Morningstar Credit Ratings Assigns Preliminary Ratings for Progress Residential 2015-SFR2 Trust (Progress 2015-SFR2)

May 18, 2015, 12:13 ET from Morningstar, Inc.

NEW YORK, May 18, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to six classes of single-family rental pass-through certificates from Progress Residential 2015-SFR2 Trust (Progress 2015-SFR2), a single-family rental securitization. The preliminary ratings are based on information known to Morningstar as of May 18, 2015.

Preliminary Ratings (as of May 18, 2015)


Class

Balance ($)

Preliminary Ratings

Class A

229,942,000

AAA

Class B

42,357,000

AA+

Class C

34,794,000

A+

Class D

30,256,000

BBB+

Class E

52,947,000

BBB

Class F

48,409,000

BB-

The collateral backing the Progress 2015-SFR2 transaction consists of approximately 3,317 properties with a total value of $605,105,604. Progress Residential has acquired all of the properties, which are 99.5 percent rented as of the collateral cutoff date of April 23, 2015, with an average monthly rental payment of approximately $1,392. Properties in Florida, Georgia, and North Carolina constitute the majority of the pool, representing approximately 36.2 percent, 14.0 percent, and 12.8 percent of the assets, respectively. Progress Residential has acquired mortgages on the properties for the benefit of the securitization trust.

For complete details about the preliminary ratings of this transaction, Morningstar's Presale Analysis Package, including the Presale Report and the Representations, Warranties, and Enforcement Mechanisms, is available under the RMBS tab in the Ratings Reports 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) 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.

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 approximately 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 15 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 and had more than $179 billion in assets under advisement and management as of March 31, 2015. The company has operations in 27 countries.

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

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Media Contact: Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com

 

SOURCE Morningstar, Inc.



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