OVERVIEW
-- COMM 2012-LTRT's issuance is a CMBS transaction backed by two commercial mortgage loans totaling $259 million secured by two regional shopping malls: Westroads Mall (first mortgage balance: $140.7 million; mezzanine debt balance: $16.3 million; fee interest) and Oaks Mall (first mortgage balance: $118.3 million; mezzanine debt balance: $20.7 million; fee interest). Westroads Mall is located in Omaha, Neb., with total mall square footage of 1.07 million; 540,304 sq. ft. of which serves as loan collateral. Oaks Mall is located in Gainesville, Fla., with total mall square footage of 906,349; 581,849 sq. ft. of which serves as the loan collateral.
-- We assigned our ratings to the class A, B, C, D, E, X-A, and X-B certificates.
-- The ratings reflect our view of the transaction's structure, the collateral's historical and projected experience, and the sponsor's and manager's experience, among other factors.
NEW YORK (Standard & Poor's) Oct. 4, 2012--Standard & Poor's Ratings Services today assigned its ratings to COMM 2012-LTRT's $259 million commercial mortgage pass-through certificates (see list).
The issuance is a commercial mortgage-backed securities transaction backed by two commercial mortgage loans totaling $259 million secured by two regional shopping malls: Westroads Mall (first mortgage balance: $140.7 million; mezzanine debt balance: $16.3 million; fee interest) and Oaks Mall (first mortgage balance: $118.3 million; mezzanine debt balance: $20.7 million; fee interest). Westroads Mall is located in Omaha, Neb., with total mall square footage of 1.07 million; 540,304 sq. ft. of which serves as loan collateral. Oaks Mall is located in Gainesville, Fla., with total mall square footage of 906,349; 581,849 sq. ft. of which serves as the loan collateral.
The ratings reflect our view of the collateral's historical and projected performance, the sponsor's and manager's experience, the trustee-provided liquidity, the loans' terms, and the transaction's structure. Standard & Poor's determined that the loans have a beginning loan-to-value (LTV) ratio of 66.2% and an ending LTV ratio of 52.5% based on Standard & Poor's values.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities.
The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at
. RELATED CRITERIA AND RESEARCH
-- Presale: COMM 2012-LTRT, Sept. 10, 2012
-- Application Of CMBS Global Property Evaluation Methodology in U.S. And Canadian Transactions, Sept. 5, 2012
-- CMBS Global Property Evaluation Methodology, Sept. 5, 2012
-- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 5, 2012
-- U.S. And Canadian CMBS Diversity Adjustment Factor Matrices, Sept. 5, 2012
-- Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012
-- Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral, May 31, 2012
-- Standard & Poor's Counterparty Risk Framework Methodology And Assumptions, May 31, 2012
-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
-- U.S. Government Support In Structured Finance And Public Finance Ratings, Sept. 19, 2011
-- Principles Of Credit Ratings, Feb. 16, 2011
-- Global Methodology For Rating Interest-Only Securities, April 15, 2010
-- Understanding Standard & Poor's Rating Definitions, June 3, 2009
-- U.S. CMBS Legal And Structured Finance Criteria: Pool Transactions, May 1, 2003
-- U.S. CMBS Legal And Structured Finance Criteria: Property-Specific And Large Loan Transactions, May 1, 2003
-- U.S. CMBS Legal And Structured Finance Criteria: Appendix I: Insurance Criteria For U.S. CMBS Transactions, May 1, 2003
RATINGS ASSIGNED COMM 2012-LTRT Class Rating Amount ($) A-1 AAA (sf) 49,141,000 A-2 AAA (sf) 130,859,000 X-A AAA (sf) 180,000,000* X-B BBB (sf) 79,000,000* B AA (sf) 28,423,000 C A (sf) 25,303,000 D A- (sf) 13,488,000 E BBB (sf) 11,786,000 R NR N/A LR NR N/A
*Notional balance. NR--Not rated .N/A--Not applicable.
(New York Ratings Team)
((e-mail: pam.niimi@thomsonreuters.com; Reuters Messaging: pam.niimi.reuters.com@reuters.net; Tel:1-646-223-6330;))