Morningstar Credit Ratings Assigns Preliminary Ratings for J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-FL7, Commercial Mortgage Pass-Through Certificates, Series 2015-FL7 (JPMCC 2015-FL7)
NEW YORK, June 5, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-FL7, Commercial Mortgage Pass-Through Certificates, Series 2015-FL7 (JPMCC 2015-FL7). The collateral supporting JPMCC 2015-FL7 consists of 10 mortgage loans secured by 64 commercial real estate properties. The preliminary ratings are based on information known to Morningstar as of June 5, 2015.
Preliminary Ratings (as of June 5, 2015) |
||||||||
Class |
Balance/ |
Preliminary |
Morningstar |
Morningstar BLTV (%) |
Morningstar ELTV (%) |
Credit Support |
||
Pooled Certificates |
||||||||
Class A |
287,000,000 |
AAA |
4.12 |
36.0 |
35.5 |
43.282 |
||
Class X-CP |
506,008,248 |
AAA |
N/A |
N/A |
N/A |
N/A |
||
Class X-EXT |
506,008,248 |
AAA |
N/A |
N/A |
N/A |
N/A |
||
Class B |
76,600,000 |
AA- |
3.25 |
45.7 |
45.0 |
28.143 |
||
Class C |
64,700,000 |
A- |
2.76 |
53.8 |
53.0 |
15.357 |
||
Class D |
77,708,248 |
NR |
2.65 |
63.9 |
62.9 |
0.000 |
||
Loan-Specific Certificates |
||||||||
Class RLJ1 |
31,700,000 |
NR |
2.02 |
75.2 |
70.8 |
16.569 |
||
Class RLJ2 |
28,200,000 |
NR |
1.68 |
90.1 |
84.9 |
0.000 |
||
Class BLU1 |
21,800,000 |
NR |
2.42 |
72.7 |
72.7 |
11.273 |
||
Class BLU2 |
12,400,000 |
NR |
2.15 |
82.0 |
82.0 |
0.000 |
||
Class DEV1 |
11,600,000 |
NR |
1.80 |
82.2 |
82.2 |
2.323 |
||
Class DEV2 |
1,800,000 |
NR |
1.76 |
84.2 |
84.2 |
0.000 |
||
Class DAL1 |
10,600,000 |
NR |
1.73 |
89.4 |
88.9 |
11.026 |
||
Class DAL2 |
8,600,000 |
NR |
1.54 |
100.5 |
100.0 |
0.000 |
||
Class VIK1 |
7,600,000 |
BB- |
1.99 |
68.3 |
68.3 |
16.790 |
||
Class VIK2 |
6,800,000 |
NR |
1.65 |
82.1 |
82.1 |
0.000 |
||
Class QBC1 |
3,900,000 |
NR |
1.55 |
72.5 |
72.5 |
12.555 |
||
Class QBC2 |
3,575,000 |
NR |
1.35 |
83.0 |
83.0 |
0.000 |
||
Class HOL1 |
3,900,000 |
BB+ |
2.24 |
59.6 |
59.6 |
16.726 |
||
Class HOL2 |
3,515,000 |
B+ |
1.87 |
71.6 |
71.6 |
0.000 |
||
Class MON1 |
3,200,000 |
BB- |
1.89 |
66.4 |
66.4 |
22.632 |
||
Class MON2 |
2,800,000 |
B- |
1.59 |
79.1 |
79.1 |
7.895 |
||
Class MON3 |
1,500,000 |
NR |
1.47 |
85.9 |
85.9 |
0.000 |
||
Class LAK1 |
3,200,000 |
BB+ |
2.22 |
61.3 |
61.3 |
17.059 |
||
Class LAK2 |
2,900,000 |
B |
1.84 |
73.9 |
73.9 |
0.000 |
||
NR – Not Rated |
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 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) 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 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 15 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 more than $179 billion in assets under advisement and management as of March 31, 2015. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO, and its credit ratings on corporate issuers are not NRSRO credit ratings.
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