Morningstar Credit Ratings Assigns Preliminary Ratings for Tricon American Homes 2015-SFR1 (TAH 2015-SFR1)

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Apr 24, 2015, 03:10 ET

NEW YORK, April 24, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to six classes of single-family rental pass-through certificates from Tricon American Homes 2015-SFR1 (TAH 2015-SFR1), a single-family rental securitization. The preliminary ratings are based on information known to Morningstar as of April 24, 2015.

Preliminary Ratings (as of April 24, 2015)
Class	Balance ($)	Preliminary Ratings
Class A	170,532,000	AAA
Class B	36,181,000	AA
Class C	31,008,000	A
Class D	25,839,000	BBB+
Class E	46,497,000	BBB-
Class F	51,691,000	BB

The collateral backing the TAH 2015-SFR1 transaction consists of approximately 3,509 properties with a total value of $516,762,378. Tricon American Homes has acquired all of the properties, which are 95.0 percent rented as of the collateral cutoff date of March 3, 2015, with an average monthly rental payment of approximately $1,168. Properties in California, Florida, and Nevada constitute the majority of the pool, representing approximately 25.7 percent, 18.6 percent, and 16.2 percent of the assets, respectively. Tricon American Homes has acquired mortgages on the properties for the benefit of the securitization trust.

For complete details about the preliminary ratings of this transaction, Morningstar's Presale Analysis Package, including the Presale Report and the Representations, Warranties, and Enforcement Mechanisms, is available under the RMBS tab in the Ratings Reports section at 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 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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SOURCE Morningstar, Inc.