NEW YORK, Jan. 14, 2015 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20, Commercial Mortgage Pass-Through Certificates, Series 2015-C20 (MSBAM 2015-C20). The collateral supporting MSBAM 2015-C20 consists of 88 mortgage loans secured by 102 commercial real estate properties. The preliminary ratings are based on information known to Morningstar as of Jan. 14, 2015. 



    PRELIMINARY RATINGS (AS OF JAN. 14, 2015)
    ----------------------------------------

                                                 Balance/               Preliminary Morningstar     Morningstar       Morningstar       Credit Support
                                              Notional Amt.               Ratings      DSCR            BLTV              ELTV               Levels

    Class

    Offered Certificates

    Class A?1                                               $55,500,000      AAA        2.36x                   65.5%             53.3%                30.000%

    Class A?2                                               $74,700,000      AAA        2.36x                   65.5%             53.3%                30.000%

    Class A?SB                                             $106,000,000      AAA        2.36x                   65.5%             53.3%                30.000%

    Class A?3                                              $250,000,000      AAA        2.36x                   65.5%             53.3%                30.000%

    Class A?4                                              $317,319,000      AAA        2.36x                   65.5%             53.3%                30.000%

    Class X?A                                              $855,173,000      AAA        2.36x                   65.5%             53.3%                    N/A

    Class A?S                                               $79,364,000      AAA        2.36x                   65.5%             53.3%                23.086%

    Class B                                                 $73,040,000      AA-        2.28x                   67.8%             55.7%                16.723%

    Class PST                                              $205,184,000      A-         2.06x                   74.8%             62.8%                12.125%

    Class C                                                 $52,780,000      A-         2.06x                   74.8%             62.8%                12.125%

    Non-Offered Certificates
    ------------------------

    Class X?B                                               $58,830,000      AAA        2.43x                   63.4%             51.3%                    N/A

    Class X?C                                               $94,700,000      AAA        2.43x                   63.4%             51.3%                    N/A

    Class X?D                                               $50,220,000      AAA        2.43x                   63.4%             51.3%                    N/A

    Class X?E                                               $31,131,000      AAA        2.43x                   63.4%             51.3%                    N/A

    Class X?F                                               $23,967,000      AAA        2.43x                   63.4%             51.3%                    N/A

    Class X?G                                               $33,863,583      NR                 N/A               N/A               N/A                    N/A

    Class D                                                 $50,220,000     BBB-        1.97x                   78.5%             66.6%                 7.750%

    Class E                                                 $31,131,000      BB-        1.91x                   80.8%             68.9%                 5.038%

    Class F                                                 $23,967,000      B-         1.87x                   82.6%             70.7%                 2.950%

    Class G                                                 $33,863,583      NR                 N/A               N/A               N/A                    N/A
    -------                                                 -----------      ---                ---               ---               ---                    ---


    NR - Not Rated

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

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