Morningstar Credit Ratings Assigns Preliminary Ratings for COMM 2014-CCRE15 Mortgage Trust Commercial Mortgage Pass-Through Certificates (COMM 2014-CCRE15) - Tucson News Now

Morningstar Credit Ratings Assigns Preliminary Ratings for COMM 2014-CCRE15 Mortgage Trust Commercial Mortgage Pass-Through Certificates (COMM 2014-CCRE15)

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SOURCE Morningstar, Inc.

NEW YORK, Feb. 3, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction COMM 2014-CCRE15 Mortgage Trust Commercial Mortgage Pass-Through Certificates (COMM 2014-CCRE15). The preliminary ratings are based on information known to Morningstar as of Feb. 3, 2014.

Preliminary Ratings (as of FEB. 3, 2014)

 

Class

Balance/

Notional Amt

Preliminary

Ratings

Morningstar DSCR

Morningstar BLTV

Morningstar ELTV

Credit Support Levels

Class A-1

$45,918,000

AAA

1.95x

65.0%

55.5%

30.000%

Class A-2

$301,405,000

AAA

1.95x

65.0%

55.5%

30.000%

Class A-SB

$64,708,000

AAA

1.95x

65.0%

55.5%

30.000%

Class A-3

$80,000,000

AAA

1.95x

65.0%

55.5%

30.000%

Class A-4

$213,393,000

AAA

1.95x

65.0%

55.5%

30.000%

Class X-A

$759,590,000

AAA

1.95x

65.0%

55.5%

N/A

Class A-M

$54,166,000

AAA

1.95x

65.0%

55.5%

24.625%

Class B

$74,322,000

AA

1.87x

68.1%

58.6%

17.250%

Class PEZ

$170,057,000

A

1.78x

71.2%

61.8%

13.125%

Class C

$41,569,000

A

1.78x

71.2%

61.8%

13.125%

Class X-B

$157,461,000

AAA

N/A

N/A

N/A

N/A

Class X-C

$90,697,704

NR

N/A

N/A

N/A

N/A

Class D

$40,570,000

BBB+

1.71x

74.2%

64.8%

9.125%

Class E

$21,414,000

BB+

1.66x

76.6%

67.2%

6.875%

Class F

$21,415,000

B+

1.62x

78.2%

68.8%

4.750%

Class G

$47,868,704

NR

N/A

N/A

N/A

N/A

The key characteristics of the portfolio of commercial real estate and multifamily mortgage loans supporting COMM 2014-CCRE15 are:

  • Forty-nine loans secured by 64 multifamily and commercial real estate properties;
  • An aggregate initial pool balance of approximately $1.01 billion;
  • An average initial loan principal balance of approximately $20.6 million;
  • The majority of the loans in the portfolio--34 loans, or 69.1 percent by balance-have a 10-year term;
  • Properties are distributed across 23 states, with 67.6 percent of the cut-off portfolio balance located in New York, California, Texas, Indiana, and South Carolina;
  • The largest loan exposure is the Google and Amazon Office Portfolio representing 10.9 percent of the cut-off portfolio balance;
  • The top 10 largest loans represent 57.7 percent of the cut-off portfolio balance; and
  • The largest exposures by property type are office at 40.9 percent and multifamily, with 36.3 percent, as measured by the cut-off portfolio balance.

Based on information provided on the arranger's website, Morningstar's analysis of the loans yielded the following Morningstar metrics:

  • An aggregate net cash flow (NCF) of approximately $145.6 million, which is lower than the arranger's NCF by 7.3 percent;
  • Weighted-average current and amortizing debt service coverage ratios (DSCRs) of 1.74x and 1.55x, respectively, based on the actual loan payment terms;
  • A portfolio-weighted average cap rate of 7.5 percent;
  • An aggregate pool value of approximately $1.94 billion, 18.6 percent lower than the reported aggregated appraised values; and
  • Beginning and ending portfolio loan-to-value (LTV) ratios of 81.9 percent and 72.6 percent, respectively.

For complete details about the preliminary ratings of this transaction, Morningstar's Pre-Sale analysis package, including the Pre-Sale Report, Asset Summary Reports, Loan Analysis Summary Table, and the Representations Warranties and Enforcement Mechanisms, is available under the "Ratings Reports" tab on https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of final ratings that differ from the preliminary ratings.

About Morningstar Credit Ratings, LLC and Morningstar, Inc.
Morningstar Credit Ratings, LLC is a Nationally Recognized Statistical Rating Organization (NRSRO) that specializes in structured credit research and ratings, and offers a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions.

Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia.

Morningstar, Inc. offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 437,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 10 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its registered investment advisor subsidiaries and has more than $176 billion in assets under advisement and management as of Sept. 30, 2013. The company has operations in 27 countries.

Morningstar, Inc. is not an NRSRO and its credit ratings on corporate and municipal issuers are not NRSRO credit ratings.

©2014 Morningstar, Inc. All Rights Reserved.

MORN-R

Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com


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