NEW YORK, Oct. 24, 2014 /PRNewswire/ -- Morningstar
Credit Ratings, LLC today assigned preliminary ratings to five
classes of single-family rental pass-through certificates from
Invitation Homes 2014-SFR3 (IH
2014-SFR3), a single-family rental
securitization. The preliminary ratings are based on information
known to Morningstar as of Oct. 24,
2014.
PRELIMINARY
RATINGS (AS OF OCT. 24, 2014)
|
|
Class
|
Balance
|
Preliminary
Ratings
|
Class A
|
$ 328,912,000
|
AAA
|
Class B
|
$ 88,365,000
|
AA
|
Class C
|
$ 81,000,000
|
A
|
Class D
|
$ 63,819,000
|
BBB+
|
Class E
|
$ 102,600,000
|
BBB-
|
The collateral backing the IH 2014-SFR3 transaction consists of approximately 4,048
single-family properties with a total value of $981,826,183. Invitation Homes has acquired all
of the properties, which are 95.7 percent rented as of the
collateral cutoff date of Sept. 10,
2014, with an average monthly rental payment of
approximately $1,573. Properties
in California and Florida constitute the majority of the pool,
representing approximately 37.1 percent and 32.1 percent of the
assets, respectively. Invitation Homes has acquired mortgages on
the properties for the benefit of the securitization trust.
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 RMBS tab in the Ratings Reports
section at https://ratingagency.morningstar.com. Information
subsequently received could result in the assignment of final
ratings that differ from the preliminary ratings.
Morningstar's "Single-Family Rental Securitization Ratings
Methodology" for new-issue and surveillance ratings of securities
backed by pools of single-family rental properties and the "Guide
to the Morningstar Single-Family Rental Quantitative Analysis and
Subordination Model," which details Morningstar's quantitative
model for assessing single-family rental securities, are both
available in the Analysis and Considerations 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) 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 479,000 investment offerings,
including stocks, mutual funds, and similar vehicles, along with
real-time global market data on more than 13 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 Sept. 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
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SOURCE Morningstar, Inc.