Morningstar Credit Ratings Assigns Preliminary Ratings for FirstKey Lending 2015-SFR1 (FKL 2015-SFR1)

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NEW YORK, April 2, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to nine classes of single-family rental pass-through certificates from FirstKey Lending 2015-SFR1 (FKL 2015-SFR1), the second multiborrower, single-family rental securitization to market to be rated by Morningstar. The preliminary ratings are based on information known to Morningstar as of April 2, 2015.

PRELIMINARY RATINGS (AS OF April 2, 2015)


Class

Balance/Notional Amt. ($)

Preliminary Ratings

Class A

149,892,000

AAA

Class X-A

193,837,000

AAA

Class X-B

46,954,912

AAA

Class B

25,886,000

AA+

Class C

18,059,000

A+

Class D

21,069,000

BBB+

Class E

12,642,000

BBB-

Class F

6,923,000

BB

Class G

3,010,000

B

The FKL 2015-SFR1 certificates are supported by the payment streams from 16 loans backed by 3,628 properties with a total value of $384,558,815. FirstKey Lending has originated all of the loans, and the properties have an average monthly rental payment of approximately $1,052. Properties in Florida, Georgia, and California constitute the majority of the pool, representing approximately 28.4 percent, 19.4 percent, and 14.3 percent of the assets, respectively. Mortgages have been or will be obtained 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.

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.

©2015 Morningstar, Inc. All Rights Reserved.

MORN-R

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

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/morningstar-credit-ratings-assigns-preliminary-ratings-for-firstkey-lending-2015-sfr1-fkl-2015-sfr1-300060449.html

SOURCE Morningstar, Inc.

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