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Kroll Bond Rating Agency Assigns Preliminary Ratings to MSCI 2015-XLF1

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to two classes of the MSCI 2015-XLF1 securitization, a $545.1 million large loan floating-rate CMBS transaction (see ratings listed below).

MSCI 2015-XLF1 is a CMBS large loan floating-rate transaction collateralized by five, non-recourse, first lien mortgage loans with an aggregate in-trust principal balance of $545.1 million. The senior pooled notes, together with 680 Madison Avenue, total $348.4 million and include Ashford Full Service Portfolio ($103.8 million), Ashford Select Service Portfolio ($31.4 million), and SOMA Towers ($28.2 million). Both the senior pooled and the subordinate non-pooled notes, which total $85.6 million, will be contributed to the trust. There is one non-pooled loan, Elad Portfolio, which is the sole source of cash flow for the “ELD” certificates, which are not rated by KBRA. As a result, the trust loan counts, balances, and percentages herein exclude the non-pooled Elad Portfolio loan.

The majority of the pool consists of lodging properties (50.0%) which serve as collateral for two loans, Ashford Full Service Portfolio ($103.8 million, 5 assets) and Ashford Select Service Portfolio ($31.4 million, 5 assets). Retail exposure (42.6%) is represented by 680 Madison Avenue ($185.0 million, 1 asset). The remaining property type exposure, multifamily (7.4%), consists of the SOMA Towers loan. The properties are located in ten states with three individual state exposures that represent more than 10.0% of the pool balance: New York (42.6%), California (12.7%), and Minnesota (10.2%).

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded a KNCF for the underlying collateral properties that was, on average, 4.9% less than the issuer cash flow for the pooled loan components. KBRA applied our stressed capitalization rates to the KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 29.7% less than the appraiser’s valuation for the pooled loan components. The resulting KBRA in-trust loan to value (KLTV) was 66.5% for the pooled loan components and the KLTV was 88.8% for the total in-trust balance, inclusive of the subordinate loan components. All of the loans have additional financing in place in the form of mezzanine debt. Inclusive of this additional debt, the weighted average all-in KLTV for the trust assets was 118.4%. As part of our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits to the collateral properties, and the transaction structure.

Preliminary Ratings Assigned: MSCI 2015-XLF1

Class Balance Rating A $213,400,000 AAA(sf) X-CP(1) $348,400,000 NR X-EXT(1) $348,400,000 NR B $60,500,000 AA-(sf) C $45,100,000 NR D $29,400,000 NR AFS1(2) $37,100,000 NR AFS2(2) $27,600,000 NR ASL1(2) $9,100,000 NR ASL2(2) $8,000,000 NR SOMA(2) $3,800,000 NR ELD1(3) $55,100,000 NR ELD2(3) $14,100,000 NR ELD3(3) $10,300,000 NR ELD4(3) $8,200,000 NR ELD5(3) $15,900,000 NR ELD6(3) $7,500,000 NR ELDX(3) $87,700,000 NR

1 Notional amount
2 Represents a loan-specific class of certificates and is only entitled to distributions from the corresponding subordinate non-pooled component of the related mortgage loan.
3 Represents a loan-specific class that is only entitled to proceeds received with respect to the Elad Portfolio loan.

Related publications: (available at www.kbra.com)

CMBS: MSCI 2015–XLF1 Presale Report

CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011

CMBS Property Evaluation Guidelines, published June 10, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

FinanceLoansCMBS Contact: Kroll Bond Rating Agency, Inc.
Analytical Contacts:

Michael McGorty, (646) 731-2393

mmcgorty@kbra.com

or

Michael Brown, (646) 731-2307

mbbrown@kbra.com

or

Ken Kor, (646) 731-2339

kkor@kbra.com

or

Robin Regan, (646) 731-2358

rregan@kbra.com

or

Follow us on Twitter!
@KrollBondRating […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMCC 2014-FL6

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of JPMCC 2014-FL6, a $504.0 million large loan floating rate CMBS transaction (see ratings listed below).

The collateral for this transaction consists of thirteen mortgage loans secured by the related borrowers’ interests in forty collateral properties. Ten (72.4%) of the thirteen loans have been divided into a senior pooled component and a subordinate non-pooled component. The aggregate pooled trust balance, which also includes the three non-componentized loans, is $410.0 million and the total non-pooled component balance is $94.0 million. Each non-pooled loan component serves as the sole source of cash flow for a loan-specific class of certificates. Unless otherwise specified, all pool percentage references reflect the aggregate in-trust balance of the pooled and non-pooled components.

