Morningstar DBRS Confirms Credit Ratings on All Classes of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27

Published: 2026-04-21 04:51:10 ET DG

Published on 04/21/2026 at 04:51 am EDT

DBRS, Inc. (Morningstar DBRS) confirmed its credit ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2015-C27 issued by Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 as follows.

Class F at C (sf)

Class G at C (sf)

Class H at C (sf)

Class X-F at C (sf)

Morningstar DBRS discontinued the credit ratings on Classes C, D, E, X-D, and X-E as these classes were repaid in full with the March 2026 remittance. Classes F, G, H, and X-F have credit ratings that do not typically carry trends in commercial mortgage-backed securities (CMBS) transactions.

The credit rating confirmations reflect Morningstar DBRS' recoverability expectations for the remaining three loans in the pool. Since Morningstar DBRS' prior credit rating action in May 2025, 45 loans have been repaid in full, resulting in $564.6 million of principal paydown. All three loans remaining in the pool failed to repay at their respective maturity dates and are currently in special servicing. In the analysis for this review, Morningstar DBRS liquidated all three of those loans based on conservative haircuts to the most recent appraised values of the collateral properties, with projected losses affecting the Class G certificate. At last review, Morningstar DBRS' downgrades reflected the value decline in the collateral for the former 535-545 Fifth Avenue loan. Although principal paydown over the past year has shifted Class F to the first pay position, with the issuance balance already partially reduced by repayments, Morningstar DBRS elected to maintain the C (sf) credit rating for that class given the pool's wind-down status, increased exposure to adverse selection, and the propensity for interest shortfalls to continue to accrue. As of the March 2026 remittance, interest shortfalls totaled $2.8 million, an increase from $1.2 million at the previous review. The Class G certificate has not received full interest due since April 2025, resulting in approximately $400,000 in outstanding shortfalls.

The largest loan in the pool, Granite 190 (Prospectus ID#5, 86.9% of the pool), is secured by two suburban office buildings totaling approximately 307,000 square feet (sf) in Richardson, Texas. The loan transferred to special servicing in February 2023 because of imminent monetary default. The trust acquired the property through foreclosure in December 2023, and the asset is currently real estate owned. The subject's operating performance has declined considerably in recent years, with net cash flow and the loan's debt service coverage ratio below breakeven as of the most recent financial reporting. The property's occupancy rate was 47.1% as of January 2026. An updated appraisal valued the property at $30.5 million in November 2025, a decline from the issuance appraised value of $55.0 million. Morningstar DBRS liquidated this loan based on a conservative 30% haircut to the most recent appraised value, resulting in a projected loss of $18.6 million and an implied loss severity of more than 50%.

The Walgreens Shawnee, Kansas loan (Prospectus ID#42, 9.1% of the pool) is secured by a 15,120-sf single-tenant retail pharmacy located in Shawnee, Kansas. The property is fully leased to Walgreens Co. under an absolute net lease extending to September 2070, with termination options every five years beginning in 2030. The loan transferred to special servicing in September 2025 after defaulting at maturity. The special servicer and borrower have reportedly agreed to terms regarding a potential loan modification that would extend the loan term. An updated appraisal dated October 2025 valued the property at $3.7 million, approximately 50% below the issuance appraised value. Morningstar DBRS applied a 20% haircut to the updated appraised value in its liquidation analysis, resulting in a projected loss of $1.2 million and a loss severity of 31%.

The Dollar General Portfolio loan (Prospectus ID#52, 4.0% of the pool) is secured by a portfolio of four single-tenant retail properties in Pennsylvania and Kentucky, totaling approximately 32,250 sf. The properties are primarily leased to Dollar General Corp. (Dollar General), however two locations have been re-tenanted by a church and a thrift store following Dollar General's exit. Overall occupancy remains at 100% and servicer commentary previously indicated an expected refinance and payoff in January 2026, however no additional updates have been provided since that time. As such, Morningstar DBRS liquidated the loan based on a 40% haircut to the issuance appraised value of $2.7 million, resulting in a loss severity slightly below 20%.

Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS 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.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

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

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (May 16, 2025) at https://dbrs.morningstar.com/research/454196.

Class X-F is an interest-only (IO) certificate that references a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

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

Notes:

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

The principal methodology is Rating and Monitoring North American CMBS Multi-Borrower Transactions (March 19, 2026) https://dbrs.morningstar.com/research/476718.

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

The credit rating was initiated at the request of the rated entity.

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

Morningstar DBRS 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.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to the Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of the website: https://dbrs.morningstar.com/understanding-ratings

Morningstar DBRS expects Structured Finance issuers and originators of Structured Finance products to make all relevant information regarding these products available to investors to conduct their own analyses.

Please see the 17g-7 disclosure report and/or the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

As applicable, the conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS' outlooks and credit ratings are monitored.

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://dbrs.morningstar.com/about/methodologies.

Morningstar DBRS North American Commercial Real Estate Property Analysis Criteria (August 13, 2025), https://dbrs.morningstar.com/research/460471

North American Commercial Mortgage Servicer Rankings (August 22, 2025),

https://dbrs.morningstar.com/research/460923

Legal Criteria for U.S. Structured Finance (November 25, 2025), https://dbrs.morningstar.com/research/468115

Interest Rate and Currency Stresses for Global Structured Finance Transactions (January 26, 2026), https://dbrs.morningstar.com/research/472333

For more information on this credit or on this industry, visit https://dbrs.morningstar.com or contact us at [email protected].