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SOURCE Morningstar, Inc.
NEW YORK, Dec. 19, 2013 /PRNewswire/ -- Morningstar Credit Ratings, LLC today affirmed its 'MOR CS1' rankings for Midland Loan Services (Midland) as a commercial mortgage primary, master, and special servicer. The forecast for all three rankings remains Stable. The affirmed rankings reflect Morningstar's assessment of Midland's operational infrastructure and portfolio administration capabilities. In particular, the affirmed rankings are based on the following composite factors:
As of June 30, 2013, Midland's combined primary and master servicing portfolio, inclusive of shared servicing, was approximately $309 billion based on aggregate unpaid principal balances (UPB) and 33,124 loans, representing 22 percent and 7 percent increases by UPB and loan count, respectively, compared with June 30, 2012. As of June 30, 2013, Midland was the master servicer on 96 CMBS transactions, primary/master combined servicer on 183 CMBS transactions, and the named special servicer on 129 CMBS transactions. This compares with Midland's 67 CMBS transactions as the master servicer only, 139 CMBS transactions as the primary/master combined servicer, and 113 CMBS transactions as the named special servicer, as of June 30, 2012.
As of June 30, 2013, Midland's entire CMBS portfolio consisted of 10,993 loans with an aggregate UPB of $138 billion, compared with 10,688 loans with an aggregate UPB of $116 billion as of June 30, 2012. Additionally, as of Nov. 18, 2013, Midland was the named servicer on Invitation Homes 2013-SFR1, a single-family rental securitization collateralized by 3,207 single-family rental properties with an aggregate UPB of $479.1 million and rated by Morningstar Credit Ratings.
During the first half of 2013, Midland resolved approximately 52 percent of its active special servicing inventory, by asset count, compared with 39 percent as of June 30, 2012. As of June 30, 2013, Midland's special servicing portfolio contained 173 active assets with an aggregate UPB of approximately $1.1 billion, compared with 335 active assets with an aggregate UPB of approximately $3.2 billion as of June 30, 2012.
The forecast for all three rankings is Stable. Morningstar believes that Midland is fully capable of serving as an effective primary, master, and special servicer for its investor clients.
To access Morningstar Credit Ratings' 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, LLC is a Nationally Recognized Statistical Rating Organization (NRSRO) that specializes in structured credit research and ratings, and offers a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions.
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 approximately 437,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 10 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 registered investment advisor subsidiaries and has more than $176 billion in assets under advisement and management as of Sept. 30, 2013. The company has operations in 27 countries.
Morningstar, Inc. is not an NRSRO and its credit ratings on corporate and municipal issuers are not NRSRO credit ratings.
©2013 Morningstar, Inc. All rights reserved.
Michelle Weiss, +1 267-960-6014 or firstname.lastname@example.org
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