Eleven loans (83.2%) are secured by the borrowers’ fee simple interests in the related properties. Two loans, Hyatt Regency DFW (2nd largest, 12.7%) and Hilton Scottsdale Resort & Villas (11th largest, 4.1%), are secured by the borrower’s leasehold interests in the related properties. There are three property type exposures which exceed 10.0% of the pool, which include lodging (47.3%), office (34.8%), and retail (13.4%). The loan collateral is located in twelve states, four of which represent more than 10.0% of the pool balance, Florida (21.9%), Texas (12.7%), Georgia (11.1%), and Washington DC (10.5%).

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded KNCF for the underlying collateral properties that was, on average, 2.1% less than issuer cash flow. KBRA applied our stressed capitalization rates to KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 34.5% less than the appraiser’s as-is valuation. The resulting KBRA in-trust Loan to Value (KLTV) was 86.6%. All of the loans have additional financing in the form of mezzanine debt. The weighted average all-in KLTV for the loans was 127.6%. As part of our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits of the collateral properties, and the transaction structure.

For complete details on the analysis, please see our presale report, JPMCC 2014-FL6 published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: JPMCC 2014-FL6

Class Balance Expected Rating A $282,800,000 AAA(sf) X-CP(1) $409,600,000 AAA(sf) X-EXT(1) $409,600,000 AAA(sf) B $40,600,000 AA-(sf) C $31,500,000 A-(sf) D $55,060,000 NR DFW1(2) $12,800,000 NR DFW2(2) $6,900,000 NR MTP1(2) $8,200,000 NR MTP2(2) $13,800,000 NR PHW1(2) $9,400,000 NR PHW2(2) $6,100,000 NR BAT1 (2) $6,400,000 NR BAT2 (2) $1,037,000 NR VINE (2) $3,100,000 BB-(sf) WCP1 (2) $3,300,000 BB-(sf) WCP2 (2) $3,900,000 NR TLAN (2) $2,130,000 NR FMS1 (2) $4,100,000 BB(sf) FMS2 (2) $3,750,000 B-(sf) HSRV (2) $4,700,000 NR BWT1 (2) $2,200,000 NR BWT2 (2) $2,200,000 NR

1 Notional amount.

2 Represents a loan-specific class of certificates and is only entitled to distributions from a subordinate non-pooled component of the related mortgage loan.

Related publications: (available at www.kbra.com)

CMBS: JPMCC 2014-FL6 Presale Report

CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011

CMBS Property Evaluation Guidelines, published June 10, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsFinanceCMBS Contact: Analytical:

Kroll Bond Rating Agency, Inc.

Sacheen Shah, 646-731-2417

sshah@kbra.com

or

Michael B. Brown, 646-731-2307

mbbrown@kbra.com

or

Robin Regan, 646-731-2358

rregan@kbra.com

or

Follow us on Twitter!
@KrollBondRating […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to Credit Acceptance Auto Loan Trust 2013-1

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency (“KBRA”) announces the preliminary ratings on two classes of Credit Acceptance Auto Loan Trust 2013-1 (“CAALT 2013-1”), an auto loan ABS transaction.

The collateral in the CAALT 2013-1 deal includes approximately $451.2 million of contracts with a net book value of $187.8 million, as of February 28, 2013. The transaction includes a 24 month revolving period during which principal collections may be used to purchase new collateral. The preliminary ratings reflect the initial credit enhancement levels of 38.66% for the Class A notes and 26.82% for the Class B notes. Credit enhancement consists of overcollateralization, subordination of junior note classes, a cash reserve account and excess collections on receivables.

Credit Acceptance is an experienced originator and servicer of loans to auto dealerships backed by underlying subprime auto loans. The company was founded in 1972 and has operated continuously through numerous economic cycles. As of December 31, 2012, approximately 54.8% of the company is controlled by the company’s founder and Chairman, Mr. Donald Foss, while 3.6% of the company is owned by management.

KBRA’s applied its U.S. Auto Loan ABS Rating Methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Credit Acceptance’s historical static pool data. KBRA also conducted an operational review of the company and will review the transaction’s operative agreements and legal opinions prior to closing.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, “Credit Acceptance Auto Loan Trust 2013-1”, which was published today at www.krollbondratings.com.

The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: Credit Acceptance Auto Loan Trust 2013-1

Class Rating Initial Class Principal A AAA(sf) $118,000,000 B AA(sf) $22,250,000

17g-7 Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report: https://www.krollbondratings.com/show_report/494.

Related publications:
U.S. Auto Loan ABS Rating Methodology

About Kroll Bond Rating Agency

Kroll Bond Rating Agency, Inc. (www.krollbondratings.com) is registered with the SEC as a nationally recognized statistical rating organization (NRSRO). Kroll Bond Rating Agency was established in 2010 to restore trust in credit ratings by establishing new standards for assessing risk and by offering accurate, clear, and transparent ratings.

Contact:

Analytical Contacts :

Rosemary Kelley, 646-731-2337

rkelley@krollbondratings.com

or

Patrick McShane, 646-731-2376

pmcshane@krollbondratings.com […]