NEW YORK, Oct. 1, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-PHH, Commercial Mortgage Pass-Through Certificates, Series 2014-PHH (JPMCC 2014-PHH). The collateral supporting JPMCC 2014-PHH consists of a single floating-rate, two-year mortgage loan with three one-year extension options. The mortgage loan is secured by the borrower's fee simple interest in the Palmer House Hilton, a 1,642-room full-service hotel located in downtown Chicago. The preliminary ratings are based on information known to Morningstar as of Oct. 1, 2014.
Preliminary Ratings (as of Oct. 1, 2014) | ||||||
Class | Balance/ Notional Amt. | Preliminary Ratings | Morningstar | Morningstar | Morningstar | Credit Support |
Class A | $94,300,000 | AAA | 5.57x | 26.03% | 28.68% | 63.73% |
Class X-CP | $157,300,000 | AAA | N/A | N/A | N/A | N/A |
Class X-EXT | $157,300,000 | AAA | N/A | N/A | N/A | N/A |
Class B | $36,100,000 | AA- | 4.03x | 35.99% | 39.66% | 49.85% |
Class C | $26,900,00 | A- | 3.34x | 43.41% | 47.84% | 39.50% |
Class D | $34,700,000 | BBB- | 2.74x | 52.99% | 58.39% | 26.15% |
Class E | $29,400,000 | BB- | 2.37x | 61.10% | 67.34% | 14.85% |
Class F | $38,600,000 | NR | 2.02x | 71.76% | 79.08% | 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.
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
Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com
SOURCE Morningstar, Inc.
