NEW YORK, June 11, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today affirmed its 'MOR CS1' commercial mortgage primary, master, and special servicer rankings for KeyBank, N.A. Morningstar's forecast for all three rankings is Stable.
Morningstar affirmed its primary and master servicer rankings based on KeyBank's extensive investor-reporting experience with commercial mortgage-backed securities (CMBS) transactions and other investor types, well-experienced staff, proactive asset administration, excellent technology, and robust internal audit program. The primary and master servicer rankings also consider KeyBank's proven ability to absorb large portfolios, expand its client base, and leverage its shared-servicing agreement with Berkadia Commercial Mortgage to support growth. The affirmed special servicer ranking recognizes KeyBank's experienced staff, diligent asset-management practices, and successful asset-resolution performance in 2014.
As of Dec. 31, 2014, KeyBank's primary and master servicing portfolio consisted of 16,506 loans with an aggregate unpaid principal balance (UPB) of approximately $171.17 billion. CMBS loans, involving 308 transactions, accounted for approximately 60 percent of the total portfolio by UPB and 44 percent by loan count. KeyBank was the named special servicer on 115 CMBS transactions, including 30 Freddie Mac securitizations, which consisted of 3,322 loans with a total UPB of approximately $49.03 billion. The active special servicing portfolio consisted of 207 assets comprising 193 loans and 14 real-estate owned properties with an aggregate UPB of approximately $1.48 billion, including 59 CMBS assets with an aggregate UPB of $1.13 billion.
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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' rankings, forecasts, and assessments contained in this press release are evaluations and opinions of noncredit related risks, and therefore, are not credit ratings within the meaning of Section 3 of the Securities Exchange Act of 1934 ("Exchange Act") or credit ratings subject to the Exchange Act requirements and regulations promulgated thereunder with respect to credit ratings issued by NRSROs.
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SOURCE Morningstar, Inc.