NEW YORK, June 5, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction DBWF 2015-LCM Mortgage Trust Commercial Mortgage Pass-Through Certificates (DBWF 2015-LCM). The collateral supporting DBWF 2015-LCM consists of a single fixed-rate, amortizing mortgage loan secured by the borrower's fee simple interest in a retail property known as Lakewood Center, a 2.07 million-square-foot super-regional mall located 20 miles south of downtown Los Angeles. The preliminary ratings are based on information known to Morningstar as of June 5, 2015.
|
Preliminary Ratings (as of June 5, 2015)
|
|
Class
|
Balance/
Notional Amt. ($)
|
Preliminary
Ratings
|
Morningstar
DSCR (x)
|
Morningstar
BLTV (%)
|
Morningstar
ELTV (%)
|
Credit Support
Levels (%)
|
|
Class A-1
|
51,000,000
|
AAA
|
2.75
|
51.0
|
26.6
|
46.755
|
|
Class A-2
|
58,152,000
|
AAA
|
2.75
|
51.0
|
26.6
|
46.755
|
|
Class X-A
|
109,152,000
|
AAA
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Class B
|
35,111,000
|
AA+
|
2.27
|
61.7
|
37.3
|
35.546
|
|
Class C
|
34,470,000
|
A+
|
2.01
|
69.8
|
45.3
|
27.139
|
|
Class D
|
42,282,000
|
BBB+
|
1.76
|
79.6
|
55.2
|
16.826
|
|
Class E
|
57,448,000
|
BB-
|
1.47
|
95.7
|
71.3
|
2.814
|
|
Class F
|
11,537,000
|
BB-
|
1.47
|
95.7
|
71.3
|
0.000
|
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. Morningstar could receive subsequent information that may result in 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.
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Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com
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SOURCE Morningstar, Inc.