Morningstar Credit Ratings Assigns Preliminary Ratings to Colony American Finance 2015-1 (CAF 2015-1)
NEW YORK, Oct. 7, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to seven classes of single-family rental pass-through certificates from Colony American Finance 2015-1 (CAF 2015-1), the third multiborrower, single-family rental securitization to market rated by Morningstar. The preliminary ratings are based on information known to Morningstar as of Oct. 7, 2015.
Preliminary Ratings (as of Oct. 7, 2015) |
||
Class |
Balance/Notional Amount ($) |
Morningstar Preliminary Rating |
Class A |
168,222,000 |
AAA |
Class B |
14,491,000 |
AA+ |
Class C |
14,176,000 |
A+ |
Class D |
21,421,000 |
BBB+ |
Class E |
5,986,000 |
BBB |
Class F |
8,505,000 |
BB+ |
Class G |
6,301,000 |
BB |
The CAF 2015-1 certificates are supported by the payment streams from 69 loans backed by 3,488 properties with a total value of $403,488,599. Colony American Finance has originated all of the loans, and the properties have an average monthly rental payment of approximately $971. Properties in Ohio, Texas, Georgia, and Florida constitute the majority of the pool, representing approximately 20.9 percent, 15.6 percent, 11.8 percent, and 10.9 percent of the assets, respectively. Mortgages have been or will be obtained on the properties for the benefit of the securitization trust.
Morningstar's Presale Analysis Package, including the Presale Report; Rule 17g-7 Disclosure Form; 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) offering 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 more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 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, with more than $180 billion in assets under advisement and management as of June 30, 2015. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings.
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Media Contact:
Michelle Weiss, +1 267-960-6014 or [email protected]
SOURCE Morningstar, Inc.
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