NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has issued a presale report on WFRBS Commercial Mortgage Trust 2012-C9 pass-through certificates.
Fitch expects to rate the transaction and assign Rating Outlooks as follows:
--$86,171,000 class A-1 'AAAsf'; Outlook Stable;
--$110,387,000 class A-2 'AAAsf'; Outlook Stable;
--$444,199,000 class A-3 'AAAsf'; Outlook Stable;
--$96,213,000 class A-SB 'AAAsf'; Outlook Stable;
--$93,437,000 class A-S 'AAAsf'; Outlook Stable;
--$830,407,000*a class X-A 'AAAsf'; Outlook Stable;
--$101,334,000*a class X-B 'A-sf'; Outlook Stable;
--$64,485,000 class B 'AA-sf'; Outlook Stable;
--$36,849,000 class C 'A-sf'; Outlook Stable;
--$42,112,000a class D 'BBB-sf'; Outlook Stable;
--$21,057,000a class E 'BBsf'; Outlook Stable;
--$19,740,000 class F 'Bsf'; Outlook Stable.
*Notional amount and interest only.
aPrivately placed pursuant to Rule 144A.
The expected ratings are based on information provided by the issuer as of Oct. 5, 2012. Fitch does not expect to rate the $38,165,081 class G.
The certificates represent the beneficial ownership in the trust, primary assets of which are 73 loans secured by 100 commercial properties having an aggregate principal balance of approximately $1.053 billion as of the cutoff date. The loans were contributed to the trust by: Wells Fargo Bank, National Association; The Royal Bank of Scotland plc; C-III Commercial Mortgage LLC; Liberty Island Group I, LLC; and Basis Real Estate Capital II, LLC.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 72.6% of the properties by balance, cash flow analysis of 82.0%, and asset summary reviews on 87.3% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.18x, a Fitch stressed loan-to-value (LTV) of 103.1%, and a Fitch debt yield of 9.4%. Fitch's aggregate net cash flow represents a variance of 7.9% to issuer cash flows.
The Master Servicer and Special Servicer will be Wells Fargo Bank, National Association, and Midland Loan Services, Inc., 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' (Nov. 16, 2011);
-'Counterparty Criteria for Structured Finance Transactions' (May 30, 2012).
Applicable Criteria and Related Research: WFRBS Commercial Mortgage Trust 2012-C9 (US CMBS)
Counterparty Criteria for Structured Finance Transactions
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
U.S. Commercial Mortgage Servicer Rating Criteria
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
Global Structured Finance Rating Criteria
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
Lauren Cerda, +1 312-606-2317
70 W. Madison St.
Chicago, IL 60602
Daniel Chambers, +1 212-908-0782
Sandro Scenga, +1 212-908-0278
Source: Fitch Ratings