Morningstar Credit Ratings Assigns Preliminary Ratings for GS Mortgage Securities Trust 2014-GC24, Commercial Mortgage Pass-Through Certificates, Series 2014-GC24 (GSMS 2014-GC24)

NEW YORK, Sept. 10, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction GS Mortgage Securities Trust 2014-GC24, Commercial Mortgage Pass-Through Certificates, Series 2014-GC24 (GSMS 2014-GC24). The preliminary ratings are based on information known to Morningstar as of Sept. 9, 2014.

The key characteristics of the portfolio of commercial real estate loans supporting GSMS 2014-GC24 are:

• Seventy-five mortgage loans secured by 116 commercial real estate properties;
• An aggregate initial pool balance of approximately $1.07 billion;
• Properties are distributed across 28 states, with 53.7 percent of the cutoff portfolio balance located in Connecticut, South Carolina, California, Texas, and North Carolina;
• The largest loan exposure is the Stamford Plaza Portfolio located in Stamford, Conn., representing 13.0 percent of the cutoff portfolio balance;
• The top 10 loans represent 52.7 percent of the cutoff portfolio balance; and
• The largest exposures by property type are retail at 33.3 percent, office at 22.4 percent, and multifamily at 17.6 percent, as measured by the cutoff portfolio balance.

Based on information provided on the arranger's website, Morningstar's analysis of the loans yielded the following Morningstar metrics:

• Weighted-average current and amortizing debt service coverage ratios (DSCRs) of 1.76x and 1.54x, respectively, based on the actual loan payment terms;
• An aggregate pool value of approximately $1.40 billion, 29.0 percent lower than the reported aggregated appraised value; and
• Beginning and ending portfolio loan/value (LTV) ratios of 90.26 percent and 78.92 percent, respectively.

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report, Asset Summary Reports, Loan Analysis Summary Table, and the Representations, Warranties, and Enforcement Mechanisms, is available under the Ratings Reports tab at https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of 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.

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Morningstar, Inc. is not an NRSRO, and its credit ratings on corporate issuers are not NRSRO credit ratings.

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SOURCE Morningstar, Inc.