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Morningstar Credit Ratings Assigns Preliminary Ratings for Starwood Retail Property Trust 2014-STAR, Commercial Mortgage Pass-Through Certificates, Series 2014-STAR (SRPT 2014-STAR)

MORN

NEW YORK, Oct. 29, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction Starwood Retail Property Trust 2014-STAR, Commercial Mortgage Pass-Through Certificates, Series 2014-STAR (SRPT 2014-STAR). The collateral supporting SRPT 2014-STAR consists of a single floating-rate, interest-only mortgage loan secured by the borrower's leasehold interest in MacArthur Center, a retail shopping mall in Norfolk, Virginia, and fee simple interest in three other retail shopping malls: The Mall at Wellington Green in Palm Beach County, Florida; Northlake Mall in Charlotte, North Carolina; and The Mall at Partridge Creek in Macomb County, Michigan. The preliminary ratings are based on information known to Morningstar as of Oct. 29, 2014.

PRELIMINARY RATINGS (AS OF OCT. 29, 2014)


Balance/

Notional Amt.

Preliminary

 Ratings

Morningstar

 DSCR

Morningstar

BLTV

Morningstar

 ELTV

Credit Support

 Levels

Class

Class A

$381,846,000

AAA

2.99x

46.71%

46.71%

47.33%

Class XA-1

$381,846,000

AAA

N/A

N/A

N/A

N/A

Class XA-2

$381,846,000

AAA

N/A

N/A

N/A

N/A

Class XB-1

$343,154,000

AAA

N/A

N/A

N/A

N/A

Class XB-2

$343,154,000

AAA

N/A

N/A

N/A

N/A

Class B

$84,854,000

AA-

2.45x

59.09%

59.09%

35.63%

Class C

$63,641,000

A-

2.15x

64.88%

64.88%

26.85%

Class D

$78,067,000

BBB-

1.88x

74.43%

74.43%

16.08%

Class E

$87,672,000

BB-

1.64x

85.16%

85.16%

3.99%

Class F

$28,920,000

B

1.57x

88.69%

88.69%

0.00%

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report 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.

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 479,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 13 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 $169 billion in assets under advisement and management as of Sept. 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.

©2014 Morningstar, Inc. All Rights Reserved.

MORN-R

Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com

SOURCE Morningstar, Inc.



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