Morningstar Credit Ratings Assigns Preliminary Ratings for Core Industrial Trust 2015-TEXW, Commercial Mortgage Pass-Through Certificates, Series 2015-TEXW (CORE 2015-TEXW) - Morningstar (NASDAQ:MORN)

NEW YORK, March 23, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction Core Industrial Trust 2015-TEXW, Commercial Mortgage Pass-Through Certificates, Series 2015-TEXW (CORE 2015-TEXW). The collateral supporting CORE 2015-TEXW consists of a single fixed-rate, interest-only mortgage loan secured by the borrower's fee simple interest in a portfolio of 150 industrial properties located in three states. The preliminary ratings are based on information known to Morningstar as of March 23, 2015.

PRELIMINARY RATINGS (AS OF MARCH 23, 2015)
	Balance/ Notional Amt. ($)	Preliminary Ratings	Morningstar DSCR (x)	Morningstar BLTV (%)	Morningstar ELTV (%)	Credit Support Levels (%)
Class	Balance/ Notional Amt. ($)	Preliminary Ratings	Morningstar DSCR (x)	Morningstar BLTV (%)	Morningstar ELTV (%)	Credit Support Levels (%)
Class A	320,669,000	AAA	4.37	48.36	48.36	49.26
Class X-A	320,669,000	AAA	N/A	N/A	N/A	N/A
Class X-B	120,565,000	AAA	N/A	N/A	N/A	N/A
Class B	51,131,000	AA-	3.77	56.07	56.07	41.17
Class C	69,434,000	A-	3.18	66.55	66.55	30.18
Class D	61,436,000	BBB-	2.79	75.81	75.81	20.46
Class E	62,541,000	BB-	2.48	85.24	85.24	10.57
Class F	66,789,000	B-	2.22	95.32	95.32	0.00

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. 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 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 14 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 $170 billion in assets under advisement and management as of Dec. 31, 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.

MORN-R

Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com

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SOURCE Morningstar, Inc.

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