NEW YORK, Oct. 16, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction TMSQ 2014-1500 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2014-1500 (TMSQ 2014-1500). The collateral supporting TMSQ 2014-1500 consists of a single fixed-rate, interest-only mortgage loan. The mortgage loan is secured by the borrowers' fee simple interest in a Class A office/retail building located in the Times Square neighborhood of New York City. The preliminary ratings are based on information known to Morningstar as of Oct. 15, 2014.



    PRELIMINARY RATINGS (AS OF OCT. 15, 2014)
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    Class                                 Balance/               Preliminary Morningstar     Morningstar       Morningstar       Credit Support

                                       Notional Amt.               Ratings      DSCR            BLTV              ELTV               Levels

    Class A                                         $236,000,000      AAA        3.72x                   45.3%             45.3%              29.550%

    Class X-A                                       $236,000,000      AAA                N/A               N/A               N/A                  N/A

    Class X-B                                        $29,000,000      AAA                N/A               N/A               N/A                  N/A

    Class B                                          $29,000,000      AA         3.31x                   50.9%             50.9%              20.900%

    Class C                                          $40,000,000      A-         2.88x                   58.6%             58.6%               8.960%

    Class D                                          $30,000,000      BBB        2.62x                   64.3%             64.3%               0.000%

    Class R                                                   $0      NR                 N/A               N/A               N/A                  N/A
    -------                                                  ---      ---                ---               ---               ---                  ---


    NR - Not Rated

For complete details about the preliminary ratings for this transaction, Morningstar's Presale Analysis Package, including the Presale Report 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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