NEW YORK, July 22, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to six classes of single-family rental pass-through certificates from Silver Bay Realty 2014-1 (SBY 2014-1), a single-family rental securitization.The preliminary ratings are based on information known to Morningstar as of July 22, 2014.
PRELIMINARY RATINGS (AS OF JULY 22, 2014) | ||||
Class | Balance | Preliminary Ratings | ||
Class A | $147,746,000 | AAA | ||
Class B | $37,681,000 | AA+ | ||
Class C | $32,978,000 | A+ | ||
Class D | $30,423,000 | BBB+ | ||
Class E | $17,148,000 | BBB | ||
Class F | $46,691,000 | BBB | ||
The collateral backing the SBY 2014-1 transaction consists of 3,089 single-family properties with a total value of $481,026,324.Silver Bay has acquired all of the properties, which are rented as of the collateral cut-off date of June 30, 2014, with an average monthly rental payment of approximately $1,139. Properties in Arizona and Georgia constitute the majority of the pool, representing approximately 34.7 percent and 22.8 percent of the assets, respectively. Silver Bay has acquired mortgages 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 on https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of final ratings that differ from the preliminary ratings.
Morningstar's "Single-Family Rental Securitization Ratings Methodology" for new-issue and surveillance ratings of securities backed by pools of single-family rental properties and the "Guide to the Morningstar Single-Family Rental Quantitative Analysis and Subordination Model," which details Morningstar's quantitative model for assessing single-family rental securities, are both available in the "Analysis and Considerations" section at https://ratingagency.morningstar.com.
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. (NASDAQ: 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 456,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 12 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 $164 billion in assets under advisement and management as of March 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.
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