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Morningstar Credit Ratings, LLC Affirms 'MOR CS2' Commercial Mortgage Primary Servicer Ranking and 'MOR CS1' Commercial Mortgage Special Servicer Ranking for Situs | ||||
NEW YORK, May 13, 2015-Morningstar Credit Ratings, LLC today affirmed its 'MOR CS2' commercial mortgage primary servicer ranking for Situs Asset Management, LLC and 'MOR CS1' commercial mortgage special servicer ranking for Situs Holdings, LLC. The forecast for both rankings is Stable. The affirmed commercial mortgage primary and special servicer rankings are based on the following factors:
Primary Servicing:
Special Servicing: As of Dec. 31, 2014, Situs' primary servicing portfolio consisted of 963 loans with an aggregate unpaid principal balance (UPB) of approximately $21.8 billion. The portfolio included 116 securitized loans, including the Velocity 2011-1 transaction, which contained 114 smaller-balance commercial mortgage loans with an aggregate UPB of approximately $42.2 million. The portfolio also included eight commercial real estate collateralized debt/loan obligation transactions, which had a combined UPB of approximately $5.0 billion, and 110 remaining loans. As of Dec. 31, 2014, Situs was the named special servicer on 1,617 loans with an aggregate UPB of approximately $24.1 billion, including 18 CMBS transactions, six single-family rental securitizations, the Hanover Street Capital portfolio, and other third-party investor-held loans. The company's active special servicing portfolio contained 193 assets, which consisted of 158 loans and 35 REO properties with a combined UPB of approximately $1.4 billion. The CMBS portion of the active special servicing portfolio consisted of 41 loans and 14 REO properties with a combined UPB of approximately $639.9 million. The forecast for both rankings is Stable. Morningstar expects Situs to continue serving as an effective primary servicer, based on its proactive and controlled loan administration practices, commitment to training, solid reporting capabilities, and retention of experienced managers. Morningstar also expects Situs to benefit from the financial resources and opportunities accessible through Stone Point Capital. Morningstar will continue to monitor Situs' ability to maintain performance levels with its increased portfolio activity and to achieve lower staff turnover as it further integrates and leverages the North Carolina office. Morningstar believes Situs will continue to serve as an effective special servicer for CMBS and other investor clients based on its diligent practices, experienced personnel, robust technology, and successful resolution record that has involved many challenging assets. To access Morningstar's operational risk assessment methodology and all published reports, please visit https://ratingagency.morningstar.com. About Morningstar Credit Ratings, LLC and Morningstar, Inc. Morningstar Credit Ratings' rankings, forecasts, and assessments contained in this press release are evaluations and opinions of noncredit related risks, and therefore, are not credit ratings within the meaning of Section 3 of the Securities Exchange Act of 1934 ("Exchange Act") or credit ratings subject to the Exchange Act requirements and regulations promulgated thereunder with respect to credit ratings issued by NRSROs. 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. # # # ©2015 Morningstar, Inc. All rights reserved. MORN-R | ||||
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