NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigned the following ratings to Wells Fargo Commercial Mortgage Trust 2012-LC5 Commercial Mortgage Pass-Through Certificates effective Sept. 28, 2012, the closing date of the transaction:
--$81,143,000 Class A-1 'AAAsf'; Outlook Stable;
--$156,188,000 Class A-2 'AAAsf'; Outlook Stable;
--$556,683,000 Class A-3 'AAAsf'; Outlook Stable;
--$100,000,000 Class A-SB 'AAAsf'; Outlook Stable;
--$1,018,538,000a* Class X-A 'AAAsf'; Outlook Stable;
--$118,138,000a* Class X-B 'A-sf'; Outlook Stable
--$124,524,000 Class A-S 'AAAsf'; Outlook Stable;
--$76,630,000 Class B 'AA-sf'; Outlook Stable;
--$41,508,000 Class C 'A-sf'; Outlook Stable;
--$49,490,000a Class D 'BBB-sf'; Outlook Stable;
--$20,754,000a Class E 'BBsf'; Outlook Stable;
--$23,946,000a Class F 'Bsf'; Outlook Stable.
*Notional amount and interest only.
aPrivately placed pursuant to Rule 144A.
Fitch does not rate the $46,298,194 Class G.
Since the published presale, the capital structure of the transaction was revised by the issuer reflective of the classes above. The principal balance of the portfolio is unchanged; however, classes A-FX and A-FL were eliminated from the transaction and as a result Fitch's prior ratings for these classes have been withdrawn. Additionally, the class X-B was modified to reference the notional amount of the sum of the principal balances of the classes B and C certificates. As a result, Fitch has revised the rating of Class X-B to 'A-sf' which is reflective of Fitch's rating of the class C certificates.
A detailed description of Fitch's rating analysis including key rating drivers, stresses, rating sensitivity, analysis, model, criteria application and data adequacy is available in Fitch's New Issue Report, 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);
-'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 26, 2011)
-'Global Structured Finance Rating Criteria' (Aug. 2, 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' (Nov. 16, 2011);
-'Counterparty Criteria for Structured Finance Transactions' (March 12, 2012).
Applicable Criteria and Related Research:
Counterparty Criteria for Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685995
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Source: Fitch Ratings