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Morningstar Credit Ratings Assigns Preliminary Ratings for WFRBS Commercial Mortgage Trust 2014-C21, Commercial Mortgage Pass-Through Certificates, Series 2014-C21 (WFRBS 2014-C21)

July 14, 2014

NEW YORK, July 14, 2014 /PRNewswire/ — Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction WFRBS Commercial Mortgage Trust 2014-C21, Commercial Mortgage Pass-Through Certificates, Series 2014-C21 (WFRBS 2014-C21). The preliminary ratings are based on information known to Morningstar as of July 14, 2014.


    PRELIMINARY RATINGS (AS OF JULY 14, 2014)
    ----------------------------------------

    Class                                    Balance /                Preliminary Morningstar      Morningstar        Morningstar        Credit Support

                                         Notional Amount                Ratings      DSCR             BLTV               ELTV                Levels
    ---                                  ---------------                -------      ----             ----               ----                ------

    Class A-1                                             $66,230,000      AAA        2.34x                     57.6%              47.6%              30.000%

    Class A-2                                            $109,149,000      AAA        2.34x                     57.6%              47.6%              30.000%

    Class A-3                                             $48,253,000      AAA        2.34x                     57.6%              47.6%              30.000%

    Class A-4                                            $330,000,000      AAA        2.34x                     57.6%              47.6%              30.000%

    Class A-5                                            $345,689,000      AAA        2.34x                     57.6%              47.6%              30.000%

    Class A-SB                                            $98,736,000      AAA        2.34x                     57.6%              47.6%              30.000%

    Class A-S                                             $92,677,000      AAA        2.34x                     57.6%              47.6%              23.500%

    Class B                                               $98,023,000      AA-        2.14x                     62.8%              52.8%              16.625%

    Class C                                               $53,468,000      A-         2.05x                     65.6%              55.6%              12.875%

    Class PEX                                            $244,168,000      A-         2.05x                     65.6%              55.6%              12.875%

    Class X-A                                          $1,090,734,000      AAA        2.34x                     57.6%              47.6%                  N/A

    Class X-B                                            $235,256,000      AAA        2.34x                     57.6%              47.6%                  N/A

    NON-OFFERED CERTIFICATES

    Class X-C                                             $19,605,000      AAA        2.34x                    57.60%             47.60%                  N/A

    Class X-D                                             $80,201,349      AAA        2.34x                    57.60%             47.60%                  N/A

    Class D                                               $83,765,000     BBB-        1.92x                    70.10%             60.00%               7.000%

    Class E                                               $19,605,000      BB         1.89x                    71.10%             61.10%               5.625%

    Class F                                               $26,733,000       B         1.86x                    72.50%             62.50%               3.750%

    Class G                                               $53,468,349      NR                  N/A                N/A                N/A                  N/A

    Class V                                                       N/A     NR                  N/A                N/A                N/A                  N/A

    Class R                                                       N/A     NR                  N/A                N/A                N/A                  N/A
    -------                                                       ---     ---                 ---                ---                ---                  ---

    NR - Not Rated

The key characteristics of the portfolio of commercial real estate and multifamily mortgage loans supporting WFRBS 2014-C21 are:

    --  The portfolio consists of 122 mortgage loans secured by 146 commercial,
        multifamily, and manufactured housing real estate properties;
    --  An aggregate initial pool balance of approximately $1.43 billion;
    --  Properties are distributed across 30 states, with 56.7 percent of the
        cut-off portfolio balance located in New York, Michigan, Pennsylvania,
        California, and Virginia;
    --  The largest loan exposures are Fairview Park Drive in Virginia and
        Queens Atrium in New York, each representing 6.3 percent of the cut-off
        portfolio balance;
    --  The top 10 loans represent 42.2 percent of the cut-off portfolio
        balance; and
    --  The largest exposures by property type, as measured by the cut-off
        portfolio balance, are office and multifamily with 27.9 percent and 25.7
        percent, respectively.

Based on information provided on the arranger’s website, Morningstar’s analysis of the loans yielded the following Morningstar metrics:

    --  Weighted-average current and amortizing debt service coverage ratios
        (DSCRs) of 1.97x and 1.79x, respectively, based on the actual loan
        payment terms;
    --  An aggregate pool value of approximately $1.89 billion, 33.8 percent
        lower than the reported aggregated appraised values; and
    --  Beginning and ending portfolio loan-to-value (LTV) ratios of 75.4
        percent and 65.3 percent, respectively.

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 on 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.

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 456,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 12 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 approximately $164 billion in assets under advisement and management as of March 31, 2014. The company has operations in 27 countries.

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


Source: PR Newswire



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