CARS MTI-1/MTI-2/MTI-3 LLC/ MTI-4 L.P./MTI-5 L.P./MTI-6 L.P. /MTI-7 LLC Notes Series 2016-1 Assigned Preliminary Ratings

Stocks and Financial Services Press Releases Thursday February 25, 2016 09:17
NEW YORK--25 Feb--Standard & Poor's

NEW YORK (Standard & Poor's) Feb. 24, 2016--Standard & Poor's Ratings Services today assigned its preliminary ratings to CARS MTI-1 L.P./CARS MTI-2 LLC/CARS MTI-3 LLC/CARS MTI-4 L.P./CARS MTI-5 L.P./CARS MTI-6 L.P./CARS MTI-7 LLC's $470 million net lease mortgage notes series 2016-1 (see list).

The note issuance is backed by 41 commercial real estate properties (primarily automobile dealerships), including related rents due under triple-net leases with tenants of the properties.
The preliminary ratings are based on information as of Feb. 24, 2016. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
The preliminary ratings reflect our view of:
The credit enhancement available in the form of subordination (for the class Anotes);Overcollateralization(the aggregate appraised value minus the aggregate series principal balance);
The available cushion as measured by the issuer debt service coverage ratio of 1.64x;CARS Loan Servicer LLC's (the servicer's) property management and special servicing ability;
The projected cash flows supporting the notes; andThe transaction's legal and payment structures.

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