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Morningstar Credit Ratings Assigns Preliminary Ratings for COMM 2014-SAVA Mortgage Trust, Commercial Mortgage Pass-Through Certificates (COMM 2014-SAVA)
Posted June 24th, 2014 for
NEW YORK, June 24, 2014--Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction COMM 2014-SAVA Mortgage Trust, Commercial Mortgage Pass-Through Certificates (COMM 2014-SAVA). The preliminary ratings are based on information known to Morningstar as of June 23, 2014. PRELIMINARY RATINGS (AS OF JUNE 23, 2014) Class / Balance/Notional Amt. / Preliminary Ratings / Morningstar DSCR / Morningstar BLTV / Morningstar ELTV /Credit Support Levels Class A $260,000,000 AAA 6.33x 23.21% 23.21% 52.73%Class X-CP $438,829,788 AAA N/A N/A N/A N/AClass X-EXT $550,000,000 AAA N/A N/A N/A N/AClass B $98,544,000 AA- 4.59x 32.00% 32.00% 34.81%Class C $114,455,000 A- 3.48x 42.22% 42.22% 14.00%Class D $77,001,000 BBB 2.99x 49.09% 49.09% 0.00%The key characteristics of the mortgage loan collateral supporting COMM 2014-SAVA are:• A single floating-rate mortgage loan with an initial term of two years and subject to three one-year extension options. The mortgage loan is secured by 166 fee interests and one leasehold interest in 167 skilled nursing facilites in 19 states; • The principal balance of the mortgage loan, which is collateral for the trust, is $550.0 million; and• The transaction includes subordinate debt in the form of a B note in the amount of $150.0 million and three mezzanine loans in the aggregate amount of $240.0 million. Based on information provided on the arranger’s website, Morningstar’s analysis of the loan yielded the following Morningstar metrics:• An aggregate Morningstar net cash flow (NCF) of $145.7 million, which is lower than the arranger’s NCF by 7.67 percent;• The Morningstar debt service coverage ratio (DSCR) is 2.99x, based on the stressed interest rate of 8.85 percent compared to a current DSCR of 4.81x based on the loan spread and current one-month LIBOR;• Morningstar valued the portfolio of properties at $1.1 billion using a capitalization rate of 13.00 percent; and• The Morningstar term value is 19.60 percent lower than the appraised value of $1.4 billion. The Morningstar value resulted in a loan-to-value (LTV) ratio of 49.10 percent on the 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 registered investment advisor 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
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