NEW YORK, July 22, 2014 /PRNewswire/ -- Morningstar Credit
Ratings, LLC today assigned preliminary ratings to six classes of
single-family rental pass-through certificates from Silver Bay
Realty 2014-1 (SBY 2014-1), a single-family rental
securitization. The preliminary ratings are based on
information known to Morningstar as of July
22, 2014.
PRELIMINARY
RATINGS (AS OF JULY 22, 2014)
|
|
|
Class
|
Balance
|
Preliminary
Ratings
|
Class A
|
$147,746,000
|
AAA
|
Class B
|
$37,681,000
|
AA+
|
Class C
|
$32,978,000
|
A+
|
Class D
|
$30,423,000
|
BBB+
|
Class E
|
$17,148,000
|
BBB
|
Class F
|
$46,691,000
|
BBB
|
|
|
|
|
|
The collateral backing the SBY 2014-1 transaction consists of
3,089 single-family properties with a total value of $481,026,324. Silver Bay has acquired all of
the properties, which are rented as of the collateral cut-off date
of June 30, 2014, with an average
monthly rental payment of approximately $1,139. Properties in Arizona and Georgia constitute the majority of the pool,
representing approximately 34.7 percent and 22.8 percent of the
assets, respectively. Silver Bay
has acquired mortgages on the properties for the benefit of the
securitization trust.
For complete details about the preliminary ratings of this
transaction, Morningstar's Presale Analysis Package, including the
Presale Report and the Representations, Warranties, and Enforcement
Mechanisms, is available under the "RMBS" tab in the "Ratings
Reports" section on https://ratingagency.morningstar.com.
Information subsequently received could result in the assignment of
final ratings that differ from the preliminary ratings.
Morningstar's "Single-Family Rental Securitization Ratings
Methodology" for new-issue and surveillance ratings of securities
backed by pools of single-family rental properties and the "Guide
to the Morningstar Single-Family Rental Quantitative Analysis and
Subordination Model," which details Morningstar's quantitative
model for assessing single-family rental securities, are both
available in the "Analysis and Considerations" section at
https://ratingagency.morningstar.com.
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
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offers investment management services through its investment
advisory subsidiaries and had approximately $164 billion in assets under advisement and
management as of March 31, 2014. The
company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and its credit ratings on
corporate issuers are not NRSRO credit ratings.
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MORN-R
Media Contact:
Michelle Weiss, +1 267-960-6014 or
michelle.weiss@morningstar.com
SOURCE Morningstar, Inc.