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Share Name | Share Symbol | Market | Type |
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Morningstar Inc | NASDAQ:MORN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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3.05 | 1.05% | 294.03 | 288.78 | 300.92 | 296.00 | 292.89 | 292.89 | 97,591 | 00:59:32 |
NEW YORK, July 22, 2014 /PRNewswire/ -- Morningstar Credit Ratings, LLC today assigned its 'MOR CS2' commercial mortgage primary servicer and special servicer rankings for Cohen Financial Services (DE), LLC. The assigned primary and special servicer rankings are based on the following composite factors:
Primary Servicing:
Special Servicing:
As of March 31, 2014, Cohen's primary servicing portfolio consisted of 2,480 loans with an unpaid principal balance (UPB) of approximately $12.02 billion. The portfolio included 238 CMBS loans, approximately $740.9 million by UPB; 963 insurance company and pension fund loans, approximately $7.8 billion by UPB; 504 investment fund and structured finance loans, approximately $2.9 billion by UPB; and 21 agency loans, approximately $122.0 million by UPB. By comparison, as of Dec. 31, 2013, Cohen's primary servicing portfolio consisted of 2,130 loans with a UPB of approximately $7.1 billion.
As of March 31, 2014, Cohen's total active special servicing portfolio, inclusive of CMBS and non-CMBS, contained 957 assets consisting of 558 loans and 340 REO properties with a combined UPB of approximately $504.0 million. The CMBS portion of the active special servicing portfolio consisted of 74 loans and five REO properties with a combined UPB of approximately $52.5 million. By comparison, as of Dec. 31, 2013, Cohen's total active special servicing portfolio, inclusive of CMBS and non-CMBS, contained 1,021 assets consisting of 647 loans and 374 REO properties with a combined UPB of approximately $472.0 million.
The forecast for both rankings is Stable. Morningstar expects Cohen to continue serving as an effective commercial mortgage primary and special servicer for CMBS and third-party investors.
To access Morningstar's 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. The company 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 456,000 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 $164 billion in assets under advisement and management as of March 31, 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.
MORN-R
Media Contact:
Michelle Weiss, +1 267-960-6014 or michelle.weiss@morningstar.com
SOURCE Morningstar, Inc.
Copyright 2014 PR Newswire
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