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

Jul 28, 2015, 12:37 ET from Morningstar, Inc.

NEW YORK, July 28, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction CSMC Trust 2015-SAND, Commercial Mortgage Pass-Through Certificates, Series 2015-SAND (CSMC 2015-SAND). The collateral supporting CSMC 2015-SAND consists of a single floating-rate, interest-only mortgage loan secured by the borrower's fee simple interests in the Shutters on the Beach and Casa del Mar hotels located in Santa Monica, California. The preliminary ratings are based on information known to Morningstar as of July 28, 2015.

Preliminary Ratings (as of July 28, 2015)


Class

Balance/Notional Amt. ($)

 

Morningstar Preliminary Rating

Credit Support Level (%)

Class A

76,612,000

AAA

67.40

Class X-CP

76,612,000

AAA

N/A

Class X-NCP

76,612,000

AAA

N/A

Class B

28,858,000

AA

55.12

Class C

21,451,000

A-

45.99

Class D

28,347,000

BBB

33.93

Class E

44,691,000

BB-

14.91

Class F

35,041,000

 

B-

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 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 NRSRO 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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