Morningstar's DealView® Surveillance Analysis provides an analysis for a CMBS transaction focusing primarily on the loans driving a rating action. Our analysis includes key deal metrics, summary statistics, tranche ratings and rating change drivers, as well as a robust ratings rationale, top 15 loan performance summary and complete Morningstar Monitoring Watchlist.
Morningstar's monthly, in-depth DealView® Monitoring Analysis is available to subscribers of our CMBS Credit Risk Monitoring and Analytics tool. Our surveillance analysts perform quantitative and qualitative analysis on the underlying loans and properties that collateralize a CMBS transaction to produce an estimated property value and loss estimate for each loan. The results of the collateral analysis are then applied to the class structure of the transaction to determine the impact of the loss projections on each class of the CMBS transaction.
Morningstar's Credit Ratings is setting new standards for structured finance ratings. Our organization is committed to investor demand for a more rigorous and transparent ratings methodology and we encourage an active investor dialogue with our analytical team.
Our Postsale Report identifies any significant, material, and adverse changes to the transaction for the period of time from the date of issuance of the Presale Report to the transaction settlement date.
Our Presale Report provides investors with a thorough transaction overview and an independent analytical opinion of the credit risk of the transaction. This report addresses features of the transaction at the loan and property level, a structural review of the trust, and a review of the loan portfolio characteristics.