NEW YORK, March 30, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to five classes of single-family rental pass-through certificates from Invitation Homes 2015-SFR2 (IH 2015-SFR2), a single-family rental securitization. The preliminary ratings are based on information known to Morningstar as of March 30, 2015.
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PRELIMINARY RATINGS (AS OF MARCH 30, 2015)
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Class
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Balance ($)
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Preliminary Ratings
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Class A
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282,265,000
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AAA
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Class B
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64,517,000
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AA
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Class C
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54,437,000
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A
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Class D
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50,404,000
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BBB+
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Class E
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80,647,000
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BBB-
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The collateral backing the IH 2015-SFR2 transaction consists of approximately 3,550 properties with a total value of $806,469,232. Invitation Homes has acquired all of the properties, which are 95.4 percent rented as of the collateral cutoff date of Jan. 13, 2015, with an average monthly rental payment of approximately $1,558. Properties in Florida, Georgia, and Washington constitute the majority of the pool, representing approximately 37.3 percent, 11.5 percent, and 10.7 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 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.
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SOURCE Morningstar, Inc.