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Morningstar Credit Ratings Assigns Preliminary Ratings for COMM 2014-FL4 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Renaissance Aruba Certificates (COMM 2014-FL4, Renaissance Aruba Certificates)
Posted July 29th, 2014 for
NEW YORK, July 29, 2014—Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction COMM 2014-FL4 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Renaissance Aruba Certificates (COMM 2014-FL4, Renaissance Aruba Certificates). The preliminary ratings are based on information known to Morningstar as of July 29, 2014. PRELIMINARY RATINGS (AS OF JULY 29, 2014) Class / Balance/Notional Amt. / Preliminary Ratings / Morningstar DSCR / Morningstar BLTV / Morningstar ELTV / Credit Support LevelsClass AR1 $45,384,000 AAA 4.03x 25.41% 21.76% 49.57%Class AR-X-CP $90,000,000 AAA N/A N/A N/A N/AClass AR-X-EXT $90,000,000 AAA N/A N/A N/A N/AClass AR2 $12,902,000 AA- 3.14x 32.64% 28.87% 35.24%Class AR3 $8,622,000 A- 2.73x 37.46% 33.63% 25.66%Class AR4 $23,092,000 NR N/A N/A N/A N/AClass AR5 $65,000,000 NR N/A N/A N/A N/ANR – Not RatedThe key characteristics of the mortgage loan collateral supporting COMM 2014-FL4, Renaissance Aruba Certificates are:• A single floating-rate mortgage loan with an initial 36-month term, subject to two one-year extension options. The mortgage loan is secured by the borrower’s fee simple and leasehold interests in the Renaissance Aruba Resort and Casino and Retail Mall, including a 442-room resort, 114 time-share units, two casinos, two shopping malls, and six restaurants and lounges;• The principal balance of the mortgage loan, which is collateral for the trust, is $155.0 million; and• The mortgage loan has been divided into a $90.0 million senior participation and a $65.0 million junior participation.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 $17.0 million, which is lower than the arranger’s NCF by 2.4 percent;• The Morningstar debt service coverage ratio (DSCR) is 2.03x, based on the stressed interest rate of 7.9 percent;• Morningstar valued the property at $178.6 million using a capitalization rate of 9.5 percent; and• The Morningstar value, which equates to $404,050 per room, is 31.3 percent lower than the appraised value of $260.0 million. The Morningstar value resulted in a loan/value (LTV) ratio of 86.6 percent for the first mortgage loan and 50.4 percent for the senior participation.Morningstar’s preliminary ratings are based on the $90.0 million senior participation only and do not include the $65.0 million junior participation. In addition, Morningstar’s ratings do not address the sovereign, currency, or tax risk arising from the location of the loan collateral in Aruba. Morningstar is not rating any other classes issued by the COMM 2014-FL4 trust and has not evaluated any issues or risks related to any other assets or certificates or related impact.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 473,000 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 $169 billion in assets under advisement and management as of June 30, 2014. 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.# # #©2014 Morningstar, Inc. All Rights Reserved.MORN-R
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