NEW YORK, May 18, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned a preliminary rating to one class of residential notes from LSTAR Securities Investment Ltd. 2015-6 (LSTAR 2015-6), a resecuritization of previously issued residential mortgage-backed (RMBS) securities. The preliminary rating is based on information known to Morningstar as of May 18, 2015.



    Preliminary Ratings (as of May 18, 2015)

    Class                                    Balance ($) Preliminary Ratings
    -----                                     ---------- -------------------

    Class A                                  361,500,000                 BBB-

    Class B                                  343,663,106                   NR



    NR - Not Rated

The collateral backing the LSTAR 2015-6 notes consists of previously issued RMBS backed by seasoned Alt-A and prime residential mortgages. The rating of Class A reflects the credit enhancement provided by Class B and the quality of the underlying assets. Morningstar did not rate the Class B notes. The principal balance of the Class B notes represents the amount of overcollateralization with respect to Class A. The initial principal balance of the Class B notes is approximately 48.74 percent of the aggregate principal balance of the underlying securities, as of their distribution dates in April 2015.

For complete details about the preliminary ratings of this transaction, Morningstar's Ratings Bulletin is available under the RMBS tab in the Ratings Reports section at https://ratingagency.morningstar.com. Morningstar could receive subsequent information that may result in final ratings that differ from the preliminary ratings.

Morningstar's "U.S. Nonagency RMBS Resecuritization Methodology" for new-issue ratings of a resecuritization of one or more U.S. nonagency RMBS transactions and the "RMBS Ratings Methodology," which details Morningstar's new-issue ratings and surveillance of U.S. RMBS transactions, are 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 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.

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SOURCE Morningstar, Inc.