Morningstar Credit Ratings Assigns Preliminary Ratings for FREMF 2015-K718 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-K718 (FREMF 2015-K718) - Morningstar (NASDAQ:MORN)

NEW YORK, May 12, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction FREMF 2015-K718 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2015-K718 (FREMF 2015-K718). The collateral supporting FREMF 2015-K718 consists of 95 mortgage loans secured by 95 multifamily properties. The preliminary ratings are based on information known to Morningstar as of May 12, 2015.

Preliminary Ratings (as of May 12, 2015)
Class	Balance/ Notional Amt. ($)	Preliminary Ratings	Morningstar DSCR (x)	Morningstar BLTV (%)	Morningstar ELTV (%)	Credit Support Levels (%)
FREMF 2015-K718 Multifamily Mortgage Pass-Through Certificates
Class A-1	200,000,000	AAA	1.77	76.60	69.40	18.50
Class A-2	1,096,333,000	AAA	1.77	76.60	69.40	18.50
Class X1	1,296,333,000	AAA	1.77	76.60	69.40	18.50
Class X3	294,260,767	NR	N/A	N/A	N/A	N/A
Class X2-A	1,296,333,000	AAA	N/A	N/A	N/A	N/A
Class X2-B	294,260,767	AAA	N/A	N/A	N/A	N/A
Class B	135,201,000	A-	1.61	84.60	77.40	10.00
Class C	39,765,000	BBB	1.56	86.90	79.70	7.50
Class D	119,294,767	NR	1.45	94.00	86.80	N/A
Total Issuance	1,590,593,768
Freddie Mac Structured Pass-Through Certificates, Series K-718
Class A-1	200,000,000	AAA	1.77	76.60	69.40	18.50
Class A-2	1,096,333,000	AAA	1.77	76.60	69.40	18.50
Class X1	1,296,333,000	AAA	N/A	N/A	N/A	N/A
Class X3	294,260,767	NR	N/A	N/A	N/A	N/A
Total Issuance	1,296,333,000

NR – Not Rated

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report, Asset Summary Reports, Loan Analysis Summary Table, and the Representations, Warranties, and Enforcement Mechanisms, is available under the Ratings Reports tab at https://ratingagency.morningstar.com. Morningstar could receive subsequent information that may result in 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 15 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 more than $179 billion in assets under advisement and management as of March 31, 2015. 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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