NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has issued a presale report on Deutsche Bank Securities, Inc.'s COMM 2012-CCRE4 Commercial Mortgage Pass-Through Certificates.
Fitch expects to rate the transaction and assign Outlooks as follows:
--$59,118,000 class A-1 'AAAsf'; Outlook Stable;
--$148,657,000 class A-2 'AAAsf'; Outlook Stable;
--$70,571,000 class A-SB 'AAAsf'; Outlook Stable;
--$499,354,000 class A-3 'AAAsf'; Outlook Stable;
--$888,800,000b class X-A 'AAAsf'; Outlook Stable;
--$111,100,000a class A-M 'AAAsf'; Outlook Stable;
--$65,271,000a class B 'AA-sf'; Outlook Stable;
--$38,885,000a class C 'A-sf'; Outlook Stable;
--$45,829,000a class D 'BBB-sf'; Outlook Stable;
--$19,442,000a class E 'BBsf'; Outlook Stable;
--$18,054,000a class F 'Bsf'; Outlook Stable;
a Privately placed pursuant to Rule 144A.
b Notional amount and interest only.
The expected ratings are based on information provided by the issuer as of Oct. 19, 2012. Fitch does not expect to rate the $222,200,345 interest-only class X-B or the $34,719,345 class G.
The certificates represent the beneficial ownership in the trust, primary assets of which are 48 loans secured by 152 commercial properties having an aggregate principal balance of approximately $1.11 billion as of the cutoff date. The loans were contributed to the trust by German American Capital Corporation, Cantor Commercial Real Estate Lending, L.P., and KeyBank National Association.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 77% of the properties by balance, cash flow analysis of 86.8%, and asset summary reviews on 86.8% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.38 times (x), a Fitch stressed loan-to-value (LTV) of 93.7%, and a Fitch debt yield of 10.1%. Fitch's aggregate net cash flow represents a variance of 7.7% to issuer cash flows.
The master servicer and special servicer will be Wells Fargo Bank, National Association and Torchlight Loan Services, LLC, rated 'CMS2' and 'CSS2', respectively, by Fitch.
The presale report is available at www.fitchratings.com.
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:
--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions' (Aug. 8, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (May 30, 2012);
--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011);
--'Counterparty Criteria for Structured Finance Transactions' (March 12, 2012).
Applicable Criteria and Related Research: COMM 2012-CCRE4 (US CMBS)
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
Global Structured Finance Rating Criteria
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
U.S. Commercial Mortgage Servicer Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
Counterparty Criteria for Structured Finance Transactions
Jonathan Teichmann, +1-212-908-0862
One State Street Plaza
New York, NY 10004
Robert Vrchota, +1-312-368-3336
Sandro Scenga, +1-212-908-0278
Source: Fitch Ratings