NEW YORK, Sept. 30, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned a final rating to one class of residential notes from Mortgage Fund IVc Trust 2015-RN1, a securitization of seasoned reperforming and nonperforming mortgage loans. The rating is based on information known to Morningstar as of Sept. 30, 2015.
Final Ratings (as of Sept. 30, 2015) | ||
Class | Balance/Notional Amount ($) | Morningstar Final Rating |
Class A1 | 35,000,000 | A |
Class A2 | 205,000,000 | NR |
Class A3 | 240,000,000 | NR |
NR – Not Rated | ||
The Class A1 notes and Class A2 notes are exchangeable notes. The Class A3 notes are combination notes.
The collateral backing the transaction consists of reperforming and nonperforming mortgage loans secured by senior liens on single-family homes, two- to four-unit residential properties, condominiums, planned unit developments, townhouses, mobile homes, manufactured housing, and land lots. The collateral comprises fixed- and adjustable-rate mortgages, many of which have been modified. The rating of the Class A1 notes reflects the credit enhancement provided by the Class A2 notes, overcollateralization in the amount of $132,762,853, and the quality of the underlying assets. Morningstar did not rate the Class A2 or Class A3 notes.
Morningstar's Analysis Package, including the Ratings Bulletin; Rule 17g-7 Disclosures and Certification; and the Representations, Warranties, and Enforcement Mechanisms, is available under the RMBS tab in the Ratings Reports section at https://ratingagency.morningstar.com.
About Morningstar Credit Ratings, LLC and Morningstar, Inc.
Morningstar Credit Ratings, LLC is a Nationally Recognized Statistical Rating Organization (NRSRO) offering 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 more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 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, with more than $180 billion in assets under advisement and management as of June 30, 2015. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings.
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SOURCE Morningstar, Inc.
