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Fitch to Rate WFRBS 2012-C9 Commercial Mortgage Pass-Through Certificates; Presale Issued

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)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=691295

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 Multiborrower U.S. Commercial Mortgage Transactions

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

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Fitch Ratings
Primary Analyst
Lauren Cerda, +1 312-606-2317
Senior Director
Fitch, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Daniel Chambers, +1 212-908-0782
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

Source: Fitch Ratings