Morningstar Credit Ratings, LLC Affirms 'MOR CS1' Commercial Mortgage Primary Servicer Ranking and 'MOR CS2' Commercial Mortgage Special Servicer Ranking for iStar Asset Services, Inc.
NEW YORK, Oct. 21, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today affirmed its 'MOR CS1' commercial mortgage primary servicer ranking and its 'MOR CS2' commercial mortgage special servicer ranking for iStar Asset Services, Inc. (iSAS). Morningstar's forecast for both rankings is Stable.
Morningstar affirmed its rankings based on iSAS' comprehensive portfolio management for highly structured and large-scale assets, well-experienced managers and staff, excellent technology, investor-reporting expertise for syndicated and securitized loans, and sound control practices. The special servicer ranking recognizes the company's solid analytics, proactive asset management, and successful record resolving a number of complex loans during the past few years.
As of June 30, 2015, iSAS, along with its parent, iStar Inc., managed an unpaid principal balance (UPB) of approximately $6.3 billion consisting of 68 debt and 385 equity positions. The servicing portfolio consisted of 85 loans with 104 underlying properties, with an aggregate UPB of approximately $2.1 billion. Collectively, the 85 loans consisted of 36 permanent mortgage loans with an approximate UPB of $769.2 million, 25 construction loans with an approximate UPB of $1.0 billion, and 24 real estate-related intercompany loans with a UPB of $304.3 million.
As of June 30, 2015, the special servicing portfolio, inclusive of construction assets, totaled $452.4 million and consisted of 27 assets. Including other real estate-owned properties reclassified as equity real estate, iSAS had 89 specially serviced assets with an aggregate UPB of $1.8 billion.
To access Morningstar's operational risk assessment methodology and all published reports, please visit https://ratingagency.morningstar.com.
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 16 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 $180 billion in assets under advisement and management as of June 30, 2015. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings.
Morningstar rankings, forecasts, and assessments contained in this press release are not assessments of the creditworthiness of an obligor or a security and thus are not credit ratings subject to NRSRO regulations.
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SOURCE Morningstar, Inc.
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