Fitch to Rate MSBAM 2012-C6 Commercial Mortgage Pass-Through Certificates; Presale Issued

NEW YORK--(BUSINESS WIRE)-- Link to Fitch Ratings' Report: MSBAM 2012-C6 (US CMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690310

Fitch Ratings has issued a presale report on the Morgan Stanley Capital I, Inc. MSBAM 2012-C6 commercial mortgage pass-through certificates.

Fitch expects to rate the transaction and assign Outlooks as follows:

--$67,000,000 class A-1 'AAAsf'; Outlook Stable;

--$236,000,000 class A-2 'AAAsf'; Outlook Stable;

--$72,000,000 class A-3 'AAAsf'; Outlook Stable;

--$411,447,000 class A-4 'AAAsf'; Outlook Stable;

--$98,306,000b class A-S 'AAAsf'; Outlook Stable;

--$50,557,000b class B 'AAsf'; Outlook Stable;

--$192,399,000b class PST 'Asf'; Outlook Stable;

--$43,536,000b class C 'Asf'; Outlook Stable;

--$884,753,000a,c class X-A 'AAAsf'; Outlook Stable;

--$94,093,000a,c class X-B 'Asf'; Outlook Stable;

--$21,065,000a class D 'BBB+sf'; Outlook Stable;

--$40,727,000a class E 'BBB-sf'; Outlook Stable;

--$9,831,000a class F 'BBB-sf'; Outlook Stable;

--$19,661,000a class G 'BBsf'; Outlook Stable;

--$12,639,000a class H 'Bsf'; Outlook Stable.

a Privately placed pursuant to Rule 144A.

b Class A-S, class B, and class C certificates may be exchanged for class PST Certificates, and class PST Certificates may be exchanged for class A-S, class B and class C certificates.

c Notional amount and interest only.

The expected ratings are based on information provided by the issuer as of Oct. 1, 2012. Fitch does not expect to rate the $144,650,393 interest-only class X-C or the $40,727,393 class J.

The certificates represent the beneficial ownership in the trust, primary assets of which are 61 loans secured by 76 commercial properties having an aggregate principal balance of approximately $1.123 billion as of the cutoff date. The loans were contributed to the trust by Morgan Stanley Mortgage Capital Holdings LLC and Bank of America, National Association.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 81.7% of the properties by balance, cash flow analysis of 79.6%, and asset summary reviews on 79.6% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.22x, a Fitch stressed loan-to-value (LTV) of 104.3%, and a Fitch debt yield of 9.2%. 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 Midland Loan Services, a Division of PNC Bank, National Association, rated 'CMS2' and 'CSS1', 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' (May 30, 2012).

Applicable Criteria and Related Research:

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685995

Global Structured Finance Rating Criteria

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

Criteria for Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=680591

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

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Fitch Ratings
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George Kaleh, +1 212-908-9140
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Fitch Inc.
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Source: Fitch Ratings