Morningstar Credit Ratings Assigns Preliminary Ratings to COMM 2016-787S Mortgage Trust, Commercial Mortgage Pass-Through Certificates (COMM 2016-787S)

Feb 16, 2016, 15:34 ET from Morningstar, Inc.

NEW YORK, Feb. 16, 2016 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to the commercial mortgage-backed securities (CMBS) transaction COMM 2016-787S Mortgage Trust, Commercial Mortgage Pass-Through Certificates (COMM 2016-787S). The collateral supporting COMM 2016-787S consists of $640 million of senior and junior components of a $780 million fixed-rate, interest-only mortgage loan secured by the borrower's fee simple interests in a 1.7 million-square-foot office building. The trust assets exclude $140 million of senior, pari passu notes, which will likely be securitized in a future transaction. The preliminary ratings are based on information disclosed and known to Morningstar as of Feb. 16, 2016.

Preliminary Ratings (as of Feb. 16, 2016)

Class

Balance/Notional Amt. ($)

Morningstar Preliminary Rating

Credit Support Level (%)

Class A

347,855,000

AAA

40.75

Class X-A

430,920,000

AAA

N/A

Class B

83,065,000

AA

26.81

Class C

81,561,000

A-

16.35

Class D

127,519,000

BBB-

0.00

Morningstar's Presale Analysis Package, including the Presale Report; Rule 17g-7 Disclosures and Certification; and the Representations, Warranties, and Enforcement Mechanisms, is available under the Structured Finance tab in the Ratings/Surveillance 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 17 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 $170 billion in assets under advisement and management as of Sept. 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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SOURCE Morningstar, Inc.



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