ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Spirit Master Funding LLC $674.4 Million Notes Series 2017-1 Assigned Ratings

          NEW YORK (S&P Global Ratings) Jan. 17, 2018--S&P Global Ratings today assigned its rating to Spirit Master Funding LLC/Spirit Master Funding II LLC/Spirit Master Funding III LLC/Spirit Master Funding VI LLC/Spirit Master Funding VIII LLC's $674.4 million triple-net lease mortgage notes series 2017-1 (see list). 
          The note issuance is an asset-backed securities transaction backed primarily by fee titles to commercial real estate properties, mortgage loans secured by fee titles to commercial real estate properties, and all payments required thereunder.
          The ratings reflect our opinion of the credit enhancement available in the form of overcollateralization (the aggregate collateral value minus the initial series principal balance) and the available cushion as measured by the issuers' beginning cash flow coverage ratio (debt service coverage ratio [DSCR]) of approximately 1.82x in the first year after the series 2017-1 closing date. Our ratings also reflect our view of Spirit Realty L.P.'s (the servicer's) property management and special servicing abilities, the projected cash flows supporting the notes, and the transaction's structure.