. Fitch does not rate the class C, D, E or F certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

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. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1000305

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1000305

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/20160302006467/en/

Fitch Ratings
Primary Analyst
Roxanna Tangen
Associate Director
+1-312-368-3116
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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