NEW YORK, July 23, 2014 /PRNewswire/ -- Morningstar Credit
Ratings, LLC today assigned preliminary ratings for the commercial
mortgage-backed securities (CMBS) transaction Morgan Stanley Bank
of America Merrill Lynch Trust 2014-C17, Commercial Mortgage
Pass-Through Certificates, Series 2014-C17 (MSBAM 2014-C17). The
preliminary ratings are based on information known to Morningstar
as of July 23, 2014.
PRELIMINARY
RATINGS (AS OF JULY 23, 2014)
|
Class
|
Balance /
Notional
Amount
|
Preliminary
Ratings
|
Morningstar
DSCR
|
Morningstar
BLTV
|
Morningstar
ELTV
|
Credit
Support
Levels
|
Class A‑1
|
$40,800,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
30.000%
|
Class A‑2
|
$174,800,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
30.000%
|
Class A‑SB
|
$74,400,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
30.000%
|
Class A‑3
|
$59,800,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
30.000%
|
Class A‑4
|
$170,000,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
30.000%
|
Class A‑5
|
$205,991,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
30.000%
|
Class X‑A
|
$769,857,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
N/A
|
Class A‑S
|
$44,066,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
25.750%
|
Class B
|
$81,651,000
|
AA
|
2.14x
|
73.5%
|
63.6%
|
17.875%
|
Class PST
|
$185,336,000
|
A-
|
2.00x
|
78.7%
|
68.8%
|
12.125%
|
Class C
|
$59,619,000
|
A-
|
2.00x
|
78.7%
|
68.8%
|
12.125%
|
|
|
|
|
|
|
|
NON-OFFERED
CERTIFICATES
|
|
|
|
|
|
Class X‑B
|
$141,270,000
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
N/A
|
Class X‑C
|
$79,059,774
|
AAA
|
2.36x
|
66.5%
|
56.5%
|
N/A
|
Class D
|
$46,658,000
|
BBB-
|
1.90x
|
82.7%
|
72.8%
|
7.625%
|
Class E
|
$25,817,000
|
BB
|
1.85x
|
84.9%
|
75.0%
|
5.135%
|
Class F
|
$14,993,000
|
B
|
1.82x
|
86.2%
|
76.3%
|
3.689%
|
Class G
|
$38,249,774
|
NR
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
NR – Not
Rated
|
|
The key characteristics of the portfolio of commercial real
estate and multifamily mortgage loans supporting MSBAM 2014-C17
are:
- The portfolio consists of 67 mortgage loans secured by 72
commercial, multifamily, and manufactured housing real estate
properties;
- An aggregate initial pool balance of approximately $1.04 billion;
- Properties are distributed across 25 states, with 54.5 percent
of the cut-off portfolio balance located in California, Pennsylvania, Massachusetts, Arizona, and Texas;
- The largest loan exposure is the Marriott Downtown
Philadelphia, representing 9.6 percent of the cut-off portfolio
balance;
- The top 10 loans represent 47.3 percent of the cut-off
portfolio balance; and
- The largest exposures by property type, as measured by the
cut-off portfolio balance, are retail and hospitality with 48.9
percent and 24.9 percent, respectively.
Based on information provided on the arranger's website,
Morningstar's analysis of the loans yielded the following
Morningstar metrics:
- Weighted-average current and amortizing debt service coverage
ratios (DSCRs) of 1.70x and 1.53x, respectively, based on the
actual loan payment terms;
- An aggregate pool value of approximately $1.16 billion, 24.4 percent lower than the
reported aggregated appraised values; and
- Beginning and ending portfolio loan-to-value (LTV) ratios of
89.5 percent and 79.6 percent, respectively.
For complete details about the preliminary ratings for this
transaction, Morningstar's Presale Analysis Package, including the
Presale 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.
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Recognized Statistical Rating Organization (NRSRO) that specializes
in structured credit research and ratings, and offers a wide array
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SOURCE Morningstar, Inc.