Morningstar Credit Ratings Assigns Preliminary Ratings to B2R Mortgage Trust 2015-2 (B2R 2015-2)

Nov 03, 2015, 12:38 ET from Morningstar, Inc.

NEW YORK, Nov. 3, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to nine classes of single-family rental pass-through certificates from B2R Mortgage Trust 2015-2 (B2R 2015-2), a multiborrower, single-family rental securitization. The preliminary ratings are based on information known to Morningstar as of Nov. 3, 2015.

Preliminary Ratings (as of Nov. 3, 2015)

 

Class

 

Balance/Notional Amount ($)

 

Morningstar Preliminary Rating

 

Class A

191,871,000

AAA

Class X-A

191,871,000

AAA

Class X-B

48,908,000

AAA

Class B

31,226,000

AA-

Class C

17,682,000

A-

Class D

22,573,000

BBB

Class E

13,544,000

BBB-

Class F

14,296,000

BB-

Class G

3,762,000

B-

The B2R 2015-2 certificates are supported by the payment streams from 211 loans backed by 4,272 primarily single-family properties with a total value of $537,824,880. B2R has originated all of the loans, and the properties have an average monthly rental payment of approximately $1,294. Properties in Florida, Texas, South Carolina, and Illinois constitute the majority of the pool, representing approximately 25.4 percent, 14.6 percent, 9.2 percent, and 6.4 percent of the assets, respectively. Mortgages have been or will be obtained on the properties for the benefit of the securitization trust.

Morningstar's Presale Analysis Package, including the Presale Report; Rule 17g-7 Disclosure Form; 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) 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 17 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 $170 billion in assets under advisement and management as of Sept. 30, 2015. The company has operations in 27 countries.

Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings.

©2015 Morningstar, Inc. All Rights Reserved.

MORN-R

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

 

SOURCE Morningstar, Inc.



RELATED LINKS

http://www.morningstar.com