NEW YORK, April 1, 2015 /PRNewswire/ -- Morningstar Credit
Ratings, LLC today assigned preliminary ratings to 10 classes
of single-family rental pass-through certificates from B2R Mortgage
Trust 2015-1 (B2R 2015-1), a multiborrower, single-family rental
securitization. The preliminary ratings are based on information
known to Morningstar as of April 1,
2015.
PRELIMINARY
RATINGS (AS OF APRIL 1, 2015)
|
|
Class
|
Balance/Notional
Amt. ($)
|
Preliminary
Ratings
|
Class A-1
|
112,838,000
|
AAA
|
Class A-2
|
39,226,000
|
AAA
|
Class X-A
|
152,064,000
|
AAA
|
Class X-B
|
34,429,000
|
AAA
|
Class B
|
20,657,000
|
AA-
|
Class C
|
13,772,000
|
A-
|
Class D
|
16,354,000
|
BBB
|
Class E
|
4,878,000
|
BBB-
|
Class F
|
11,476,000
|
BB-
|
Class G
|
3,443,000
|
B-
|
The B2R 2015-1 certificates are supported by the payment streams
from 144 loans backed by 3,160 properties with a total value of
$374,514,640. B2R has originated all
of the loans, and the properties have an average monthly rental
payment of approximately $1,227. Properties in California, Georgia, Texas, and Florida constitute the majority of the pool,
representing approximately 14.7 percent, 13.7 percent, 13.0
percent, and 9.1 percent of the assets, respectively. Mortgages
have been or will be obtained 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 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.
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 500,000 investment offerings,
including stocks, mutual funds, and similar vehicles, along with
real-time global market data on more than 14 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 investment
advisory subsidiaries and had approximately $170 billion in assets under advisement and
management as of Dec. 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.
©2015 Morningstar, Inc. All Rights Reserved.
MORN-R
Media Contact:
Michelle Weiss, +1 267-960-6014 or
michelle.weiss@morningstar.com
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SOURCE Morningstar, Inc.