NEW YORK, July 28, 2014 /PRNewswire/ -- Morningstar
Credit Ratings, LLC today assigned preliminary ratings to six
classes of single-family rental pass-through certificates from
Invitation Homes 2014-SFR2 (IH
2014-SFR2), a single-family rental
securitization. The preliminary ratings are based on information
known to Morningstar as of July 28,
2014.
|
PRELIMINARY
RATINGS (AS OF JULY 28, 2014)
|
|
|
Class
|
Balance
|
Preliminary
Ratings
|
|
Class A
|
$322,581,000
|
AAA
|
|
Class B
|
$78,787,000
|
AA
|
|
Class C
|
$69,412,000
|
A
|
|
Class D
|
$58,612,000
|
BBB+
|
|
Class E
|
$95,348,000
|
BBB
|
|
Class F
|
$59,280,000
|
BB+
|
The collateral backing the IH 2014-SFR2 transaction consists of approximately 3,750
single-family properties with a total value of $912,039,170. Invitation Homes has acquired all
of the properties, which are 95.6 percent rented, with an average
monthly rental payment of approximately $1,558. Properties in California and Florida constitute the majority of the pool,
representing approximately 36.5 percent and 33.1 percent of the
assets, respectively. Invitation Homes 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.
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management as of June 30, 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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Media Contact:
Michelle Weiss, +1 267-960-6014 or
michelle.weiss@morningstar.com
SOURCE Morningstar, Inc.