NEW YORK, June 16, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction Great Wolf Trust 2015-WOLF, Commercial Mortgage Pass-Through Certificates, Series 2015-WOLF (Great Wolf Trust 2015-WOLF). The collateral supporting Great Wolf Trust 2015-WOLF consists of a single floating-rate mortgage loan, with an initial term of three years and subject to four one-year extension options. The loan is primarily secured by the borrowers' fee simple interests in eight resort properties. The mortgage loan collateral also includes the borrowers' interests in the operating leases related to the eight resort properties, including a pledge of the borrowers' indirect equity interests in entities that own two additional resort hotels, as well as a pledge of various license and franchise management agreements. The preliminary ratings are based on information known to Morningstar as of June 16, 2015.
|
Preliminary Ratings (as of June 16, 2015) | ||||||
|
Class |
Balance/ |
Preliminary |
Morningstar |
Morningstar |
Morningstar |
Credit Support |
|
Class A |
229,600,000 |
AAA |
5.59 |
23.9 |
23.9 |
67.89 |
|
Class X-CP |
572,000,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
|
Class X-EXT |
715,000,000 |
AAA |
N/A |
N/A |
N/A |
N/A |
|
Class B |
86,500,000 |
AA- |
4.06 |
32.9 |
32.9 |
55.79 |
|
Class C |
64,200,000 |
A- |
3.37 |
39.6 |
39.6 |
46.81 |
|
Class D |
85,000,000 |
BBB- |
2.76 |
48.5 |
48.5 |
34.92 |
|
Class E |
133,900,000 |
BB- |
2.14 |
62.4 |
62.4 |
16.20 |
|
Class F |
115,800,000 |
B- |
1.79 |
74.5 |
74.5 |
0.00 |
For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report, Loan Analysis Summary Table, Rule 17g-7 Disclosure Form, 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.
©2015 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.
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