NEW YORK, Nov. 17, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction FREMF 2014-K717 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2014-K717 (FREMF 2014-K717) and Freddie Mac Structured Pass-Through Certificates, Series K717 (SPC K717). The collateral supporting FREMF 2014-K717 and SPC K717 consists of 75 mortgage loans secured by 75 multifamily properties. The preliminary ratings are based on information known to Morningstar as of Nov. 17, 2014. 



    PRELIMINARY RATINGS (AS OF NOV. 17, 2014)
    ----------------------------------------

    Class                            Balance/                  Preliminary     Morningstar     Morningstar       Morningstar       Credit Support
                                   Notional Amt.                 Ratings          DSCR            BLTV              ELTV               Levels
    ---                            -------------                 -------          ----            ----              ----               ------

    FREMF 2014-K717 Multifamily Mortgage Pass-Through Certificates
    --------------------------------------------------------------

    Class A-1                         $87,283,000                   AAA            1.82x                   74.8%             68.7%                16.75%

    Class A-2                      $1,142,200,000                   AAA            1.82x                   74.8%             68.7%                16.75%

    Class X1                       $1,229,483,000                   AAA            1.82x                   74.8%               N/A                   N/A

    Class X3                         $247,374,608                          N/A             N/A               N/A               N/A                   N/A

    Class X2-A                     $1,229,483,000                   AAA            1.82x                   74.8%             68.7%                   N/A

    Class X2-B                       $247,374,608                   AAA            1.82x                   74.8%             68.7%                   N/A

    Class B                           $99,688,000                    A             1.69x                   80.9%             74.8%                10.00%

    Class C                           $36,922,000                  BBB+            1.64x                   83.1%             77.0%                 7.50%

    Class D                          $110,764,608                   NR                     N/A               N/A               N/A                   N/A

    Total
     Issuance                      $1,476,857,609
    ---------                      --------------

    Freddie Mac Structured Pass-Through Certificates
    ------------------------------------------------

    Class A-1                         $87,283,000                   AAA            1.82x                   74.8%             68.7%                16.75%

    Class A-2                      $1,142,200,000                   AAA            1.82x                   74.8%             68.7%                16.75%

    Class X1                       $1,229,483,000                   AAA            1.82x                   74.8%             68.7%                   N/A

    Class X3                         $247,374,608                          N/A             N/A               N/A             65.8%                   N/A

    Total
     Issuance                      $1,229,483,000
    ---------                      --------------


    NR - Not Rated

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.

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 479,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 13 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 $169 billion in assets under advisement and management as of Sept. 30, 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.

©2014 Morningstar, Inc. All Rights Reserved.

MORN-R

Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com

SOURCE Morningstar, Inc.