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Morningstar Credit Ratings Assigns Preliminary Ratings for HILT 2014-ORL Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2014-ORL (HILT 2014-ORL)
Posted July 8th, 2014 for
NEW YORK, July 8, 2014—Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction HILT 2014-ORL Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2014-ORL (HILT 2014-ORL). 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 LevelsClass A $116,508,000 AAA 5.72x 25.2% 25.2% 66.23%Class X-FP1 TBD TBD N/A N/A N/A N/AClass X-CP1 TBD TBD N/A N/A N/A N/AClass X-EXT1 TBD TBD N/A N/A N/A N/AClass B $43,885,000 AA- 4.15x 34.7% 34.7% 53.51%Class C $32,623,000 A- 3.45x 41.7% 41.7% 44.05%Class D $43,108,000 BBB- 2.82x 51.1% 51.1% 31.56%Class E $67,963,000 BB- 2.19x 65.7% 65.7% 11.86%Class F $40,913,000 B 1.93x 74.6% 74.6% 0.00%(1) The arranger has not yet determined the notional balances for the Class X-FP, Class X-CP, and Class X-EXT certificates.The key characteristics of the mortgage loan collateral supporting HILT 2014-ORL are:• A single floating-rate mortgage loan with an initial two-year term and subject to five one-year extension options. The mortgage loan is secured by the borrower’s fee simple interest in the Hilton Orlando, a 1,417-room, full-service hotel in Orlando, Fla.;• The principal balance of the mortgage loan, which is collateral for the trust, is $345.0 million; and• The transaction also includes subordinate debt in the form of a $30.0 million mezzanine loan, which also has an initial two-year term and is subject to five one-year extension options. 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 $38.4 million, which is lower than the arranger’s NCF by 2.60 percent;• The Morningstar debt service coverage ratio (DSCR) is 1.93x based on the stressed interest rate of 5.76 percent, compared to the current DSCR of 4.62x based on the fully extended loan spread and current one-month LIBOR;• Morningstar valued the property at $462.5 million using a capitalization rate of 8.30 percent; and• The Morningstar value, which equates to $326,393 per room, is 27.96 percent lower than the appraised value of $642.0 million. The Morningstar value resulted in a loan-to-value (LTV) ratio of 74.59 percent for the first mortgage loan.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 “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
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