Morningstar Credit Ratings Assigns Preliminary Ratings for WP Glimcher Mall Trust 2015-WPG Commercial Mortgage Pass-Through Certificates, Series 2015-WPG (WP Glimcher Mall Trust 2015-WPG) - Morningstar (NASDAQ:MORN)

NEW YORK, June 26, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction WP Glimcher Mall Trust 2015-WPG Commercial Mortgage Pass-Through Certificates, Series 2015-WPG (WP Glimcher Mall Trust 2015-WPG). The collateral supporting WP Glimcher Mall Trust 2015-WPG consists of two uncrossed, first-lien, fixed-rate mortgage loans totaling $200 million, secured by the fee and leasehold interests in a portion of the Pearlridge Center, an enclosed regional mall in Aiea, Hawaii, and the fee interest in Scottsdale Quarter, a mixed-use, open-air lifestyle center and office development in Scottsdale, Arizona. The preliminary ratings are based on information known to Morningstar as of June 26, 2015.

Preliminary Ratings (as of June 26, 2015)
Class	Balance/ Notional Amt. ($)	Preliminary Ratings	Morningstar DSCR (x)	Morningstar BLTV (%)	Morningstar ELTV (%)	Credit Support Levels (%)
Pooled Certificates
Class A	30,600,000	AAA	4.69	44.3	44.3	46.615
Class X	97,000,000	AAA	N/A	N/A	N/A	N/A
Class B	32,100,000	AA-	3.86	53.7	53.7	35.205
Class C	34,300,000	A-	3.40	61.0	61.0	26.410
Class R	N/A	N/A	N/A	N/A	N/A	N/A
Loan-Specific Certificates
Class PR-1	27,800,000	BBB-	2.87	73.4	73.4	8.089
Class PR-2	18,200,000	BB	2.63	79.8	79.8	0.000
Class SQ-1	15,900,000	BBB-	3.09	65.7	65.7	24.909
Class SQ-2	21,600,000	BB-	2.63	77.2	77.2	11.818
Class SQ-3	19,500,000	B-	2.32	87.5	87.5	0.000

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report, Rule 17g-7 Disclosures and Certification, 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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