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Morningstar Credit Ratings Assigns Preliminary Ratings to MAD 2015-11MD Mortgage Trust, Commercial Mortgage Pass-Through Certificates

Morningstar Credit Ratings, LLC today assigned preliminary ratings to the commercial mortgage-backed securities (CMBS) transaction MAD 2015-11MD Mortgage Trust, Commercial Mortgage Pass-Through Certificates (MAD 2015-11MD). The collateral supporting MAD 2015-11MD consists of a single fixed-rate, interest-only mortgage loan secured by the borrower's fee simple and leasehold interest in 11 Madison Avenue, a 2.3 million-square-foot Class A office building located in New York City. The preliminary ratings are based on information known to Morningstar as of Sept. 8, 2015.

Preliminary Ratings (as of Sept. 8, 2015)

Class                                     Balance/Notional Amt. ($) Morningstar Preliminary Rating  Credit Support Level (%)                              

Class A                                                 328,964,000                             AAA                     41.16

Class X-A                                               414,522,000                             AAA                       N/A

Class B                                                  85,558,000                              AA                     27.32

Class C                                                 165,591,000                              A-                     11.92

Class D                                                 128,087,000                            BBB-                      0.00

Morningstar's Presale Analysis Package, including the Presale Report; Rule 17g-7 Disclosures and Certification; and the Representations, Warranties, and Enforcement Mechanisms, is available under the Ratings Reports tab at https://ratingagency.morningstar.com. Morningstar could receive subsequent information that may result in final ratings that differ from the preliminary ratings.