Morningstar Credit Analytics Launches Credit Models and ‘Bring Your Own Loan’ Analysis

CHICAGO--(BUSINESS WIRE)--Morningstar Credit Analytics, a wholly owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today launched a suite of enhancements to its commercial mortgage-backed securities (CMBS) and commercial real estate (CRE) analytics platform, intended to enable issuers and investors to move from raw loan data to defensible credit analysis earlier in the transaction lifecycle. The release represents an expansion of Morningstar Credit Analytics’ broader credit modeling framework, designed to support consistent credit analysis across both structured and private credit markets.

This launch introduces CMBS Conduit and Agency Multifamily Credit Models alongside the Single-Asset Single Borrower (SASB) Credit Assessment Tool, delivering standardized loan- and pool-level risk measures using methodologies aligned with Morningstar DBRS, a SEC registered credit rating agency. The Bring Your Own Loan Analysis (BYOL) workflow enables users to upload internal loan data and run it through Morningstar Credit Analytics’ tools in minutes.

Faster Decisions, Earlier in the Process

Commercial real estate transactions increasingly require credit insight earlier in the process, as issuers and investors evaluate loan pools before deals are fully structured.

"Issuers and investors are under pressure to make faster decisions with greater confidence, often earlier in the lifecycle of a transaction," said Brian Grow, president of Morningstar Credit Analytics. "By combining credit ratings-aligned CMBS credit models with a streamlined Bring Your Own Loans workflow, we aim to give market participants a consistent framework for evaluating credit risk earlier in the process. This same framework is designed to scale across asset classes, supporting credit analysis across both securitized and private credit portfolios."

Credit Ratings-Aligned Models for Portfolio Selection and Credit Assessments

The CMBS Conduit and Agency Multifamily Credit Models deliver standardized loan- and pool-level credit risk measures, including probability of default, loss given default, and expected loss. The SASB Credit Assessment Tool provides quantitative sizing benchmarks for single-asset and large-loan transactions, including loan-to-value sizing thresholds and indicative capital structure attachment points. The BYOL workflow is designed to serve as the foundation for these tools. Users can upload their own loan tape, and the platform automatically validates, standardizes, and geocodes the data while benchmarking loans against Morningstar Credit Analytics’ CMBS dataset. Once validated, the loan pool can be analyzed through the Conduit, Agency Multifamily, or SASB frameworks.

Built on a Scalable Credit Modeling Framework

The same ratings-aligned analytical framework underpinning the structured CRE models also supports Morningstar Credit Analytics’ expanding private credit modeling capabilities. Morningstar Credit Analytics’ models leverage quantitative methodologies informed by Morningstar DBRS credit risk frameworks. This alignment can be particularly valuable for market participants who need analysis that will be relied on by counterparties, underwriters, or investment committees.

"This launch represents an important step in delivering a scalable credit modeling platform designed for modern credit markets," Grow said. "Our goal is to provide market participants with the tools to evaluate credit risk consistently, whether they are analyzing CMBS transactions, private credit exposures, or broader loan portfolios."

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About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $378 billion in AUMA as of Dec. 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.

About Morningstar Credit

Morningstar Credit provides investors with credit ratings, research, data, and credit analytics solutions that, we believe, contribute to the transparency of international and domestic credit markets. Morningstar Credit includes Morningstar DBRS and Morningstar Credit Analytics. For more information, visit credit.morningstar.com.

Caution Concerning Forward-Looking Statements

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