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Morningstar Credit Ratings Assigns Preliminary Ratings for CSAIL 2015-C2 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C2 (CSAIL 2015-C2)

MORN

NEW YORK, April 30, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction CSAIL 2015-C2 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C2 (CSAIL 2015-C2). The collateral supporting CSAIL 2015-C2 consists of 118 mortgage loans secured by 160 commercial real estate properties. The preliminary ratings are based on information known to Morningstar as of April 30, 2015.

Preliminary Ratings (as of April 30, 2015)


Balance/
Notional Amt. ($)

Preliminary
Ratings

Morningstar
DSCR (x)

Morningstar
BLTV (%)

Morningstar
ELTV (%)

Credit Support
Levels (%)

Class

Offered Certificates

Class A-1

64,150,000

AAA

2.32

61.4

49.0

30.000

Class A-2

30,615,000

AAA

2.32

61.4

49.0

30.000

Class A-3

300,000,000

AAA

2.32

61.4

49.0

30.000

Class A-4

470,236,000

AAA

2.32

61.4

49.0

30.000

Class A-SB

101,489,000

AAA

2.32

61.4

49.0

30.000

Class X-A

1,082,234,000

AAA

N/A

N/A

N/A

N/A

Class X-B

82,732,000

AAA

N/A

N/A

N/A

N/A

Class A-S

115,744,000

AAA

2.07

68.7

56.3

21.617

Class B

82,732,000

AA-

1.92

74.0

61.5

15.625

Class C

55,228,000

A-

1.84

77.5

65.0

11.625

Class D

56,954,000

BBB-

1.76

81.1

68.5

7.500








Non-Offered Certificates

Class X‑E

36,243,000

AAA

N/A

N/A

N/A

N/A

Class X‑F

18,985,000

AAA

N/A

N/A

N/A

N/A

Class X‑NR

48,325,000

AAA

N/A

N/A

N/A

N/A

Class E

36,243,000

BB-

1.71

83.4

70.8

4.875

Class F

18,985,000

B

1.68

84.6

72.0

3.500

Class NR

48,325,089

NR

1.62

89.0

76.2

N/A








NR – Not Rated

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 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 15 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 more than $179 billion in assets under advisement and management as of March 31, 2015. 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

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/morningstar-credit-ratings-assigns-preliminary-ratings-for-csail-2015-c2-commercial-mortgage-trust-commercial-mortgage-pass-through-certificates-series-2015-c2-csail-2015-c2-300075656.html

SOURCE Morningstar, Inc.



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