Ken Cheng is managing director of commercial mortgage-backed securities (CMBS) ratings services for Morningstar Credit Ratings, LLC. He oversees the analytics and ratings issued by both the new issuance and surveillance teams.

Before joining Morningstar Credit Ratings in 2008, Cheng was a director in the collateralized debt obligation (CDO) group for Security Capital Assurance (SCA), where he developed and managed the commercial real estate CDO bond insurance business.

Before joining SCA, Cheng was a director in the CDO group for Standard & Poor’s. In addition to evaluating a wide range of CDO securitizations, he co-managed the commercial real estate CDO product and developed and refined CDO ratings criteria as an analytical manager. Earlier in his tenure at Standard & Poor’s, Cheng was an associate in the real estate finance group, where he evaluated commercial mortgage-backed securities and developed several bond rating models.

Cheng holds a bachelor’s degree in electrical engineering from Boston University and a master’s degree in business administration from Yale University.