NEW YORK, Sept. 22, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction BLCP Hotel Trust 2014-CLRN, Commercial Mortgage Pass-Through Certificates, Series 2014-CLRN (BLCP Hotel Trust 2014-CLRN). The collateral supporting BLCP Hotel Trust 2014-CLRN consists of a single floating-rate, interest-only mortgage loan secured by the borrowers' fee simple and leasehold interests in 47 hotel properties in 18 states. The preliminary ratings are based on information known to Morningstar as of Sept. 22, 2014.
PRELIMINARY RATINGS (AS OF SEPT. 22, 2014) | ||||||
Balance/ | Preliminary | Morningstar | Morningstar | Morningstar | Credit Support | |
Class | ||||||
Class A | $189,300,000 | AAA | 5.06x | 29.83% | 28.62% | 66.79% |
Class X-CP | $484,500,000 | AAA | N/A | N/A | N/A | N/A |
Class X-EXT | $570,000,000 | AAA | N/A | N/A | N/A | N/A |
Class B | $69,000,000 | AA- | 3.71x | 40.70% | 39.05% | 54.68% |
Class C | $51,300,000 | A- | 3.09x | 48.79% | 46.81% | 45.68% |
Class D | $73,900,000 | BBB- | 2.50x | 60.43% | 57.98% | 32.72% |
Class E | $113,000,000 | BB- | 1.93x | 78.24% | 75.06% | 12.89% |
Class F | $73,500,000 | NR | 1.68x | 89.60% | 85.90% | 0.00% |
NR – Not Rated |
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 at https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of final ratings that differ from the preliminary ratings.
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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.
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