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Fitch Affirms COMM 2012-LC4

Thursday, February 21, 2013 2:23 PM


Fitch Ratings has affirmed 11 classes of German American Capital Corp.'s COMM 2012-LC4 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

Fitch's affirmations are based on the stable performance of the underlying collateral pool. There have been no delinquent or specially serviced loans since issuance. Fitch reviewed the most recently available quarterly financial performance of the pool as well as updated rent rolls for the top 15 loans, which represent 69.3% of the transaction.

As of the February 2012 distribution date, the pool's aggregate principal balance has been reduced by 1% to $942.3 million from $951.3 million at issuance.

The largest loan in the pool is secured by 541,128 square feet (sf) of a 928,667 sf two-level regional mall located in Saugus, MA (10.5% of the pool), approximately 10 miles north of Boston. The collateral is shadow anchored by Sears and Macy's, which own their own stores. Largest tenants include Dick's Sporting Goods (12.7% of NRA) and Best Buy (11.1%). Per the servicer, the Best Buy lease expires on Feb. 28, 2013 and negotiations for an extension are underway. As of third quarter 2012, the property was 88% occupied, compared to 90% at UW.

The second largest loan is secured by the leasehold interest in a 236,215 sf multi-level anchored retail center located in the Union Square area of Manhattan (8%). The property is 100% occupied by seven tenants, including a 14-screen Regal Cinemas theater (50.3%), Best Buy (19.5%), and Nordstrom Rack (13.6%). The earliest lease expiration date is January 2017. The loan has an investment grade credit opinion by Fitch.

Fitch affirms the following classes and maintains the Stable Outlook:

--$40.1 million class A-1 at 'AAAsf', Outlook Stable;

--$77.8 million class A-2 at 'AAAsf', Outlook Stable;

--$115.6 million class A-3 at 'AAAsf', Outlook Stable;

--$416.5 million class A-4 at 'AAAsf', Outlook Stable;

--$93 million class A-M at 'AAAsf', Outlook Stable;

--Interest-Only class X-A at 'AAA', Outlook Stable;

--$44.7 million class B at 'AAsf', Outlook Stable;

--$32.9 million class C at 'Asf', Outlook Stable;

--$52.9 million class D at 'BBB-sf', Outlook Stable;

--$15.3 million class E at 'BBsf', Outlook Stable;

--$11.8 million class F at 'Bsf', Outlook Stable.

Fitch does not rate the class G and HP certificates, or the interest-only class X-B.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

(Source: Business Wire )
(Source: Quotemedia)

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