MORNINGSTAR, INC.
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| Morningstar Credit Ratings, LLC Affirms 'MOR CS2' Commercial Mortgage Special Servicer Ranking for Aegon USA Realty Advisors, LLC | ||||
NEW YORK, Sept. 2, 2015-Morningstar Credit Ratings, LLC today affirmed its 'MOR CS2' commercial mortgage special servicer ranking for Aegon USA Realty Advisors, LLC (AURA). Morningstar's forecast for the ranking is Stable. Morningstar affirmed its special servicer ranking based on AURA's experienced staff, diligent asset-management practices, and successful asset-resolution performance in 2014 and the first half of 2015. As of June 30, 2015, AURA's total active special servicing portfolio consisted of 172 assets including 118 loans and 54 real estate owned (REO) properties with a combined unpaid principal balance (UPB) of approximately $1.78 billion. The commercial mortgage-backed securities (CMBS) portion of the active special servicing portfolio consisted of one loan and four REO properties with a combined UPB of approximately $34.6 million. By comparison, as of Dec. 31, 2013, AURA's total active special servicing portfolio, inclusive of CMBS and non-CMBS, contained 166 assets with a combined UPB of approximately $1.40 billion. During 2014, AURA resolved approximately 46 percent of the specially serviced loans and 25 percent of REO assets held in inventory as of Jan. 1, 2014. By comparison, during 2013, AURA resolved approximately 58 percent of the specially serviced loans and 8 percent of REO assets held in inventory as of Jan. 1, 2013. During the first half of 2015, AURA resolved approximately 18 percent of the specially serviced loans and 14 percent of the REO assets held in inventory as of Jan. 1, 2015. As of June 30, 2015, AURA was the named special servicer of 13 CMBS transactions, representing 34 loans and two commercial real estate collateralized debt obligation (CRE CDO) transactions. By comparison, as of Dec. 31, 2013, AURA was the named special servicer on seven CMBS transactions, representing 56 loans and one CRE CDO transaction. 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 non-credit-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 more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 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, with more than $180 billion in assets under advisement and management as of June 30, 2015. The company has operations in 27 countries. Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings. # # # ©2015 Morningstar, Inc. All Rights Reserved. MORN-R | ||||
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