Morningstar Credit Ratings Assigns Preliminary Ratings for JPMBB Commercial Mortgage Securities Trust 2015-C28, Commercial Mortgage Pass-Through Certificates, Series 2015-C28 (JPMBB 2015-C28)
Mar 24, 2015, 04:33 ET
NEW YORK, March 24, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction JPMBB Commercial Mortgage Securities Trust 2015-C28, Commercial Mortgage Pass-Through Certificates, Series 2015-C28 (JPMBB 2015-C28). The collateral supporting JPMBB 2015-C28 consists of 67 mortgage loans secured by 122 commercial real estate properties. The preliminary ratings are based on information known to Morningstar as of March 24, 2015.
| PRELIMINARY RATINGS (AS OF MARCH 24, 2015) |
||||||
| Balance/ |
Preliminary |
Morningstar |
Morningstar |
Morningstar |
Credit Support |
|
| Class |
||||||
| Offered Certificates |
||||||
| Class A-1 |
35,258,000 |
AAA |
2.20 |
65.20 |
57.05 |
23.125 |
| Class A-2 |
163,954,000 |
AAA |
2.20 |
65.20 |
57.05 |
23.125 |
| Class A-3 |
225,000,000 |
AAA |
2.20 |
65.20 |
57.05 |
23.125 |
| Class A-4 |
304,976,000 |
AAA |
2.20 |
65.20 |
57.05 |
23.125 |
| Class A-SB |
70,766,000 |
AAA |
2.20 |
65.20 |
57.05 |
23.125 |
| Class X-A |
878,521,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class X-B |
70,218,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class A-S |
78,567,000 |
AAA |
2.20 |
65.20 |
57.05 |
23.125 |
| Class B |
70,218,000 |
AA- |
2.04 |
70.41 |
62.27 |
16.981 |
| Class C |
54,168,000 |
A- |
1.93 |
74.43 |
66.30 |
12.241 |
| Class EC |
202,953,000 |
A- |
1.93 |
74.43 |
66.30 |
12.241 |
| Non-Offered Certificates |
||||||
| Class X‑C |
54,168,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class X‑D |
54,005,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class X‑E |
27,149,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class X‑F |
14,639,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class X‑NR |
44,091,697 |
AAA |
N/A |
N/A |
N/A |
N/A |
| Class D |
54,005,000 |
BBB- |
1.83 |
78.44 |
70.31 |
7.515 |
| Class E |
27,149,000 |
BB- |
1.78 |
80.46 |
72.33 |
5.139 |
| Class F |
14,639,000 |
B |
1.76 |
81.54 |
73.41 |
3.858 |
| Class NR |
44,091,697 |
NR |
1.69 |
87.60 |
79.00 |
0.000 |
| NR – Not Rated |
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.
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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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