Fitch Affirms COMM 2014-SAVA

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed one class of COMM 2014-SAVA issued by Deutsche Bank Securities, Inc. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation reflects stable performance of the underlying collateral since issuance. As of March 2015, the Fitch DSCR for the portfolio was 2.14x as compared to 1.67x at issuance with a debt per bed of $27,183.

As of the June 2015 distribution date, the pool's aggregate certificate balance remained at $550 million, unchanged from issuance. The floating-rate loan has a two-year initial term with three one-year extension options and is interest only throughout the term.

The certificates represent the beneficial interests secured by the fee and leasehold interests in 167 skilled nursing facilities (SNFs) totaling 20,222 beds and owned collectively by 167 special purpose property entities (the PropCo borrowers). The collateral also includes all furniture, fixtures, equipment and personal property used in the operation of each property as well as the PropCo borrowers' interest in the healthcare collateral including the healthcare licenses.

Since issuance, the sponsor has designated 31 facilities that serve as collateral for the loan to participate in the Texas Nursing Facility Upper Payment Limit Supplemental Payment Program. In order to participate in the Program, the Sava operators sublease the nursing facilities to non-state governmental organizations (NSGO), which are local community hospitals, and transfer their healthcare licenses to such NSGOs. The NSGO then appoints the Sava operators as the managers of these nursing facilities. Fitch excludes the cash flow of these facilities in the analysis.

RATING SENSITIVITIES

The Rating Outlook remains Stable. No rating actions are anticipated unless there are material changes in occupancy or cash flow. The portfolio performance is consistent with issuance.

Fitch has affirmed the following class:

--$260 million class A at 'AAAsf'; Outlook Stable.

Fitch does not rate the class B, C, D, X-CP and X-EXT certificates.

DUE DILIGENCE USAGE

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

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions (pub. 20 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862818

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Related Research

COMM 2014-SAVA -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753538

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986905

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986905

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/20150624006325/en/

Fitch Ratings
Primary Analyst
David Ro
Director
+1-312-368-3132
Fitch Ratings, Inc.
70 West 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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