DBWF 2015-LCM Mortgage Trust is a U.S. CMBS transaction backed by a portion of a fixed-rate, 30-year amortizing mortgage whole loan that is secured by Lakewood Center, an enclosed regional mall in Lakewood, Calif. We lowered five ratings and affirmed three ratings from the transaction. The rating actions reflect our lower revised expected-case value on the collateral property since our last review in July 2024, which is partially offset by the whole loan amortizing down by 21.8% of its original balance. They also include our qualitative consideration that the borrower likely will encounter difficulty refinancing the loan upon its maturity in June 2026. NEW YORK (S&P Global Ratings) May 5, 2025--S&P Global Ratings today lowered its ratings on five classes
