NEW YORK, June 9, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to 50 classes of residential mortgage pass-through certificates from WinWater Mortgage Loan Trust 2015-4 (WinWater 2015-4), a residential mortgage-backed securitization (RMBS). The preliminary ratings are based on information known to Morningstar as of June 9, 2015.
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Preliminary Ratings (as of June 9, 2015)
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Class
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Balance ($)
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Preliminary Ratings
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Class A-1
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376,655,000
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AAA
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Class A-2
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376,655,000
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AAA
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Class A-3
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344,254,000
|
AAA
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Class A-4
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344,254,000
|
AAA
|
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Class A-5
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258,191,000
|
AAA
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Class A-6
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258,191,000
|
AAA
|
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Class A-7
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86,063,000
|
AAA
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Class A-8
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86,063,000
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AAA
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Class A-9
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275,404,000
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AAA
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Class A-10
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275,404,000
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AAA
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Class A-11
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68,850,000
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AAA
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Class A-12
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68,850,000
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AAA
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Class A-13
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17,213,000
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AAA
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Class A-14
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17,213,000
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AAA
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Class A-15
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32,401,000
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AAA
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Class A-16
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32,401,000
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AAA
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Class A-17
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258,191,000
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AAA
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Class A-18
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68,850,000
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AAA
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Class A-19
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17,213,000
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AAA
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Class A-20
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32,401,000
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AAA
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Class A-21
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376,655,000
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AAA
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Class A-22
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86,063,000
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AAA
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Class A-23
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344,254,000
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AAA
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Class A-X-1
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376,655,000
|
AAA
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Class A-X-2
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376,655,000
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AAA
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Class A-X-3
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344,254,000
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AAA
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Class A-X-4
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258,191,000
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AAA
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Class A-X-5
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17,213,000
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AAA
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Class A-X-6
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68,850,000
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AAA
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Class A-X-7
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275,404,000
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AAA
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Class A-X-8
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86,063,000
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AAA
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Class A-X-9
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32,401,000
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AAA
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Class A-X-10
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258,191,000
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AAA
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Class A-X-11
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17,213,000
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AAA
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Class A-X-12
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68,850,000
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AAA
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Class A-X-13
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32,401,000
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AAA
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Class A-X-14
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376,655,000
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AAA
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Class A-X-15
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344,254,000
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AAA
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Class A-X-16
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258,191,000
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AAA
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Class A-X-17
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86,063,000
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AAA
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Class A-X-18
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17,213,000
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AAA
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Class A-X-19
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68,850,000
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AAA
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Class A-X-20
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32,401,000
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AAA
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Class A-X-21
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344,254,000
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AAA
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Class A-X-22
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376,655,000
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AAA
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Class A-X-23
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275,404,000
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AAA
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Class B-1
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6,480,000
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AA
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Class B-2
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6,075,000
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A
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Class B-3
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6,075,000
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BBB
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Class B-4
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4,658,000
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BB
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Class B-5
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5,062,648
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NR
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The collateral backing the WinWater 2015-4 transaction consists of approximately 544 residential mortgage loans with a total value of $405,005,648. The weighted average original FICO score of the loans is 770, and the weighted average loan/value ratio is approximately 67.4 percent. Loans in California constitute 49.4 percent of the assets. WinWater has been a residential mortgage conduit since 2013. Extraordinary trust expenses are subject to an aggregate limit of $300,000 per year. Extraordinary trust expenses may include unanticipated expenses, indemnification obligations, liabilities, taxes, and losses of the issuing entities. Morningstar did not account for these expenses in its preliminary ratings.
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. 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.
MORN-R
Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com
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SOURCE Morningstar, Inc.