Fitch Affirms CSAIL 2015-C1

CHICAGO--()--Fitch Ratings has affirmed 16 classes of Credit Suisse USA CSAIL 2015-C1 Commercial Mortgage Pass-Through Certificates. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral and no material changes to the pool metrics since issuance. As of the November 2016 remittance, the transaction has experienced 0.8% collateral reduction as a result of amortization. All of the original 82 loans remain outstanding.

Stable Performance: There have been no material changes to the pool's overall performance since issuance. There are no delinquent or specially serviced loans. Four loans (2.6% of the pool) are currently on the servicer's watchlist, three of which are being flagged for deferred maintenance items.

High Fitch Leverage: At issuance, the Fitch stressed DSCR and LTV were 1.21x and 110.4%, respectively. Six loans (31.5% of the pool) have pari-passu notes securitized in other CMBS transactions.

Concentration: The largest state concentration is New York (24.6% of the pool) with the three largest loans secured by properties in New York City. The next largest state concentrations are California (15% of the pool) and Texas (13.1% of the pool). The deal also has an above-average concentration of hotel properties, which represent 23.8% of the pool balance.

Limited Amortization: Five loans (27.9% of the pool) are interest-only for the full term. An additional 40 loans were structured with partial interest-only periods. Beginning with the January 2017 remittance, 27 of those 40 loans (33.3% of the pool) will still be in their interest-only periods. Based on the scheduled balance at maturity, the pool is scheduled to amortize 10.7%.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. 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.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has affirmed the following classes:

--$33.6 million class A-1 at 'AAAsf', Outlook Stable;

--$56.3 million class A-2 at 'AAAsf', Outlook Stable;

--$270 million class A-3 at 'AAAsf', Outlook Stable;

--$405.2 million class A-4 at 'AAAsf', Outlook Stable;

--$74.6 million class A-SB at 'AAAsf', Outlook Stable;

--$84.9 million class A-S at 'AAAsf', Outlook Stable;

--$924.8 million* class X-A at 'AAAsf', Outlook Stable;

--$66.7 million class B at 'AA-sf', Outlook Stable;

--$66.7 million* class X-B at 'AA-sf', Outlook Stable;

--$53.1 million class C at 'A-sf', Outlook Stable;

--$62.2 million class D at 'BBB-sf', Outlook Stable;

--$62.2 million*X-D at 'BBB-sf', Outlook Stable;

--$24.3 million class E at 'BBsf', Outlook Stable;

--$24.3 million* class X-E at 'BBsf', Outlook Stable;

--$15.2 million class F at 'Bsf', Outlook Stable;

--$15.2 million* class X-F at 'Bsf', Outlook Stable.

*Notional amount and interest-only.

Fitch does not rate the class NR or X-NR certificates. Fitch previously withdrew the rating on the class X-C certificate.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01 Sep 2016)

https://www.fitchratings.com/site/re/886006

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

https://www.fitchratings.com/site/re/882401

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

https://www.fitchratings.com/site/re/883130

North America and Asia-Pacific Multiborrower CMBS Surveillance Criteria (pub. 01 Dec 2016)

https://www.fitchratings.com/site/re/891159

Related Research

CSAIL 2015-C1 -- Appendix

https://www.fitchratings.com/site/re/863316

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1016172

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1016172

Endorsement Policy

https://www.fitchratings.com/regulatory

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Contacts

Fitch Ratings
Primary Analyst
Roxanna Tangen
Associate Director
+1-312-368-3116
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Roxanna Tangen
Associate Director
+1-312-368-3116
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com