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Morningstar Credit Ratings Assigns Preliminary Ratings for American Homes 4 Rent 2014-SFR2 (AH4R 2014-SFR2) - abc27 WHTM

Morningstar Credit Ratings Assigns Preliminary Ratings for American Homes 4 Rent 2014-SFR2 (AH4R 2014-SFR2)

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SOURCE Morningstar, Inc.

NEW YORK, Sept. 3, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings to five classes of single-family rental pass-through certificates from American Homes 4 Rent 2014-SFR2 (AH4R 2014-SFR2), a single-family rental securitization. The preliminary ratings are based on information known to Morningstar as of Sept. 2, 2014.

PRELIMINARY RATINGS (AS OF SEPT. 2, 2014)


Class

Balance

Preliminary Ratings

Class A

$313,970,000

AAA

Class B

$23,630,000

AA+

Class C

$32,635,000

A+

Class D

$33,760,000

BBB+

Class E

$83,655,000

BBB

The collateral backing the AH4R 2014-SFR2 transaction consists of approximately 4,487 single-family properties with a total value of $750,220,316. American Homes 4 Rent has acquired all of the properties, which are 100.0 percent rented as of the collateral cutoff date of Aug. 1, 2014, with an average monthly rental payment of approximately $1,388. Properties in Texas and Illinois constitute the greatest areas of concentration of the pool, representing approximately 18.1 percent and 16.9 percent of the assets, respectively. American Homes 4 Rent has acquired mortgages on the properties for the benefit of the securitization trust.

For complete details about the preliminary ratings of this transaction, Morningstar's Presale Analysis Package, including the Presale Report and the Representations, Warranties, and Enforcement Mechanisms, is available under the RMBS tab in the Ratings Reports section at https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of final ratings that differ from the preliminary ratings.

Morningstar's "Single-Family Rental Securitization Ratings Methodology" for new-issue and surveillance ratings of securities backed by pools of single-family rental properties and the "Guide to the Morningstar Single-Family Rental Quantitative Analysis and Subordination Model," which details Morningstar's quantitative model for assessing single-family rental securities, are both available in the Analysis and Considerations section at 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, 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 473,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 12 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 investment advisory subsidiaries and had approximately $169 billion in assets under advisement and management as of June 30, 2014. The company has operations in 27 countries.

Morningstar, Inc. is not an NRSRO, and its credit ratings on corporate issuers are not NRSRO credit ratings.

©2014 Morningstar, Inc. All Rights Reserved.

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Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com

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