Morningstar Credit Ratings Assigns Preliminary Ratings for CSAIL 2015-C3 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C3 (CSAIL 2015-C3)

Jul 29, 2015, 18:40 ET from Morningstar, Inc.

NEW YORK, July 29, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction CSAIL 2015-C3 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C3 (CSAIL 2015-C3). The collateral supporting CSAIL 2015-C3 consists of 89 mortgage loans secured by 168 commercial real estate properties. The preliminary ratings are based on information known to Morningstar as of July 29, 2015.

Preliminary Ratings (as of July 29, 2015)

 

Class

 

Balance/Notional Amt. ($)

 

Morningstar Preliminary Rating

 

Credit Support Level (%)

 

Offered Certificates



Class A-1

60,509,000

AAA

30.000

Class A-2

148,324,000

AAA

30.000

Class A-3

200,000,000

AAA

30.000

Class A-4

502,390,000

AAA

30.000

Class A-SB

82,627,000

AAA

30.000

Class X-A

1,080,812,000

AAA

N/A

Class X-B

86,961,000

AAA

N/A

Class A-S

86,962,000

AAA

23.875

Class B

86,961,000

AA

17.750

Class C

63,891,000

A-

13.250

Class D

72,764,000

BBB

8.125

Non-Offered Certificates



Class X-E

35,495,000

AAA

N/A

Class X-F

14,197,000

AAA

N/A

Class X-NR

65,666,014

AAA

N/A

Class E

35,495,000

BB

5.625

Class F

14,197,000

B+

4.625

Class NR

65,666,014

NR

N/A

NR – Not Rated




Morningstar's Presale Analysis Package, including the Presale Report, Asset Summary Reports, Loan Analysis Summary Table, Rule 17g-7 Disclosures and Certification, 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) 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 credit ratings.

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Media Contacts:  Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com Nadine Youssef, +1 312-696-6601 or nadine.youssef@morningstar.com

 

SOURCE Morningstar, Inc.



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