NEW YORK, Nov. 14, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction CDGJ Commercial Mortgage Trust 2014-BXCH, Commercial Mortgage Pass-Through Certificates, Series 2014-BXCH (CDGJ 2014-BXCH). The collateral supporting CDGJ 2014-BXCH consists of two floating-rate, interest-only mortgage loans secured by the borrowers' fee simple and leasehold interests in 98 hotel properties in 24 states and Puerto Rico. The preliminary ratings are based on information known to Morningstar as of Nov. 14, 2014.



    PRELIMINARY RATINGS (AS OF NOV. 14, 2014)
    ----------------------------------------

                                                 Balance/               Preliminary Morningstar     Morningstar       Morningstar        Credit Support

                                              Notional Amt.               Ratings       DSCR            BLTV              ELTV                Levels

    Class

    Class A                                                $489,100,000      AAA        4.93x                   29.6%             28.5%                 66.06%

    Class X-CP                                             $781,100,000      AAA                N/A               N/A               N/A                    N/A

    Class X-EXT                                            $781,100,000      AAA                N/A               N/A               N/A                    N/A

    Class B                                                $167,500,000      AA         3.67x                   39.7%             38.2%                 54.43%

    Class C                                                $124,500,000      A-         3.09x                   47.3%             45.5%                 45.79%

    Class D-PA                                             $102,200,000     BBB-        2.30x                   59.0%             58.3%                 32.53%

    Class E-PA                                             $147,800,000      BB-        1.82x                   74.6%             73.7%                 15.34%

    Class F-PA                                             $122,200,000      B-         1.55x                   87.5%             86.4%                  0.00%

    Class D-PB                                              $77,200,000     BBB+        2.85x                   56.9%             52.9%                 34.45%

    Class E-PB                                             $111,600,000      BB         2.23x                   72.8%             67.6%                 11.19%

    Class F-PB                                              $98,900,000       B         1.87x                   86.8%             80.6%                  0.00%
    ----------                                              -----------      ---        -----                    ----               ----                    ----

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report, Asset Summary Reports, Loan Analysis Summary Table, and the Representations, Warranties, and Enforcement Mechanisms, is available under the Ratings Reports tab at https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of final ratings that differ from the preliminary ratings.

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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.

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