Morningstar Ratings | Transaction Name: SRPT 2014-STAR

Current Ratings Information Table Show Table
CMBS Surveillance Analysis

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.

CMBS New Issue Ratings Analysis

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.

Regulatory Disclosures

This report describes the representations, warranties, and enforcement mechanisms available to investors for these securities and set forth in the related mortgage purchase agreement and servicing agreement, and compares them to the representations, warranties and enforcement mechanisms generally anticipated by Morningstar Credit Ratings to be available to investors for similar securities.

This report describes the representations, warranties, and enforcement mechanisms available to investors for these securities and set forth in the related mortgage purchase agreement and servicing agreement, and compares them to the representations, warranties and enforcement mechanisms generally anticipated by Morningstar Credit Ratings to be available to investors for similar securities.

Rule 17g-7(a) of the Securities Exchange Act of 1934 requires that certain disclosures be made when a credit rating action is taken. In this context a credit rating action is considered (1) a publication of an expected or preliminary credit rating assigned to an obligor or security before the publication of an initial credit rating; (2) an initial credit rating; (3) an upgrade or downgrade of an existing credit rating; and (4) an affirmation or withdrawal of an existing credit rating if the affirmation or withdrawal is the result of a review of the credit rating assigned to the obligor or security using the firm’s applicable procedures and methodologies for determining credit ratings.

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