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.