NEW YORK, July 28, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction CSMC Trust 2015-SAND, Commercial Mortgage Pass-Through Certificates, Series 2015-SAND (CSMC 2015-SAND). The collateral supporting CSMC 2015-SAND consists of a single floating-rate, interest-only mortgage loan secured by the borrower's fee simple interests in the Shutters on the Beach and Casa del Mar hotels located in Santa Monica, California. The preliminary ratings are based on information known to Morningstar as of July 28, 2015.



    Preliminary Ratings (as of July 28, 2015)


    Class                Balance/Notional Amt. ($)            Morningstar Preliminary Rating  Credit Support Level
                                                                                              (%)


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    Class A                                        76,612,000                             AAA                  67.40

    Class X-CP                                     76,612,000                             AAA                    N/A

    Class X-NCP                                    76,612,000                             AAA                    N/A

    Class B                                        28,858,000                              AA                  55.12

    Class C                                        21,451,000                              A-                  45.99

    Class D                                        28,347,000                             BBB                  33.93

    Class E                                        44,691,000                             BB-                  14.91

    Class F                                        35,041,000                              B-                   0.00


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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.

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Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings.

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SOURCE Morningstar, Inc.