DBRS Morningstar Assigns Final Credit Ratings on FREMF 2015-KPLB Mortgage Trust, Series 2015-KPLB

DBRS, Inc. (DBRS Morningstar) assigned final credit ratings on the following class of Multifamily Mortgage Pass-Through Certificates, Series 2015-KPLB to be issued by FREMF 2015-KPLB Mortgage Trust:

-- Class B at AAA (sf)

All trends are Stable.

This transaction is a securitization collateralized by the beneficial interests in the Class B certificate from FREMF 2015-KPLB Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-KPLB. The rating is dependent on the performance of the underlying securities.

The collateral for the transaction is an initial cash deposit plus certain U.S. Treasury Securities (Defeasance Securities), which will pay the remaining payment obligations (beginning with the payment due on July 1, 2023) as set forth in the underlying transaction documents, effective as of April 9, 2015. DBRS Morningstar relied on the report provided by Causey Demgen & Moore P.C., Certified Public Accountants and Consultants (Causey Demgen & Moore). Causey Demgen & Moore performed its defeasance analysis based on procedures that were in accordance with standards established by the American Institute of Certified Public Accountants.

When a loan is defeased or when the existing mortgaged property collateral is replaced with government securities, this effectively converts the loan’s risk profile to that of the related government entity’s sovereign rating. The DBRS Morningstar credit rating for the United States of America, as of October 10, 2023, is AAA, with a Stable trend.

DBRS Morningstar’s credit rating on FREMF 2015-KPLB Mortgage Trust, Series 2015-KPLB addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are listed at the end of this press release.

DBRS Morningstar’s credit rating does not address non-payment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations (for example, Yield Maintenance Premiums or Default Interest).

DBRS Morningstar’s long-term credit ratings provide opinions on risk of default. DBRS Morningstar considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. The DBRS Morningstar short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/416784 (July 4, 2023).

All credit ratings are subject to surveillance, which could result in credit ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology, https://www.dbrsmorningstar.com/research/410912 (March 16, 2023).

Other methodologies referenced in this transaction are listed at the end of this press release.

With regard to due diligence services, DBRS Morningstar was not provided with the Form ABS Due Diligence-15E (Form-15E), which contains a description of the information that a third party reviewed in conducting the due diligence services and a summary of the findings and conclusions.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482

The credit rating was not initiated at the request of the rated entity. The credit rating was initiated at the request of a third party.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS, Inc.
22 West Washington Street
Chicago, IL 60602 USA
Tel. +1 312 332-3429

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

-- North American Single-Asset/Single-Borrower Ratings Methodology (October 19, 2023; https://www.dbrsmorningstar.com/research/422174).

-- Legal Criteria for U.S. Structured Finance (December 7, 2022; https://www.dbrsmorningstar.com/research/407008)

-- North American Commercial Mortgage Servicer Rankings (August 23, 2023; https://www.dbrsmorningstar.com/research/419592)

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

Financial Obligations of the Issuer are listed as follows:
-- Class B Principal Amount
-- Class B Interest Amount