STORE Master Funding I-VII Series 2016-1 $355.00 Million Notes Assigned Preliminary Ratings

Stocks and Financial Services Press Releases Thursday October 13, 2016 08:44
NEW YORK--13 Oct--S&P Global Ratings
OVERVIEW

STORE Master Funding I-VII (Series 2016-1)'s issuance is an ABS transaction backed by 962 commercial real estate properties across various industry sectors, including related rents due under triple-net leases and hybrid leases with the properties' tenants.

We assigned our preliminary ratings to the class A-1 (2016), A-2 (2017), and B notes.
The preliminary ratings reflect our view of the transaction's credit enhancement, overcollateralization, legal and payment structures, and the projected cash flows supporting the notes, among other factors.

NEW YORK (S&P Global Ratings) Oct. 12, 2016--S&P Global Ratings today assigned its preliminary ratings to STORE Master Funding I-VII (Series 2016-1)'s $355.00 million net lease mortgage notes series 2016-1 (see list).

The note issuance is an asset-backed securities transaction backed by 962 commercial real estate properties across various industry sectors, including related rents due under triple-net leases and hybrid leases with the properties' tenants.

The preliminary ratings are based on information as of Oct. 12, 2016. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

The preliminary ratings reflect our opinion of the credit enhancement available in the form of subordination (for the class A notes), overcollateralization (the aggregate collateral value minus the aggregate allocated loan amount), and the available cushion as measured by the issuers' debt service coverage ratio (DSCR) of 1.86x. Our preliminary ratings also reflect our view of STORE Capital Corp.'s (STORE's or the servicer's) property management and special servicing abilities, the projected cash flows supporting the notes, and the transaction's legal and payment structures.


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