NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) affirmed its ratings on all classes of BHMS 2014-ATLS certificates, a $1.0 billion CMBS single borrower transaction secured by the borrower’s fee simple interest in the Atlantis Resort. For individual certificate ratings, please see the list below. The affirmation follows a full surveillance review of the transaction, which has demonstrated stable performance since securitization.
The transaction collateral consists of a 2,917 key, luxury resort located on Paradise Island, Bahamas. The resort also features a 141-acre water park, dolphin and sea lion attractions and marine habitat exhibits. The property also features 39 restaurants and bars, a 60,000 sf casino, 458,000 sf of meeting and conference space, and a 63-slilp marina.
The review utilized property financial information obtained from the master servicer, Wells Fargo Bank, National Association. The analysis produced a KBRA Net Cash Flow (KNCF) of $125.2 million and a KBRA value of $1.2 billion ($418,902 per key), both of which have increased 0.1% since securitization. The resulting in-trust KBRA Loan to Value (KLTV) is 81.8%.
| Class | Rating |
Current Balance |
Rating Action | ||||||
| A-FX | AAA(sf) | $301,521,000 | Affirmed | ||||||
| A-FL | AAA(sf) | $162,357,000 | Affirmed | ||||||
| X-CPFX¹ | AAA(sf) | $17,013,000 | Affirmed | ||||||
| X-EXTFX2 | AAA(sf) | $29,417,000 | Affirmed | ||||||
| X-CPFL3 | AAA(sf) | $29,417,000 | Affirmed | ||||||
| X-EXTFL4 | AAA(sf) | $17,013,000 | Affirmed | ||||||
| B-FX | AA-(sf) | $32,044,000 | Affirmed | ||||||
| B-FL | AA-(sf) | $59,511,000 | Affirmed | ||||||
| C-FX | A-(sf) | $40,018,000 | Affirmed | ||||||
| C-FL | A-(sf) | $21,549,000 | Affirmed | ||||||
| D-FX | BBB-(sf) | $67,758,000 | Affirmed | ||||||
| D-FL | BBB-(sf) | $36,485,000 | Affirmed | ||||||
| E-FX | BB-(sf) | $81,553,000 | Affirmed | ||||||
| E-FL | BB-(sf) | $43,901,000 | Affirmed | ||||||
| F-FX | B-(sf) | $99,659,000 | Affirmed | ||||||
| F-FL | B-(sf) | $53,664,000 | Affirmed | ||||||
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1. Notional balance equal to the Subcomponent Class A-FX-1 portion. |
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2 Notional balance equal to the balance of the Subcomponent Class A-FX-1 portion. |
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3 Notional balance equal to the Subcomponent Class A-FL-1 portion. |
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4 Notional balance equal to the balance of the Subcomponent Class A-FL-1 portion. |
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17g-7 Disclosure
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found here.
Related Publications: (available at www.kbra.com)
CMBS Property Evaluation Guidelines, published March 2015
CMBS Single Borrower and Large Loan Rating Methodology, published March 2015
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
