NEW YORK, March 2, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction Morgan Stanley Capital I Trust 2015-XLF1, Commercial Mortgage Pass-Through Certificates, Series 2015-XLF1 (MSCI 2015-XLF1). The collateral supporting MSCI 2015-XLF1 consists of five mortgage loans secured by 16 multifamily and commercial real estate properties. The preliminary ratings are based on information known to Morningstar as of March 2, 2015.
PRELIMINARY RATINGS (AS OF MARCH 2, 2015) |
Class | Balance/
Notional Amt. | Preliminary
Ratings | Morningstar
DSCR | Morningstar
BLTV | Morningstar
ELTV | Credit Support
Levels |
Pooled Certificates |
Class A | $213,400,000 | AAA | 3.72x | 33.5% | 33.0% | 50.83% |
Class X-CP | $348,400,000 | AAA | N/A | N/A | N/A | N/A |
Class X-EXT | $348,400,000 | AAA | N/A | N/A | N/A | N/A |
Class B | $60,500,000 | AA- | 2.90x | 43.0% | 42.4% | 36.90% |
Class C | $45,100,000 | A- | 2.49x | 50.1% | 49.4% | 26.50% |
Class D | $29,400,000 | BBB- | 2.28x | 54.7% | 53.9% | 19.72% |
Loan-Specific Certificates |
Class AFS1 | $37,100,000 | B- | 1.72x | 77.4% | 77.4% | 16.38% |
Class AFS2 | $27,600,000 | NR | 1.44x | 92.6% | 92.6% | 0.00% |
Class ASL1 | $9,100,000 | B+ | 1.83x | 84.4% | 70.5% | 16.50% |
Class ASL2 | $8,000,000 | NR | 1.53x | 101.1% | 84.5% | 0.00% |
Class SOMA | $3,800,000 | BB+ | 1.18x | 74.3% | 74.3% | 0.00% |
Elad Portfolio Certificates |
Class ELD1 | $55,100,000 | AAA | 2.53x | 44.0% | 44.0% | 50.41% |
Class ELD2 | $14,100,000 | AA- | 2.02x | 55.3% | 55.3% | 37.71% |
Class ELD3 | $10,300,000 | A- | 1.76x | 63.5% | 63.5% | 28.44% |
Class ELD4 | $8,200,000 | BBB- | 1.59x | 70.1% | 70.1% | 21.06% |
Class ELD5 | $15,900,000 | B- | 1.35x | 82.8% | 82.8% | 6.75% |
Class ELD6 | $7,500,000 | NR | 1.26x | 88.8% | 88.8% | 0.00% |
Class ELDX | $87,700,000 | AAA | N/A | N/A | N/A | N/A |
For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report, Asset Summary Reports, and the Representations, Warranties, and Enforcement Mechanisms, is available under the Ratings Reports tab at 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.
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Morningstar, Inc. is not an NRSRO, and its credit ratings on corporate issuers are not NRSRO credit ratings.
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