Morningstar Credit Ratings Assigns Preliminary Ratings for BAMLL Commercial Mortgage Securities Trust 2014-ICTS, Commercial Mortgage Pass-Through Certificates, Series 2014-ICTS (BAMLL 2014-ICTS) - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Morningstar Credit Ratings Assigns Preliminary Ratings for BAMLL Commercial Mortgage Securities Trust 2014-ICTS, Commercial Mortgage Pass-Through Certificates, Series 2014-ICTS (BAMLL 2014-ICTS)

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SOURCE Morningstar, Inc.

NEW YORK, July 8, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction BAMLL Commercial Mortgage Securities Trust 2014-ICTS, Commercial Mortgage Pass-Through Certificates, Series 2014-ICTS (BAMLL 2014-ICTS). The preliminary ratings are based on information known to Morningstar as of July 8, 2014.

PRELIMINARY RATINGS (AS OF JULY 8, 2014)

Class

Balance/
Notional Amt.

Preliminary
Ratings

Morningstar
DSCR

Morningstar
BLTV

Morningstar
ELTV

Credit Support
Levels

Class A

$74,820,000

AAA

5.23x

26.30%

26.30%

60.20%

Class X-CP

$151,650,000

AAA

N/A

N/A

N/A

N/A

Class X-EXT

$151,650,000

AAA

N/A

N/A

N/A

N/A

Class B

$28,190,000

AA

3.80x

36.21%

36.21%

45.21%

Class C

$20,950,000

A

3.16x

43.58%

43.58%

34.06%

Class D

$27,690,000

BBB

2.58x

53.31%

53.31%

19.34%

Class E

$36,350,000

BB

2.08x

66.09%

66.09%

0.00%

The key characteristics of the mortgage loan collateral supporting BAMLL 2014-ICTS are:

  • A single floating-rate mortgage loan with an initial 25-month term and subject to four one-year extension options. The mortgage loan is secured by the borrower's fee simple interest in the InterContinental New York Times Square, a 607-room, full-service luxury hotel;
  • The principal balance of the mortgage loan, which is collateral for the trust, is $188.0 million; and
  • The transaction does not have subordinate debt; however, it does include preferred equity in the amount of $177.0 million

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

  • A net cash flow (NCF) of $22.2 million, which is lower than the arranger's NCF by 4.65 percent;
  • The Morningstar debt service coverage ratio (DSCR) is 2.08x based on the stressed interest rate of 5.67 percent, compared to the current DSCR of 5.09x based on the loan spread and current one-month LIBOR;
  • Morningstar valued the property at $284.5 million using a capitalization rate of 7.80 percent; and
  • The Morningstar value, which equates to $468,617 per room, is 43.21 percent lower than the appraised value of $501.0 million. The Morningstar value resulted in a loan-to-value (LTV) ratio of 66.09 percent for the first mortgage loan.

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report 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.

©2014 Morningstar, Inc. All Rights Reserved.

MORN-R

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

©2012 PR Newswire. All Rights Reserved.

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