Kroll Bond Rating Agency issued its first risk assessment of an issue of conduit commercial mortgage-backed securities.
Last June, the company rated its first single-borrower CMBS deal, but is now ready to move into the conduit segment.
Kroll announced preliminary ratings for a $1.1 billion deal collateralized by 38 fixed-rate commercial mortgage loans secured by 77 properties located in the United States and Mexico. The debt is coming to market via the Morgan Stanley Capital I Trust.
Retail loans represented 42.3% of the pool, followed by mortgages tied to lodgings (24%) and office properties (14.4%).
Kroll is fairly new to the marketplace, organizing its management team in 2010. The company rated its first residential mortgage-backed security on an offering from Redwood Trust ($20.33 0%) in January.
In late July, changes to the Standard & Poor's approach to rating CMBS conduit/fusion transactions led to two firms pulling a deal from the secondary markets.
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