NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed 14 classes of Deutsche Bank Securities, Inc.'s COMM 2014-CCRE19 commercial mortgage trust pass-through certificates. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The affirmations are based on the stable performance of the underlying collateral pool. The pool has no specially serviced or delinquent loans as of the August 2015 distribution date. In addition, there are no servicer watchlist loans or Fitch Loans of Concern. The pool's aggregate principal balance has been reduced by 0.8% to $1.165 billion from $1.174 billion at issuance.
The largest loan in the pool (6.6% of the pool) is Bridgepoint Tower, a 273,764 square foot (sf) LEED-certified office building located in San Diego, CA. The 11-story tower was constructed in 2008 and is 100% occupied by Bridgepoint Education, Inc. (expiration February 2020). The sponsor developed the property as a multitenant property in 2008. Bridgepoint originally occupied 10 of 11 floors but ultimately expanded to take occupancy of the entire building. Performance has remained stable since issuance with a 1.87x DSCR as of year-end (YE) 2014.
The second largest loan in the pool (5.5% of the pool) is The Shoppes at Webb Gin, a 358,254 sf open air retail center consisting of 10 buildings located in Snellville, GA (metro Atlanta). The property has two anchors including Sprouts Farmers Market (7.3% NRA, expiration September 2029) and Barnes & Noble (7.4% NRA, expiration January 2019). Performance has remained stable since issuance with a 1.86x DSCR as of YE 2014. Occupancy was 81.5% as of April 2015, which is a slight improvement above performance at issuance.
RATING SENSITIVITIES
The Rating Outlooks on all classes remain Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the 'COMM 2014-CCRE19 Mortgage Trust' (Aug. 6, 2014) presale report, available at www.fitchratings.com.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch has affirmed the following ratings:
--$60.3 million class A-1 at 'AAAsf'; Outlook Stable;
--$168.7 million class A-2 at 'AAAsf'; Outlook Stable;
--$15.8 million class A-3 at 'AAAsf'; Outlook Stable;
--$94.3 million class A-SB at 'AAAsf'; Outlook Stable;
--$190 million class A-4 at 'AAAsf'; Outlook Stable;
--$283.1 million class A-5 at 'AAAsf'; Outlook Stable;
--$901,836,972* class X-A 'AAAsf'; Outlook Stable;
--$108,610,000* class X-B 'A-sf'; Outlook Stable;
--$89.5** million class A-M at 'AAAsf'; Outlook Stable;
--$55.8** million class B at 'AA-sf'; Outlook Stable;
--$52.8** million class C at 'A-sf'; Outlook Stable;
--$198.1** million class PEZ at 'A-sf'; Outlook Stable;
--$64.6 million class D at 'BBB-sf'; Outlook Stable;
--$23.5 million class E at 'BBsf'; Outlook Stable.
* Notional amount and interest only.
** Class A-M, B and C certificates may be exchanged for class PEZ certificates, and class PEZ certificates may be exchanged for class A-M, B, and C certificates.
Fitch does not rate the class F, G, and H certificates or the interest-only X-C and X-D certificates.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
--'COMM 2014-CCRE19 Mortgage Trust -- Appendix' (Aug. 6, 2014).
Additional information is available at www.fitchratings.com.
Applicable Criteria
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608
Related Research
COMM 2014-CCRE19 Mortgage Trust -- Appendix
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=756587
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989450
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989450
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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